Saudi financial system notably changed on fintech firms’ entry: SAMA Governor

Ayman Alsayari, Governor of Saudi Central Bank (SAMA) 

Saudi Central Bank’s (SAMA) Governor Ayman Alsayari said the Saudi financial system has significantly changed on the entry of fintech companies, pointing to the transformation being witnessed by the local financial sector.

Addressing the 24 FinTech 2024 Conference held in Riyadh, today, Sept. 3, he added that national initiatives under the Saudi Vision 2030, paired with the adoption of technical innovations, have supported the prosperity of the Saudi fintech sector.

He further explained that the Saudi fintech sector’s growth has helped garner key positives including the expanded access to the financial system, the improved speed of financial transactions, and cost reduction.

SAMA, according to Alsayari, continues to focus on generating stable growth levels in order to possibly create a sound environment for innovation. The central bank also aims to achieve optimal balance between emerging risks while enabling innovation through its risk-based regulatory framework.

He pointed out that the Saudi fintech sector can be a bigger player, potentially contributing to supporting the Kingdom’s economic growth.