Over $400M invested in Saudi fintech industry in last 12 months: report
According to the Fintech Saudi Annual Report, there has been growth in almost all fintech areas in Saudi Arabia, as the Kingdom prepares for open banking.
The Fintech Saudi Annual Report 2021/2022 said that the number of fintech companies active in Saudi Arabia rose dramatically by 79% and investment in Saudi fintech companies for the year exceeded SAR 1.50 bn ($400 million), as reported by Zawya.
Nezar Alhaidar, Director of Fintech Saudi, a catalyst for the development of the fintech industry in Saudi Arabia, said, “This year has been a significant year for the development of the fintech industry in the Kingdom with the launch of the Fintech Strategy, which will drive Saudi Arabia to become a global fintech hub. We are pleased that we are on the way to achieving this target with 147 fintechs now active in the Kingdom.”
The report mentioned that, over the last year, there has been growth in almost all fintech areas and, in particular, infrastructure activities, as the Kingdom prepares for open banking. Apart from the approval of the Fintech Strategy, there have also been a number of regulatory developments, including the approval of a third digital bank, enhancements to the Saudi Central Bank Regulatory Sandbox, and the release of the regulatory framework for equity crowdfunding licence.
The report anticipated 2022-2023 to be another significant period for the fintech industry with the launch of three new digital banks, new regulations released by Saudi Central Bank and Capital Market Authority, and the implementation of the Fintech Strategy.
Edited by Swetha Kannan
