Saudi Arabia's fintech sector has made significant strides
towards its goal to become a regional financial hub, according to a
report published by US management consultancy firm Arthur D. Little
in May.
It said initiatives such as Fintech Saudi, which was launched in
2018 by the Saudi Central Bank (SAMA) and the Saudi Capital Markets
Authority (CMA), had been a pivotal force in promoting the Kingdom
as the leading fintech hub in the Middle East and North Africa
region.
The initiative includes programmes such as the Fintech
Accelerator and the Fintech Saudi Innovation Hub, as well as an
online Fintech directory, career fair, fintech tour and summer
sessions, which had contributed to a 20-fold increase in the number
of fintech companies in the Kingdom since its establishment.
