Fintech Saudi

Financial technology, or ‘fintech’, describes the use of new and disruptive technology in financial services.

There are a number of different fintech companies operating in the Kingdom. A list of the fintech members is available on the Fintech Saudi website under the "Fintech Map" section.

Fintech Saudi is an initiative launched by the Saudi Central Bank (SAMA) in collaboration with Capital Market Authority (CMA) in April 2018 to act as a catalyst for the development of the Fintech industry in Saudi Arabia. Fintech Saudi’s ambition is to transform Saudi Arabia into an innovative fintech hub with a thriving and responsible fintech ecosystem driven by local and international stakeholders. Fintech Saudi is seeking to achieve this by:

• Supporting the development of the infrastructure required by the fintech industry.
• Building the skills and knowledge required for the growth of the fintech activity.
• Supporting fintech entrepreneurs at every stage of their development.

Fintech Saudi’s vision is to create a fintech hub with a thriving and responsible fintech ecosystem driven by local and international fintechs, banks, investors, corporates, universities and government organizations.

On 24th May 2022, the Council of Ministers approved the Kingdom's Fintech Strategy as a new pillar in the Saudi Vision 2030 Financial Sector Development Program (FSDP). Building on the success we witnessed over the last few years in the Saudi Fintech industry, the Fintech Strategy aims to support the Kingdom of Saudi Arabia to be among the leading countries in the field of fintech, with Riyadh becoming a global Fintech hub. You can read more about the Fintech Strategy by clicking on Vision 2030 Financial Sector Development Program Delivery Plan 2022 report.

Fintech Saudi focuses on three areas:

• Communication - Spreading awareness and guidance related to fintech through the website, social media, podcasts and reports.
• Events - Organizing events to support the development of the fintech community.
• Initiatives - Developing initiatives that support and encourage the growth of the fintech industry in Saudi Arabia.

Fintech Saudi is not a fintech company. We are an initiative focused on building the fintech ecosystem and launching activities to support other groups such as fintech companies to build and develop fintech products.

Regulatory Sandbox by SAMA operates all year around to receive and process fintech applications and fintech can apply to the Sandbox through SAMA's website . The Fintech Lab by CMA operates all year round to receive the applications as well however, new applications is being processed in cohorts during the year of application get submitted. Applicants can download an application form from CMA's website  and submit the application form to FinTech.ExPermit@cma.org.sa.

Fintech Saudi supports fintech entrepreneurs at every stage of their development. As a starting point, we encourage all fintech entrepreneurs to join fintech database using the following link. Fintech Saudi can assist fintechs in a number of ways including providing fintechs with guidance and clarity on developing their fintech business, introducing fintechs to potential partners, assisting with recruiting talent and promoting fintech solutions in the marketplace and more.

Fintech Saudi is an initiative under the Kingdom's Financial Sector Development Program (FSDP), which is part of Saudi Vision 2030. Fintech Saudi is governed by a committee consisting of the Saudi Central Bank (SAMA) and Capital Market Authority (CMA).

You can apply to Fintech Saudi by sharing your CV to careers@fintechsaudi.com.