SAMA launches Fintech Saudi
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.