SAMA, CMA launches Makken FinTech to empower 150 firms

The launch ceremony

Saudi Central Bank’s (SAMA) Governor Ayman Mohammed Alsayari and the Capital Market Authority’s (CMA) Chairman Mohammed ElKuwaiz launched on Dec. 17 the Makken FinTech program.

Makken aims to empower 150 emerging FinTech companies over a period of three years, which directly contributes to enhancing and advancing the sector growth.

During the launch ceremony, Alsayari said that the program is an extension of SAMA and CMA efforts to support and develop FinTech under the umbrella of the Financial Sector Development Program (FSDP).

The Kingdom witnesses a 40% growth in FinTech companies, reaching 207 by the end of November 2023, compared to 147 companies by the end of 2022.

He added that since the beginning of 2023, about 3,000 direct jobs have been created in the FinTech sector, bringing the total number of jobs in the sector to more than 5,000 by the end of Q3 2023.