1.3 billion riyals investments by financial technology companies

The number of financial technology companies increased by 37%, while the volume of investments reached 1.3 billion riyals during the past year, this was stated in the “Saudi Fintech Annual 2021-2022” report, which showed the continued growth of the financial technology sector at an accelerating pace. Saudi Fintech: The financial technology sector in 2021 has witnessed remarkable maturity and development despite the exceptional circumstances last year, and pointed out that clarity in legislation and regulations has led to attracting more investments to the sector. The financial market, an overview of the development of the financial technology sector, which last year witnessed the emergence of new financial technology companies in various fields, including payments, money markets, insurance, business solutions for small and medium enterprises, and witnessed a number of developments in regulations and infrastructure, including The issuance of new regulations for financial technology activities, the launch of the instant payments system “SARIE”, and the approval of the Council of Ministers to license two local digital banks. The report also pointed to the continuation of the “Saudi Fintech” initiative. In supporting the development of the financial technology sector system through a number of programs and activities, including: Fintech Accelerator, Fintech Job Fair, Future Generations Competition, in addition to the National Fintech Survey, which is the first of its kind in the region, with the aim of measuring the extent to which individuals and companies adopt financial technology solutions The report expected that the year 2021-2022 will be important for the financial technology sector, and that the continued injection of investments by venture capital investors, the issuance of new legislation, and the launch of national initiatives related to financial technology, will contribute to the development of a new generation of financial technology solutions.

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