New FinTech companies to enter Saudi market soon, says IT minister

30/10/2018 Argaam

 

A number of global firms specializing in e-payments and financial techniques (FinTech) will enter the Saudi market soon, Al-Eqtisadiah newspaper reported, citing Saudi Minister of Communications and Information Technology, Abdullah A. Al-Sawahah.

 

"These companies will establish a foothold through joint ventures (JVs) between local companies and global partners, mostly Mastercard or Western Union," he added.

 

The announcement came in line with a royal decree stipulating that the Saudi Arabian Monetary Authority (SAMA) and the Saudi Ministry of Communications shall, in 90 days, coordinate with the banking sector and the telecom firms to launch commercial entities in the field.

 

"The ministry undertakes a number of projects in the field of artificial intelligence (AI) and data analysis," the minister said, adding that a new government platform will be unveiled soon to help settle the unemployment issue.

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