Italy’s Eni plans to invest $7.7bn in Egypt

Italy’s Eni plans to invest $7.7bn in Egypt

RIYADH: The fintech sector is thriving in the Kingdom, which could be gauged through the fact that the share of digital payments reached 62 percent close enough to Saudi Arabia’s target of 70 percent by the end of 2025, said a top official of the central bank.

Speaking at the opening of a two-day Seamless Saudi Arabia 2023 in Riyadh, Khalid Walid Al-Dhaher, vice governor for supervision and technology at the Saudi Central Bank, highlighted the growth of the Saudi financial sector since the launch of Vision 2030.

“We have witnessed a significant increase in the number of financial technology companies, reaching 183 companies by the end of the second quarter of 2023. This achievement represents 80 percent of the target set for the year 2025, which is 230 companies,” he said.

SAMA’s aim is to enable financial institutions to promote the expansion of the private sector, create possibilities for new categories of stakeholders, and accelerate the digitization of payments.

Al-Dhaher said the growth of fintech will support “institutions and enable small and emerging businesses to introduce innovative and modern financial products such as e-wallets and digital financing platforms.”

The official said the Regulatory Sandbox Strategy is open to both international and domestic firms interested