Fintech Saudi is an initiative launched by the Saudi Central Bank in partnership with the Capital Market Authority in April 2018, as an incentive step to develop the fintech sector in the Kingdom of Saudi Arabia and enhance its role in national socioeconomic development.
Fintech, the word, is a shortened combination of “financial technology.” It refers to the use of new and evolving technologies in financial services.
Objectives of Fintech Saudi
Fintech Saudi works to serve the financial sector in the Kingdom, with goals that include making the Kingdom a hub for innovation in the fintech sector, creating a sophisticated ecosystem that relies on both local and international stakeholders, contributing to the support and development of infrastructure according to the requirements of the fintech industry, building and developing the necessary skills and knowledge in the field, and supporting entrepreneurs at all stages of their development.
The role of Fintech Saudi
The role of Fintech Saudi focuses on raising awareness about the financial technology sector through various means, including the website, social media, the Fintech podcast, and reports. It also organizes events to support and develop the fintech community, supports and develops initiatives, and encourages the growth of the financial technology industry in the Kingdom.
Fintech Saudi supports and encourages entrepreneurs from the outset by providing them with clear guidance on growing and developing their financial technology businesses, introducing them to new partners, and contributing to talent recruitment.
Fintech Saudi Initiatives
Fintech Saudi offers a range of initiatives that serve the financial sector in the Kingdom, including:
- Fintech Accelerator: Provides support and services to emerging fintech companies, helping them progress and grow through intensive workshops, meetings, consulting, and mentoring sessions led by specialists and experts. It also offers opportunities to connect with investors and provides supervision and follow-up that extends beyond the program.
- Fintech Tour: One of the major events related to financial technology in the Middle East. Three editions have been organized, featuring eighty-nine events with approximately 8,500 participants. The program offers opportunities to gain knowledge in the technology field and hosts experienced and skilled speakers from the global fintech sector.
- Fintech Internship: Offers students, graduates, and employees new to the job market the chance to acquire new skills by working in one of the financial institutions or fintech companies in the Kingdom. It also supports partners in finding suitable talents.
- Fintech Podcast: Contains a series of audio episodes discussing issues related to Fintech Saudi.
Financial technology Hub
On March 14, 2022, Fintech Saudi, in collaboration with the Saudi Central Bank and the Capital Market Authority, inaugurated the Financial Technology Center in the Kingdom. Located in King Abdullah Financial District, the center features two main sections and includes private offices, meeting rooms, shared workspaces, and an innovation area.
The center enhances the localization of the financial technology sector in the Kingdom, creates opportunities for collaboration, facilitates communication, and fosters innovation within the Saudi fintech community.
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