Fintech Tour 21 Workings Going on, till Dec. the 9th

With the participation of the Central Bank of Saudi Arabia (SAMA) the Capital Market Authority (CMA) and the Ministry of Communications and Information Technology, activities of “Fintech 21 Tour” keep going on, until December 9, 2021.

Heavy weight participants, such as the Governor of the Central Bank of Saudi Arabia, Dr. Fahd Al Mubarak, Chairman of the Board of the Capital Market Authority, Muhammad Al-Quwaiz, Deputy Minister of Communications and Information Technology, Eng. Haitham Al-Ohali, have taken part, in the workings.

In addition to more than 60 speakers, including senior CEOs, from among various sectors, contributing to the growth of the financial technology (FINTECH) domain, in the Kingdom, local, regional, international experts and academics, among.

Dr. Fahd Al-Mubarak has stressed, during the virtual session, the importance of cooperation between all parties, and concerted efforts to develop and empower the financial technology sector, highlighting the initiatives of the Saudi Central Bank, that would contribute to the development of the financial sector, to achieve its goals.

The Kingdom’s vision 2030 focusing on activation of open banking services, he added, is expected to contribute to achieving a number of benefits to the financial system, the most important of which are: increasing competition, innovative services, increasing the level of efficiency in banking systems, and raising rates of financial inclusion.

For his part, Al-Quwaiz touched the role played by financial technology companies, in developing financial markets, saying that “Fintech companies develop technical ideas that challenge the status quo, which has an added value because it offers a product that do not exist before, and this innovation of the new products and services, will increase the size of the segments of beneficiaries of the financial services sector and improve the services of the sector, in general, and consequently, the national economy.

There is a rapid development of the financial technology sector, in the Kingdom, Eng. Al-Ohali stated, indicating that the sector has witnessed a great development, according to the results of the National Financial Technology Survey published by “Fintech Saudi Arabia”, which showed that 3 out of 4 people, in the Kingdom use financial technology solutions, thus, demonstrate customer confidence, in financial technology solutions.

It is noteworthy that the Year 2021 was pivotal for the financial technology sector, in the Kingdom, as we witnessed a 37 percent increase, in the number of active financial technology companies in the Kingdom, and an increase in venture capital investments that exceeded SR680 million, in Saudi financial technology companies, and we expect that the Year 2022 will be another important year for the financial technology sector, he elaborated.

Among the reasons, is the continued support from legislative authorities, through the issuance of new regulations and national financial technology initiatives, as well as the launch of the Open Banking Initiative, he underscored.

In addition to continuing to pump investments by investors, all of which would develop a new generation of financial technology solutions, in The kingdom, crucially contributing to realizing the Kingdom Vision 2030.

The “Fintech 21 Tour” is a series of the largest financial technology events, in the Middle East, including meetings with senior staff and magnates of sectors, that contribute to the development of the financial technology sector.

Panel discussions and lectures are done, in Arabic and English, on topics related to the financial technology sector such as: open banking services, and chain databases.