Investments in Saudi fintech scene hit $347m in a year

The financial technology industry in Saudi Arabia has recorded a remarkable increase in the number of firms and investments over the past year. This was revealed in a recently published government report.

As outlined in Fintech Saudi’s annual report, the number of fintech companies domiciled in the Kingdom increased by 37 percent, while the cumulative value of investments in the industry rose to hit SR1.3 billion (US$347 million).

Nejoud Malik, director of Fintech Saudi, speaking on the development, said: “As we emerge from the challenges of COVID-19, it is clear that the digitalization experienced during the pandemic is here to stay,”

She praised the adoption of clearer regulations as a key factor that “attracted more investment in the sector driving the growth.”