SAMA Governor says 80 Fintech firms invest funds worth SAR 2 bln

Fahad Al Mubarak, Governor, Saudi Central Bank (SAMA)

Fahad Al Mubarak, Governor of the Saudi Central Bank (SAMA), said that the number of financial technology (Fintech) companies in the Kingdom rose from 10 in 2018 to 80 currently, which contributed to investing funds worth SAR 2 billion through crowdfunding and post-paid activity. 

In his speech during the opening of Fintech Saudi Hub, the top official added that the number of Fintech companies in the insurance sector rose to seven, while the number of insurance policies subscribed through these companies reached 10 million with a total value of SAR 7 billion. 

Al Mubarak also highlighted the rise in the participation of Fintech companies in the payments sector from the total number of operations in the national payment systems to 5% by the end of January 2022, compared to 2.5% last year.

He further stated that the Fintech sector witnessed a remarkable increase in the volume of venture capital investments, with an accumulated value of about SAR 2.02 billion, through more than 45 investment deals, which shows increased confidence in such an emerging sector.