SAMA official says currently focusing on local Fintech firms

Ziad Al Yousef, Deputy Governor for Development and Technology at SAMA

Saudi Arabia currently supports the local FinTech companies, despite being able to attract global FinTech firms to the local market, said Ziad Al Yousef, Deputy Governor for Development and Technology at Saudi Central Bank (SAMA) in an interview with Raed Ventures.

This came in line with SAMA’s strategy aimed at fulfilling the requirements of the Saudi market, he added.

The global FinTech companies will attract foreign investments and will further bolster the Kingdom’s infrastructure, Al-Yousef indicated, highlighting that Saudi Arabia should ensure that those investors will enjoy a fair competitive environment.

SAMA is aware of the competitive privileges related to entering the world’s top FinTech companies into the Kingdom, and their impact on the Saudi financial market.

“Saudi Arabia’s FinTech industry is constantly growing; the main goal is to boost this sector’s competitive environment to be able to attract new players,” he noted.

SAMA issued structural regulations to ease of doing businesses, and to ensure FinTech firms can secure the required investment climate, Al Yousef indicated, highlighting the role of the COVID-19 outbreak in boosting the digitalized services regionally and globally.