The report, titled “Realizing Potential of Fintech in Kingdom of Saudi Arabia”, the consulting firm highlights the rapid growth and innovation within the sector, spearheaded by initiatives such as Fintech Saudi. Fintech Saudi was launched in April 2018 by the Saudi Central Bank, also known as SAMA, and the Saudi Capital Markets Authority, and has already seen over $1 billion invested in local fintech firms. Similarly, the Central Bank of Egypt has been promoting fintech by creating a platform: fintech Egypt. Out of which, 139 startups provide pure FinTech solutions, while 38 provide technological solutions, along with embedded finance. To put this in perspective, there were only two fintech startups in Egypt in 2014, rising to 112 in 2021.

Source: The North Africa Journal May 13, 2024 06:54 UTC