SAMA launches Fintech Saudi initiative to enable financial technology sector

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In its Riyadh headquarters, the Saudi Arabian Monetary Agency SAMA launched the Fintech Saudi initiative in order to uphold the financial technology system and advocate the kingdom to become a hub for financial technology.

Through this initiative, the Saudi Arabian Monetary Agency (SAMA) proposes the promotion of small and medium enterprises, diversify the local economy and create job opportunities. The initiative has a number of goals, most importantly, the launching of the first version of the financial system in the Kingdom, educating individuals and inspiring them to develop their knowledge and skills in the field of technical finances, encouraging local banks, international financial technological companies and partners to enact various events in the financial technology sector within the Kingdom.

Ahmed Al Khelaifi, the Governor of the Saudi Arabian Monetary Agency underlined that: “Even though, ATMs, credit cards, internet banking and mobile phones are all devices that employ financial technology, we are witnessing great evolution in the growth of Fintech based on the expansion in large data use, smart phones, and the growing desire of consumers to access financial services in line with their personal needs; in addition to the emergence of new technical trends: artificial intelligence and Block chain, which will contribute to a major change in the supply of services mechanism ,” adding that: “the kingdom is undergoing important structural changes inspired by the Kingdom's Vision 2030, which aims to make our country become a leading model at all the different levels of developments.”

Fintech Saudi is expected to launch a number of workshops, educational and awareness activities targeting university students, investors, companies and banks to introduce the initiative and its contribution to a qualitative shift in the provision of financial technology services. The initiative aims to make the Kingdom a major harbor for financial technology, it includes a system of emerging financial technologies supported by Fintech Saudi Arabia, as well as related parties, and is preoccupied with the development of local financial technology companies so that Saudi Arabia finds its place in the world.”

As part of introducing the initiative, Fintech Saudi Arabia intends to organize an awareness campaign to promote the initiative, its objectives and its activities on May 7.

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