Fintech Saudi has invited 12 startups to showcase their final projects during the closing ceremony of the Fintech acceleration program taking place on July 26 in Riyadh.
The ceremony is being held under the patronage of Fahad Al-Mubarak, governor of the Saudi Central Bank, and Mohammed Al-Kuwaiz, the chairman of the Capital Market Authority.
Fintech Saudi was launched by SAMA in partnership with the CMA in April 2018 to act as a catalyst for the development of the financial services technology industry in Saudi Arabia.
The Kingdom launched a new fintech strategy last June to increase the number of fintech companies by threefold in the country.
According to the Ministry of Finance, the number of fintech firms is expected to increase from 82 to 230 by 2025.
The strategy also seeks to increase the fintech sector’s contribution to the gross domestic product to SR4.5 billion ($1.2 billion) and create nearly 6,000 jobs by 2025. In addition to raising the sector’s contribution to the Kingdom’s GDP to SR13 billion by 2030, the new plan also aims at increasing investments in fintech companies to SR12 billion.