The Saudi Arabian Monetary Authority and the Capital Market Authority have signed a memorandum of agreement (MoU) to establish the FinTech Saudi Center as part of the kingdom's Financial Sector Development Program (FSDP) under the Saudi Vision 2030.
The centre will be an innovation platform for companies to test new ideas and concepts – designed to accelerate the growth of FinTech in the region and attract regional and global investors. It will support entrepreneurs, as well as small and medium enterprises.
The FinTech initiative aims at supporting these goals: making the kingdom a hub for innovation by facilitating the development of financial technology, establishing a comprehensive understanding of FinTech at the local level and supporting the development of SMEs specialising in this area; creating products and services to support businesses worldwide; and contributing in the entry of 30 specialised companies in the field of FinTech within the first three years.
The FinTech centre will be located at the King Abdullah Financial Centre. The MoU was signed by Dr Ahmad bin Abdulkareem Al-Kholifey, governor of the SAMA and Mr Mohammad bin Abdullah Al-Quaez, chairman of the CMA during the Financial Sector Conference.