RIYADH: A World Bank executive has projected that Saudi Arabia’s fintech assets under management will approach $64 billion in 2024, indicating significant growth. Jean Pesme, the global director of finance at the World Bank, revealed these forecasts during a panel discussion on Thursday at the 24 Fintech Conference in Riyadh.
He noted that the traditional bank-centric financial model is giving way to a more diverse financial model in the Middle East and North Africa.
Pesme stated that accepting these new competitors into the market is essential, “so more deals are coming.” According to the bank’s projections, fintech investments in the region have the potential to reach up to $1.5 billion by 2024.
“The Saudi fintech market is anticipated to undergo notable expansion in 2024, potentially attaining nearly $64 billion in assets under management,” he continued. The World Bank executive stated that this is a significant change that is very advantageous because it changes the financial system overall. In addition to changing the financial landscape, this growth expands financial inclusion and facilitates easier access to services. Artificial intelligence, machine learning, and blockchain innovations are cutting costs and significantly benefiting economies and consumers.
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