The Saudi Central Bank (SAMA) aims to contribute SAR13 billion ($3.46 billion) to the gross domestic product (GDP) by 2030 through its financial technology (FinTech) strategy, according to Khalid Bin Waleed Al-Zaher deputy governor of SAMA for control and technology.
Al-Zaher mentioned that the strategy aims to raise the number of FinTech companies to 525, thereby creating 18,000 direct specialized jobs.
Read more: Saudi fintech companies already double all of last year’s numbers
As of October 2023, the number of FinTech companies across various fields has surpassed 200, resulting in the creation of over 3,500 jobs, he added.
The FinTech strategy aims to stimulate domestic investment and attract foreign investment, thereby enhancing the value of innovative investments and diversifying sources of income.
SAMA, in collaboration with the Capital Market Authority, has implemented a comprehensive strategy to oversee FinTech activities. This strategy, approved by the Council of Ministers, plays a vital role in supporting and regulating all FinTech operations in the Kingdom.
New agreement
On Wednesday, SAMA and the Monetary Authority of Singapore (MAS) signed a cooperation agreement in Riyadh, focusing on the fields of FinTech and innovation.
SAMA Governor Ayman Al-Sayari and Singapore’s minister for Foreign Affairs, Dr. Vivian Balakrishnan, representing MAS, signed the agreement.
The objective of the agreement is to enhance collaboration and promote mutual development between the two organizations. It aims to facilitate activities in international markets, while upholding the respective rights and obligations of both parties.
Additionally, the agreement establishes a strong framework for cooperation between the innovation departments of both organizations.
Furthermore, the agreement aims to establish efficient mechanisms for sharing information on fintech and innovation, promote their utilization in the markets, and strengthen cooperation while fostering coordinated efforts in areas of common interest.
This cooperation agreement marks a significant milestone in the advancement of fintech and innovation, demonstrating a strong commitment to leveraging the available resources and expertise of both parties.
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