SAMA launches Fintech Saudi initiative

Saudi Arabian Monetary Authority (SAMA) has launched the Fintech Saudi initiative to support the fintech ecosystem and promote the Kingdom as a fintech hub, the central bank said in a statement on Tuesday.

The initiative aims to promote the small and medium enterprises (SME) sector, diversify the local economy, and create job opportunities.

It also seeks to raise awareness about the field, and support local banks, international fintech companies and partners to establish diverse fintech activities. 

"Although ATMs, credit cards, online banking services and cellular phones are all products that use fintech, today we are witnessing tangible progress in the fintech field," said Ahmed bin Abdulkarim Alkholifey, SAMA governor.

"This progress is driven by the growth in the use of big data and smartphones, the increase in demand for financial services that suit consumers' personal aspirations, and the appearance of new technical trends such as artificial intelligence and blockchain, which will lead to a major shift in the provision of fintech services," he added.

Fintech Saudi is expected to implement a number of educational and awareness workshops and activities targeting college students, investors, companies, and banks to introduce the initiative.

It plans to organize the first campaign to raise awareness on its objectives and activities on May 7.