SAMA launches Fin­tech Saudi

Banking Frontiers - - Regulator -

The Saudi Ara­bian Mon­e­tary Au­thor­ity (SAMA) has come out with Fin­tech Saudi, an ini­tia­tive aimed at the devel­op­ment of the fi­nan­cial ser­vices tech­nol­ogy in­dus­try in the coun­try. The ini­tia­tive is aligned with Saudi Vi­sion 2030 and to en­sure that in­no­va­tions in the fi­nan­cial ser­vices sec­tor spear­headed by fin­techs ben­e­fit the peo­ple. In Saudi Ara­bia, fin­tech star­tups re­ceived $17.4 bil­lion in fund­ing in 2016 and were on pace to sur­pass that sum as of late 2017. There are 26 fin­tech uni­corns glob­ally val­ued at $83.8 bil­lion.

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