Fintech firms rise to 205 by October end: SAMA official

Ziad Al Yousef, Deputy Governor for Development and Technology at Saudi Central Bank (SAMA)

Saudi Arabia saw a significant increase in investments in the financial technology (fintech) market following the financial development strategy, with the number of fintech companies increasing from 60 before the strategy in 2020 to 205 by the end of October, according to Ziad Al Yousef, Deputy Governor for Development and Technology at Saudi Central Bank (SAMA).

Al Yousef’s statements came during the virtual opening session of Fintech Saudi, which was launched by SAMA in partnership with the Capital Market Authority (CMA) in April 2018.

Al Yousef said that the initiatives included in the fintech strategy aim to raise the capabilities of the Saudi fintech system to a level that is consistent with the high ambition of the strategy in terms of providing new services to the sector based on market survey studies or enhancing global access to financial technology systems in other countries.

New initiatives and incentive programs in cooperation with the CMA will be announced soon, he added.

Al Yousef further indicated that the industry created about 5,000 jobs, noting that the figures achieved by the sector reflect the firmly established, clear strategy, initiatives, and performance indicators that all target raising Saudi Arabia’s position across various areas.