The Saudi Central Bank (SAMA) expects more competition and growth in the new sectors such as financial technology (fintech), as well as the conventional industries of the capital market, including banks, said Governor Ahmed Alkholeify.
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In addition, SAMA issued several regulations and systems related to fintech, as part of its efforts to promote the sector and achieve the targets of the financial sector development program, he added.
Meanwhile, Mohammed El-Kuwaiz, chairman, Capital Market Authority (CMA) highlighted the importance of innovation in fintech-related solutions in the capital market, adding that fintech enables the capital market to capitalize and reach out to more segments of companies and investors who previously had no access to the capital market.
“This technology has successfully delivered services to the largest possible number of people. We are excited about what fintech can provide for the capital market in terms of broadening its base of participants and beneficiaries.”
The CMA continues to motivate and enable entrepreneurs, with three rounds of licensing fintech companies completed, resulting in licensing of 15 firms in various domains, the chairman stated.
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