By Nadine El Hassan / Deloitte
1 May, 2018 – The Saudi Arabian Monetary Authority (SAMA), in collaboration with Deloitte Middle East, has announced its plans to develop a Financial Technology (FinTech) ecosystem. “Fintech Saudi” is a transformative effort aligned with the Kingdom’s Vision 2030 program to enhance Saudi Arabia’s economic competitiveness globally and to specifically support the Financial Sector Development Program. In the next decade, Saudi Arabia aims to expand the size and scale of its financial services sector such that it becomes the region’s primary market.
FinTech is recognized as one of the most important, and rapidly evolving, innovations in the financial services industry; by building a FinTech ecosystem, the Kingdom will be able to diversify its investment base and reshape how financial services are provisioned and consumed. The FinTech ecosystem will also support Saudi Arabia’s goal of becoming a premier, cash-less, digital economy.
Deloitte Middle East has been appointed as the professional services provider for this project. The ceremony to mark the signing of this agreement took place on March 4th, in the presence of Dr. Ahmed Alkholifey, SAMA governor; Abdulaziz Alfuraih, SAMA vice governor; Punit Renjen, Deloitte Global CEO; David Sproul, Deloitte North West Europe and Deloitte UK CEO; and a number of officials from both parties.
“Aligned with the National Transformation Program 2020 and Saudi Vision 2030, SAMA is committed to supporting FinTech activity in the financial services industry. We acknowledge the value added by technology products and services to the Saudi Arabian financial services industry, whilst also appreciating there are risks associated with FinTech innovation.