Tuesday marked the start of the 24 Fintech conference in Riyadh, which is a significant event for Saudi Arabia’s rapidly developing financial technology industry.
Global leaders, business insiders, and legislators have been enticed to examine the Kingdom’s revolutionary path and future opportunities in the financial technology space by this momentous occasion.
With $1.84 billion in venture capital investments, the Saudi fintech industry has had an incredible surge during 2018, according to the General Authority for Small and Medium Enterprises, or Monsha’at. More than 6,500 individuals are directly employed as a result of the money received by 216 Saudi businesses during this time.
Ayman Al-Sayari, the governor of the Saudi Central Bank, gave the keynote talk to kick off the conference, underlining the significant reforms to the Kingdom’s financial sector.
Al-Sayari emphasized that national measures such as Vision 2030 and technical innovation have played a major role in the creation of a vibrant fintech sector. Notable advantages of this sector’s expansion include increased accessibility to the financial system and enhanced transaction efficiency and speed.
He underlined that the central bank uses its risk-based supervision framework to promote an environment that is innovative while concentrating on stabilizing growth.
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