Fintech Saudi arranged the second segment of the Fintech Accelerator's closing ceremony under the supervision of the Saudi Central Bank (SAMA), Dr. Fahad Almubarak, and the Chairman of the Capital Market Authority (CMA), Mohammed Alkuwaiz.
The 12 fintech organizations from this event showcased their creative methodologies and the fruition of months of efforts. This contributed to creating their business models and product strategies and acquiring experiences and skills from international and domestic experts.
Dr. Fahad Almubarak gave the inaugural speech, whereas Mohammed Elkuwaiz greeted the attendees and reiterated SAMA and CMA's commitment to financing tech start-ups.
SAMA established Fintech Saudi in collaboration with the CMA in April 2018 to act as a driving force for the growth of the Saudi banking and finance services technology industry.
Last June, the Kingdom created a new fintech plan to triple the number of fintech organizations operating in the nation. Based on the Minister of Finance, the amount of fintech businesses is predicted to grow from 82 to 230 by 2025.
The plan also aims to raise the fintech industry's contribution to GDP to SR4.5 billion by 2025 and generate over 6,000 employment. The new strategy intends to increase investment in fintech businesses to SR12 billion. It also boosts the industry's impact on the Region's GDP to SR13 billion by 2030.