PwC ME exec affirms suitableness, robustness of Saudi financial sector for foreign investments

Hala Kudwah, PwC ME Partner and Financial Services Consulting Leader in Saudi Arabia

Saudi Arabia’s financial sector is very steady, strong and well-regulated. The Kingdom is ready and suitable for foreign investments, thanks to the ease of market accessibility and change in the legislative environment, Hala Kudwah, PwC ME Partner and Financial Services Consulting Leader in Saudi Arabia, stated.

On the sidelines of the Future Investment Initiative (FII) Conference, Kudwah explained in an interview with Argaam, that the Saudi Central Bank (SAMA) and the Capital Market Authority (CMA) took important steps in enabling and facilitating legislation for financial technology (fintech) and open banking services, taking into account the financial sector’s stability and user protection.

Saudi Arabia’s fintech strategy is not focused on the regulatory aspect. It was rather based on pillars that include technology, talent development, financing, building bridges with global fintech centers and optimal cooperation with partners in the relevant ecosystem.

Investment capital is available in the Kingdom. However, investment grabs need proper presentation as the foreign investor is looking for a stable investment environment that supports growth opportunities.

The Kingdom is characterized by its promising opportunities and there is high demand for investment there, Kudwah stressed.

By early 2023, Saudi banks, under SAMA’s supervision, will start implementing open banking services. This will contribute to supporting fintech companies to grow significantly and enable them to provide various solutions to customers in payment, lending and personal financial planning.