RIYADH — Saudi Central Bank (SAMA) Governor Fahad Almubarak and Capital Market Authority (CMA) Chairman Mohammed Elkuwaiz expressed their gratitude and appreciation to the Custodian of the Two Holy Mosques, King Salman and Crown Prince Mohammad Bin Salman, deputy prime minister and minister of defense, for approving the FinTech Strategy by the Council of Ministers’ decision.
This is in line with the supreme directive for Saudi Arabia to be among the leading countries in the field of FinTech, with Riyadh becoming a global tech hub.
This strategy is included as a new pillar within the Saudi Vision 2030's Financial Sector Development Program (FSDP), which is aimed at developing the national economy, diversifying sources of income and enabling financial institutions to support private sector growth by giving new companies the opportunity to provide financial services.
On this occasion, Almubarak emphasized that the financial sector is going through rapid changes, especially in the FinTech industry, which necessitates swift and collaborative action to keep pace with such changes, noting that the implementation of this strategy requires cooperation and joint efforts from all relevant stakeholders.
On the same note, Elkuwaiz asserted that FinTech Strategy was designed to be comprehensive and supportive to all FinTech -related activities through multiple transformational drivers that include several initiatives aimed at developing FinTech infrastructure and enabling financial sector and its beneficiaries.
The strategy comprises six key transformational drivers, which are: highlighting the Saudi identity globally, strengthening the regulatory framework, supporting the sector, developing human resources, advancing technical infrastructure and enhancing cooperation at the local and global levels.
These transformational drivers contain 11 initiatives, which will help strengthen Saudi Arabia's position globally in the field of FinTech, and supporting the Kingdom’s GDP by creating additional job and investment opportunities by 2030.
FinTech strategy was designed within the FSDP through collaborative efforts among the following entities: SAMA, CMA, Ministry of Finance, Ministry of Communications and Information Technology, Ministry of Investment, the Small and Medium Enterprises General Authority (Monsha’at), and FinTech Saudi.
The shared vision of those entities is to achieve global competitiveness and make Saudi Arabia a FinTech hub where technology-based innovation in financial services is the foundation for enhancing the economic empowerment of individuals and society. — SPA
