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FinTech (Financial Technology) in the Saudi Market is growing rapidly. With the support of the crown prince His Highness Mohammed bin Salman Abualaziz Al Saudi – Saudi Arabia Crown Prince and Deputy Prime Minsterhas supported going to an area of technology by The Kingdom Vision 2030, part of that vision is becoming a leader in Tech. The government push is giving a big space for companies to expand and develop in the Saudi FinTech Market.
Saudi Arabia has publicly supported The FinTech market with investing and hosting some of the top events for FinTech & Investment. Events as Future Investment Intiative, MEFTECH Conference, and Seamless Saudi Arabia.
TheFintechtimes.com explained on Jan 7 2020 on an article of (Saudi Arbia oil titan turned Fintech Giant) – quoted ” When Saudi Arabia underwent a dramatic change with the Salman family, a new focus took root. Prince Mohammed Bin Salman’s intent is to make Saudi Arabia a global leader for the modern age. He outlined his strategic vision in Salman’s Vision 2030; an ambitious initiative to make the energy-rich nation a force to be reckoned with in the 21st-century fields of FinTech, banking, investment, and high-tech. To date, the Saudi sovereign wealth fund a.k.a. the Public Investment Fund (PIF is now the new growth engine of the Saudi Arabian economy. This fund has partnered with the Japanese juggernaut, Softbank Group with a $100 billion investment fund for the tech sector, initiated in 2016.
More over the article highlighted “ Recently, the Saudi Arabian Riyadh Bank – a Middle Eastern financial juggernaut – announced an investment of $26.7 million into a major FinTech start-up investment initiative. The new CEO of Riyadh Bank, Tariq Al Sadhan stressed the importance of keeping up with the times, particularly the breakthrough developments taking place in the FinTech arena. The development of this particular fund is important vis-a-vis research and development for start-up companies. To date, SAMA (Saudi Arabian Monetary Authority) has issued over a dozen FinTech permits for this experimental programme. But all of this pales in comparison to the large-scale projects in FinTech investment that Saudi Arabia is currently engaged in.”
Understanding about the Saudi FenTech with our local knowledge in the Saudi market, along with our partnership some of the world leading consultants in FenTech, We are capable of offering a vast service for The Saudi FinTeck Market.