Fintech in Saudi Arabia

nasreenalissalawnasreenalissalaw New Member Posts: 1

New Quite Fintech in Saudi Arabia. The country has held may years of traditions, but it is slowly opening up to new technological advancements. The non-cash transactions account for less than 20 % of the country’s total transactions. This means that the country’s Fintech industry is still young. The Fintech companies are also few. However, investment in the new technology is one the rise. STC, Saudi Arabia’s largest telecom company, launched a digital payment platform in February 2018. The technology has attracted over 200000 customers in one year. Hence, there is a high chance for the industry’s growth in the next few years. The Saudi Arabian Monetary Authority is responsible for licensing and regulating the Fintech industry. The Fintech companies have to undergo thorough scrutiny, which included the ownership, sources of funds, charges applicable, and reliability of the company. The monetary authority had licensed seven Fintech companies in 2018; it has licensed the other fourteen in 2019, bringing them to twenty-one companies. Some of these big Fintech companies in Saudi Arabia include Bayan Payments Company Limited

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