Fintech Saudi launched Tour 21 with the participation of Fahad Almubarak, governor of the Saudi Central Bank, Mohammed Alkuwaiz, chairman of the Capital Market Authority and Eng. Haytham AlOhali, vice minister, Ministry of Communications & Information Technology and other industry leaders.
In the welcome address, Fahad Almubarak expressed the importance of collaboration between entities and the need for a concerted effort to develop the fintech industry in Saudi. He also highlighted Saudi Central Bank initiatives that support the objectives of Saudi's Vision 2030 including the launch of "Open Banking" in 2022. "The activation of "Open Banking" services is expected to contribute to a number of benefits for the financial sector, the most important of which are; increased competition and innovative services; increased efficiency in banking systems; and higher rates of financial inclusion." said Dr. Almubarak.
Almubarak added that "Saudi Central Bank continues to develop the financial sector in line with developments in the local and global economy. We have launched numerous initiatives aimed at supporting and developing the fintech industry in the Kingdom."
On his side, Alkuwaiz discussed the rapid development of the fintech industry and the important role played by fintech companies in the development of the financial services sector. "Fintech companies are developing innovative ideas that challenge the status quo and challenging the status quo is important because it helps the development of new, innovative products that support financial inclusion and the improvement of services across the industry" said Mr. Alkuwaiz
AlOhali added that "We are witnessing a significant development in the fintech industry in Saudi Arabia. According to the results of the National Fintech Adoption Survey published by Fintech Saudi, 3 out of 4 people in Saudi Arabia are using fintech solutions. This shows the confidence of customers in using fintech solutions."
2021 has been another strong year for the fintech industry in Saudi Arabia. There has been a 37% increase in the number of operating fintech companies in Saudi Arabia and over SAR 680 Million in venture capital investment into Saudi Arabian fintech companies. Looking forward, 2022 is expected to be another significant period for the fintech industry. The continued support from venture investors, new regulations, national fintech initiatives and the launch of "Open Banking" are expected to support the development of a new generation of fintech solutions in Saudi Arabia.
The Fintech Tour is the largest cluster of fintech events in the Middle East and consists of fireside chats, lectures and panel discussions in Arabic and English on a number of topics such as open banking, digital banking, blockchain, insurtech, and regulation etc., giving everyone the opportunity to learn more about fintech. All events are free to attend, open to everyone and will be held virtually.
Fintech Tour 21 will run until December 9, 2021. To find out more and to register for events, please visit www.fintech-tour.com.