A Growing Fintech Ecosystem Is Emerging In Saudi Arabia

A Growing Fintech Ecosystem Is Emerging In Saudi Arabia

The fintech landscape in Saudi is said to be rapidly developing according to the Fintech Saudi Annual Report 2019/ 2020, which provides an overview of key developments in the region.

Some of the updates over the last year includes the launch of Apple Pay, the establishment of Saudi Payments and the continued issuance of regulatory testing licenses and regulations by the Saudi Arabia Monetary Authority (SAMA) and Capital Markets Authority (CMA) to support fintech activities.

Within the community there have also been a number of major initiatives including the National Commercial Bank (NCB) and Monsha'at fintech accelerator program as well as the launch of Riyad Bank's fintech fund.

In addition, the Fintech Regulatory Assessment Tool provides greater regulation clarity while the Fintech Data & Research Initiative supports data-driven innovation in fintech. The collective