Saudi fintech surges even as coronavirus bites private sector

Saudi fintech surges even as coronavirus bites private sector

Saudi Arabia is seeing a faster adoption of technology at a time when the coronavirus pandemic has weighed heavy on the private sector, according to a senior executive from the country's Financial Sector Development (FSD) programme.

The FSD programme, which was launched three years ago, has achieved 90 percent of its targets and the coronavirus pandemic has led to a surge in the fintech sector, said Faisal al Sharif, director general of the FSD program.

Speaking at the 15th virtual edition of the Euromoney Saudi Arabia conference, Al Sharif said the FSD's targets for Saudi Arabian Monetary Authority (SAMA) issuing fintech licences was three by end of 2020 but today there are eight such licences.

Similarly, the target for cashless transactions was 28 percent e-transactions by end of this year, but today they