Fintech Supporting Infrastructure in KSA
There are strong market forces pushing for the creation of a robust fintech ecosystem in Saudi Arabia. So who are the key players that make up the supporting infrastructure for Fintechs in Saudi Arabia, and what are they doing to propel Fintech forwards in the Kingdom?
Who’s Supporting Fintech in Saudi?
The Power of Top-Down Government Support for Fintechs in Saudi Arabia
Though there were several Fintech players active in the Saudi Market prior to 2016, activities were largely unregulated and unsupported by a wider economic infrastructure. Upon the unveiling of the Saudi Vision 2030, several organizations and initiatives were birthed specifically to support the cultivation of the Fintech Industry, including the launch of SAMA’s Regulatory Sandbox and CMA’s FinTech Lab, the establishment of Fintech Saudi, a government-backed organization directly mandated to monitor and actively support the development of the Fintech Sector. In 2019, the Saudi Central Bank also spun-off its digital payments infrastructure unit to become a stand-alone company, named Saudi Payments Company.