Fintech Saudi is an initiative launched by the Saudi Central Bank in collaboration with the Capital Market Authority under the Financial Sector Development Program to support the development of the fintech industry in Saudi Arabia. Fintech Saudi’s ambition is to transform Saudi Arabia into an innovative fintech hub with a thriving and responsible fintech ecosystem.
Fintech Saudi seeks to achieve this by supporting the development of the infrastructure required for the growth of the fintech industry, building capabilities and talent required by fintech companies and supporting fintech entrepreneurs at every stage of their development.
The fintech industry in the Kingdom is growing at a rapid rate. Between 2017 and 2019, the value of fintech transactions increased at a rate of over 18% each year, reaching over US$20 billion in 2019. The majority of fintechs in Saudi Arabia are looking to scale their business, with 18% already operating. Between 2018 and 2020, the number of active fintechs in Saudi Arabia grew by a compound annual growth rate of 147%. (Source: Fintech Saudi Annual Report.)
By launching a number of different initiatives, Fintech Saudi has played a significant role in supporting Saudi Arabia’s fintech ecosystem.
Initiatives include the Fintech Internship Program, which has provided over 130 interns with the opportunity to gain work experience at leading organizations in fintech, in addition to the Fintech Tour 20, the largest cluster of fintech-related events in the region.
Fintech Saudi also launched the Fintech Accelerator Program, an intensive three-month program providing 10 innovative fintech companies with the tools they need to scale their businesses, and more recently, the Virtual Fintech Careers Fair, which attracted more than 25,000 attendees seeking jobs in fintech.