Fintech 24

The financial world has changed dramatically with the advancement of technology and the empowerment of new styles, banking, insurance, investments and credit analysis have undergone transformative changes, as well as the basic concept of money is no longer the same.

Fintech is changing the landscape of Investment Management in the world, and its implications for career choices and decision-making for those working in the finance industry.

The term fintech refers to software, smartphone applications and various technologies created to improve and automate traditional forms of finance for businesses and consumers alike.it generally and comprehensively symbolizes technological innovation in the design and delivery of financial services and products. finance technology continues to evolve, as developments include the use of Big Data, Artificial Intelligence and machine learning to assess investment opportunities, improve portfolios and mitigate risks.

Fintech companies work, and generally strive to simplify transactions, eliminate unnecessary steps for all interested parties, for example: Al-Raida relies on fintech in its financing programs, focuses strictly on customer results, aims mainly to improve its capabilities and provide customized and actionable support and advice to help entrepreneurs and owners of small and medium enterprises to develop their projects in an easy and fast way free of complications, and gives them flexible, effective and actionable financing and payment solutions.

Regardless of the nature of your business, size, type, or even its field, fintech will have a direct impact on it.some fintech services have become routine in our lives, which clearly affect changing concepts and ways of carrying out many transactions in our daily lives, and even more affect the results of our business, including lending and digital credit by providing programs to finance small businesses directly supported by flexible solutions and technologies to help make quick financing decisions, without entering into the maze of procedures and guarantees.

And if you ask anyone which way they prefer to pay, they will most likely tell you that mobile applications (phone payment) are their favorite, since we have gradually moved from a cash-based society to a digital one, many electronic payment services have arisen to replace traditional payment methods.

Fintech has also in recent years caused a revolution in the number of investment and savings applications, more than ever, through the use of technology designed to increase savings, expense management and the ability to predict where the markets are heading is the essence of Finance and trade.

What is worth mentioning is that the financial sector development program is one of the programs of “Vision 2030”, the executive plan of the financial technology strategy, is one of the pillars of the program aimed at making the kingdom a global Center for financial technology.through this strategy, the country seeks to facilitate doing business, raise the percentage of the private and non-profit sector’s contribution to the Saudi economy and attract foreign direct investment, in addition to local investments that it aspires to increase, in addition to the development of the digital economy.

The value of bold investment in financial technology companies in the Kingdom reached 7.1 billion riyals (1.9 billion dollars) by the end of the second quarter of 2024, and the number of financial technology companies in the kingdom, by the end of the second quarter of 2024, reached 224 companies, exceeding the target of the f
inancial sector development program for the same quarter, estimated at 168 companies, indicating that the goal is to reach 525 companies by 2030.

It is noteworthy that the kingdom has a comprehensive and advanced payment infrastructure, where the share of electronic payments in the retail sector reached 70% of the total payment transactions in the kingdom during 2023, compared to 62% in 2022, to achieve the target of the financial sector development program for 2025, confirming their efforts to increase their share to reach 80% by 2030, as part of Saudi Arabia’s efforts to become a major Center for financial technology, according to the statements of Finance Minister Mohammed Al-Jadaan at the “fintech 24” conference held between 03-05 September 2024, in the capital Riyadh.