There has been a 79% increase in the fintech industry Saudi Arabia in in the past year as investment in the field went beyond $400m (SR1.5bn), a new report says.
The financial technology industry is growing rapidly says the Fintech Saudi Annual Report.
“During 2021-2022 we have seen the development of a maturing fintech industry in the Kingdom,” said Nezar Alhaidar, Director of Fintech Saudi.
Fintech growth in Saudi Arabia
“This year has been a significant year for the development of the fintech industry in the Kingdom with the launch of the Fintech Strategy, which will drive Saudi Arabia to become a global fintech hub. We are pleased that we are on the way to achieving this target with 147 fintechs now active in the Kingdom.”
The report emphasised that over the last year there has been a growth in almost all financial technology areas and in particular infrastructure activities as the Kingdom prepares for Open Banking. In addition to the approval of the financial technology strategy, there have also been a number of regulatory developments including the approval of a third digital bank, enhancements to the Saudi Central Bank Regulatory Sandbox and the release of the regulatory framework for equity crowdfunding license.
The organisation has also continued to play a pivotal role in supporting the financial technology industry with the launch of its co-working space, the Hub, that has become the home of fintech activity in the Kingdom and successful completion of the first accelerator program to support fintech companies with regulatory applications.
Moreover, the report anticipated the year 2022/2023 to be another significant period for the fintech industry. with the launch of 3 new digital banks, new regulations released by SAMA and CMA and the implementation of the Strategy.
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