Arab Press

بالشعب و للشعب
Friday, Jun 20, 2025

STC Bank and Saudi Digital Bank Emerge as Saudi Fintech Investment Reaches $347million

STC Bank and Saudi Digital Bank Emerge as Saudi Fintech Investment Reaches $347million

Digitalisation is evident in Saudi Arabia as Fintech Saudi finds a 37% increase in fintechs operating in the kingdom.

Over the last 12 months, the fintech industry in Saudi Arabia has continued to grow at a rapid pace as stated in the recent Fintech Saudi Annual Report 2020/2021. The number of Saudi fintech companies operating in the Kingdom rose dramatically by 37% with an investment amount exceeding SAR 1.3billion ($347million).

“During 2020 / 2021 we have seen the development of a maturing fintech industry in the Kingdom,” said Nejoud Almulaik, director of Fintech Saudi. “As we emerge from the challenges of covid-19, it is clear that the digitalisation experienced during the pandemic is here to stay”. Almulaik extended gratitude to the regulatory authorities, emphasising that “regulation clarity is attracting more investment in the sector and driving the growth of the fintech industry.”

The report clarified that over the last year, new fintech companies have emerged in a variety of areas including payments, capital markets, insurance and business tools for SMEs. There has also been a number of regulatory and infrastructure developments including the release of new fintech activity regulations, the launch of SARIE -the Instant Payment System- and the Council of Ministers approval to license two local digital banks: STC Bank and Saudi Digital Bank.

Fintech Saudi has continued to support the development of the fintech industry through a number of initiatives including the Fintech Accelerator, Fintech Career Fair, the National Youth Art Competition and the organisation of the first ever National Fintech Adoption Survey.

Moreover, the report anticipated the year 2021/2022 to be another significant period for the fintech industry. The continued support from venture investors, new regulations, national fintech initiatives and the launch of Open Banking are expected to support the development of a new generation of fintech solutions in Saudi Arabia.

The Fintech Saudi Annual Report consists of a number of sections including an overview of Open Banking in Saudi Arabia, in-depth analysis into talent and venture capital in Saudi Arabia.

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Saudi Arabia Faces Uncertainty Over Succession After Mohammed bin Salman
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Majority of French Voters View Macron's Presidency as a Failure
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
Businessman Mauled by Lion at Luxury Namibian Lodge
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
Head of Gaza Aid Group Resigns Amid Humanitarian Concerns
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
×