Hala Kudwah, PwC ME Partner and Financial Services Consulting Leader in Saudi Arabia
Saudi Arabia’s financial sector is very steady, strong and well-regulated. The Kingdom is ready and suitable for foreign investments, thanks to the ease of market accessibility and change in the legislative environment, Hala Kudwah, PwC ME Partner and Financial Services Consulting Leader in Saudi Arabia, stated.
On the sidelines of the Future Investment Initiative (FII) Conference, Kudwah explained in an interview with Argaam, that the Saudi Central Bank (SAMA) and the Capital Market Authority (CMA) took important steps in enabling and facilitating legislation for financial technology (fintech) and open banking services, taking into account the financial sector’s stability and user protection.
Saudi Arabia’s fintech strategy is not focused on the regulatory aspect. It was rather based on pillars that include technology, talent development, financing, building bridges with global fintech centers and optimal cooperation with partners in the relevant ecosystem.
She indicated that there are about 120 fintech companies operating across the Kingdom. They are expected to increase to 230 and 525 companies by 2025 and 2030, respectively, in light of the Financial Sector Development Program (FSDP) and the Saudi fintech strategy.
By 2030, fintech will directly contribute to the GDP with nearly SAR 13.3 billion.
Two or more unicorn tech companies are projected to emerge in the Kingdom. This will likely impact the Saudi capital markets after frequently tapping the direct listing and offering options for more growth and expansion opportunities.
Investment capital is available in the Kingdom. However, investment grabs need proper presentation as the foreign investor is looking for a stable investment environment that supports growth opportunities.
The Kingdom is characterized by its promising opportunities and there is high demand for investment there, Kudwah stressed.
By early 2023, Saudi banks, under SAMA’s supervision, will start implementing open banking services. This will contribute to supporting fintech companies to grow significantly and enable them to provide various solutions to customers in payment, lending and personal financial planning.
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