As per the FinTech Saudi Annual report 2019/2020, that provides a complete overview regards expansion of FinTech industry across Saudi Arabia during the previous year, it provides a lot information regarding the core set of developments that have emerged for supporting the expansion of FinTech arena.
Few of the core expansion developments for the FinTech arena during the previous year in Saudi Arabia includes launching of Apple Pay, Saudi Payments as well as continued issuance of regulatory testing licenses and regulations by SAMA and CMA for supporting FinTech activities.
Nejoud Almulaik, Director of Fintech Saudi stated that the
years 2019 and 2020 had hugely been a vital period for the future of the
FinTech Arena in the kingdom. He further stated
that “Despite the blowout caused by the roadblocks of COVID-19 Pandemic, they have hugely witnessed development in regulations, infrastructure and a swelling in the number of investment rounds in most of the FinTech corporates. They have all been built under powerful foundation for providing ample support to expanding FinTech arena within Saudi Arabia, thereby contributing in a huge meaningful way for the vision 2030.”
FinTech Saudi has also endured in conformity with help the development concerning the FinTech industry through initiatives along with the FinTech Ecosystem Directory and the FinTech Jobs Portal in accordance with assist fintech companies, the FinTech Regulatory Assessment Tool after grant greater dictation readability and the FinTech Data & Research Initiative in conformity with support data pushed innovation in FinTech.
The FinTech Saudi Annual Report consists of a wide variety regarding sections such as an overview regarding the FinTech enterprise via KPMG, the view from FinTechs beside MAGNiTT and interviews together with the SAMA Regulatory Sandbox or the CMA FinTech Lab.
Within the community there hold additionally been a variety regarding primary initiatives which includes the NCB / Monsha’at FinTech accelerator software and the originate of Riyadh Bank’s FinTech fund.
The corporate has an effect on over its developments is contributing after the increase on an emerging FinTech industry. The variety regarding running FinTechs has accelerated 3-fold within a year, beyond 20 into 2019 in imitation of 60 this year, along upon a hundred fintech start-ups at the notion then pre-commercial stage.
There has also been a much bigger of fundraising deals whole among Saudi FinTechs because of the year in conformity with date along the amount investment aggregate already surpassing 2019 levels.
This is constructing up according to a FinTech need into Saudi Arabia that, according in conformity with Statista, is expected after attain transaction values over upon $33 billion by means of 2023.
FinTech Saudi is an initiative launched by using the Saudi Arab Monetary Authority (SAMA) of partnership along the Capital Markets Authority (CMA) to support the improvement on the FinTech Industry within Saudi Arabia. FinTech Saudi’s ambition is according to seriously change Saudi Arabia between an innovative FinTech favour together with a growing and responsible FinTech ecosystem.