Fintech firms currently exceed 60 in Saudi Arabia: SAMA official

Ziad Al Yousef, Deputy Governor for Development and Technology at SAMA

Ziad Al Yousef, Deputy Governor for Development and Technology at Saudi Central Bank (SAMA), said that the number of FinTech players in the Saudi market currently exceed 60, whether licensed or joining the Sandbox experimental environment for offering these services, Al-Eqtisadiah newspaper reported.

The financial sector eyed three firms only in 2020, but it exceeded that target.

SAMA issued 11 new rules and regulations in the first half of the year to regulate the financial technology sector, Al Yousef added.

Elsewhere, Al Yousef affirmed that SAMA’s strategy does not aim to cancel banknotes, but rather to reduce banknote transactions.