Saudi Arabia's Fintech firms rise to above 140 by 2022-end: Official

Nasser Al-Ajaji, Assistant General Manager of the Financial Sector Development Program

Nasser Al-Ajaji, Assistant General Manager of the Financial Sector Development Program, said that the number of financial technology companies rose to more than 140 by the end of 2022, exceeding the goal of the year, compared to zero in 2018, and is targeted to reach more than 500 companies by 2030.
 

This is the most important achievement of the Financial Sector Development Program since its inception in 2018, Al-Ajaji said, in an interview with Argaam on the sidelines of the Financial Sector Development Forum.

The plan to develop the Fintech strategy came with the support of the Saudi Central Bank (SAMA) and the Capital Market Authority, said Al-Ajaji, indicating that he expects to launch a number of Fintech companies this year.

Al-Ajaji also pointed out that the private sector confirmed during the conference that the Fintech strategy is in the right direction in terms of development in the financial sector.

He revealed that SME financing amounted to 7.8% of banks' loans portfolio by the end of 2022, and the target is to reach 20% in 2030.

The program succeeded in achieving a number of other development projects. It also works to empower the private sector and financial institutions such as banks, insurance and financing companies, according to the official.

He added that the program has a pillar, which is deepening the financial market, which includes the debt instruments market, the stock market and businesses under the umbrella of venture capital and private equity, as well as enhance financial inclusion and promote a culture of saving in the Kingdom.

All these initiatives have clear indicators and pillars, and we are implementing the strategy aligning with the directions, and many of them have achieved success, the official stated.

He further indicated that the program is working to launch its annual report for the year 2022 on the development of the financial sector in the coming days, noting that the report will include clear strategic directions during the current year.