Saudi Arabia ‘holds 10 times more fintech companies than planned’

Saudi Arabia is now home to 30 fintech firms, exceeding its original target and projection by 1000%. The kingdom had earlier intended to have 3 fintech firms under the supervision of the Saudi Central Bank.  

This was made known on Sunday by the director-general of the Financial Sector Development Program, Faisal Al-Sharif, during a conversation with CNBC Arabia.

The goal and mission of the Saudi fintech initiative remains to make the needed support available to startups seeking to enter the fintech sector, while also fostering the creation of an enabling environment for local, foreign, public, and private investors.

The Financial Sector Development Program, which is currently headed by Al-Sharif heads, is working closely with fintech firms to increase the figures relating to digital transactions in Saudi Arabia.

The kingdom sees the digitalization of its financial sector as a core priority that cannot be overlooked. As of June 2021, the government has issued approvals and licenses to two digital lenders in the Kingdom.

Having beaten its initial projection by a significant difference, the kingdom has now set a new goal, which is to list 25 new fintech firms on its stock exchange market by 2025.

The Minister of Finance and Chairperson of the Financial Sector Development Program Mohammed Al-Jadaan said that the development “reflects the leadership’s keenness to keep pace with the rapid development in the fintech sector and to empower the Kingdom to be among the largest financial hubs in the world.”

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