Fintech Saudi Annual Report says the number of fintech companies has grown by more than a third over the past year
The number of fintech companies operating in Saudi Arabia has grown by more than a third over the past year with investments exceeding SR1.3 billion ($347 million).
Over the last 12 months, the fintech industry in Saudi Arabia has continued to grow at a rapid pace, according to the Fintech Saudi Annual Report 2020/2021.
The number of Saudi fintech companies has risen by 37 percent as the industry continues to mature in the Gulf kingdom.
Nejoud Almulaik, director of Fintech Saudi, said: “As we emerge from the challenges of Covid-19, it is clear that the digitalization experienced during the pandemic is here to stay.”
Almulaik added that “regulation clarity” is helping to attract more investment in the sector.
The report showed that over the last year, new fintech companies have emerged in a variety of areas including payments, capital markets, insurance, and business tools for SMEs.
Read more: Arabian Business