“Over the last year we have witnessed a 37% increase in the number of operating fintech companies in Saudi Arabia and a record level of over $350 million in venture capital investment into Saudi Arabian fintech companies. There has also been a number of regulatory and infrastructure developments including the release of new fintech activity regulations, the launch of SARIE, the Instant Payment System, and the Council of Ministers’ approval to license two local digital banks, STC Bank and Saudi Digital Bank.”
