A growing Fintech industry is emerging in Saudi Arabia

The Fintech Saudi Annual Report 2019/20, which provides an overview of the development of the fintech industry in Saudi Arabia over the past year, highlights a number of key developments that have taken place to support the growth of the fintech industry.

  
A growing Fintech industry is emerging in Saudi Arabia

With fintech continuing to accelerate across the globe, Fintech Saudi has said it is seeing the emergence of a growing fintech industry in Saudi Arabia.

The Fintech Saudi Annual Report 2019/20, which provides an overview of the development of the fintech industry in Saudi Arabia over the past year, highlights a number of key developments that have taken place to support the growth of the fintech industry.

Director of Fintech Saudi, Nejoud Almulaik said 2019/20 had been a pivotal period for the fintech industry in the Kingdom, “Despite the challenges of COVID-19 we have seen progression in regulations, infrastructure and an increasing number of investment rounds in fintech companies, which have built a solid foundation to support the emergence of a growing fintech industry in Saudi Arabia, that will contribute in a meaningful way to Vision 2030.”

Over the last year there have been a number of key developments in fintech in Saudi Arabia with the launch of Apple Pay, the establishment of Saudi Payments and the continued issuance of regulatory testing licenses and regulations by SAMA and CMA to support fintech activities. Within the community there have also been a number of major initiatives including the NCB / Monsha’at fintech accelerator program and the launch of Riyad Bank’s fintech fund.

Fintech Saudi has also continued to support the development of the fintech industry through initiatives including the Fintech Ecosystem Directory and the Fintech Jobs Portal to support fintech companies, the Fintech Regulatory Assessment Tool to provide greater regulation clarity and the Fintech Data & Research Initiative to support data driven innovation in fintech.

The collective impact of these developments is contributing to the growth of an emerging fintech industry. The number of operating FINTECHS has increased 3-fold in a year, from 20 in 2019 to 60 this year, with over 100 fintech startups at the idea or pre-commercial stage. There have also been an increase in fundraising deals completed in Saudi FINTECHS for the year to date with the total investment amount already surpassing 2019 levels. This is building up to a fintech market in Saudi Arabia that, according to Statista, is expected to reach transaction values of over USD 33 billion by 2023.

The Fintech Saudi Annual Report consists of a number of sections including an overview of the fintech industry by KPMG, the view from FINTECHS from MAGNiTT and interviews with the SAMA Regulatory Sandbox and the CMA FinTech Lab.

The Annual Report can be downloaded through this link:

https://FINTECHSaudi.com/wp-content/uploads/2020/03/Fintech_Saudi_Annual_Report-Eng.pdf 

-Ends-

About Fintech Saudi

Fintech Saudi is an initiative launched by the Saudi Arabian Monetary Authority (SAMA) in partnership with the Capital Markets Authority (CMA) to support the development of the Fintech Industry in Saudi Arabia. Fintech Saudi’s ambition is to transform Saudi Arabia into an innovative fintech hub with a thriving and responsible fintech ecosystem.

Fintech Saudi seeks to achieve this by supporting the development of the infrastructure required for the growth of the fintech industry, building capabilities and talent required by fintech companies and supporting fintech entrepreneurs at every stage of their development.

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2020

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases