A recent report by FinTech Saudi has found how Saudi Arabia’s FinTech market has seen a 37% hike in new companies with investment exceeding SAR$1.3bn ($347m).
The Fintech Saudi Annual Report 2020-2021 found that over the last year, new FinTechs have emerged in Saudi Arabia in a variety of sectors including capital markets, insurance, payments and business tools for SMEs.
The report also revealed that there has also been an influx of new regulatory and infrastructure developments, including the introduction of new FinTech activity regulations, the launch of the instant payment system SARIE alongside Mastercard and the Council of Ministers approval to license two local digital banks, Saudi Digital Bank and STC Bank.
The FinTech Saudi organisation also remarked that it has continued to support the development of the FinTech sector through initiatives including the Fintech Career Fair, the Fintech Accelerator, the National Youth Art Competition and the National Fintech Adoption Survey.
The annual report includes relevant and topical sections including an overview of open banking in Saudi Arabia and an in-depth analysis into talent and venture capital in the country.
FinTech Saudi director Nejoud Almuliak said, “During 2020-2021 we have seen the development of a maturing fintech industry in the Kingdom. “As we emerge from the challenges of Covid-19, it is clear that the digitalization experienced during the pandemic is here to stay”.
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