Entrepreneur Middle East has released a special report on the state of fintech industry in Saudi Arabia to help entrepreneurs and innovators to define and refine their fintech growth strategies.
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Powered by Fintech Saudi, an entity launched in 2018 by the Saudi Central Bank and the Capital Market Authority, the special report, An Ultimate Guide To Fintech In The Kingdom Of Saudi Arabia, can be downloaded here.
As an emerging fintech ecosystem, Saudi Arabia is slowly becoming the ultimate sweet spot for entrepreneurs, investors, and major opportunity seekers, with the report stating that the industry is young enough to allow first-mover advantages and reaping significant rewards.
Although there have been a number of fintech success stories in Saudi Arabia, including digital payments solution developer STC becoming the region's first unicorn in November 2020, the report states that "Saudi Arabia requires a special touch, a deep understanding of local context and macroeconomic influences."
However, Saudi Arabia has developed a supportive infrastructure and has recently started creating a more friendly environment for foreign investment and outside-in entrepreneurship. Another benefit of starting up a fintech business in the kingdom is in potentially having better access to capital when compared to other parts of the world- the report states that the funding raised for fintech companies in Saudi Arabia between 2020 and H1 2021 was over US$500 million, constituting 55% of the total funds raised since fintech fundraising has been monitored in the past decade.
These are some of the reasons why seizing fintech opportunities in Saudi Arabia should be on your radar. For more exclusive insights and data, download the special report, An Ultimate Guide To Fintech In The Kingdom Of Saudi Arabia, here.
Anand George Oommen
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