Developing a FinTech ecosystem in Saudi Arabia

Deloitte is proud to be appointed the professional services provider for the Saudi Arabian Monetary Authority’s (SAMA) development of a financial technology, or ‘FinTech’ ecosystem – a key part to the Financial Sector Development Programme of the Kingdom’s Vision 2030 programme. This initiative will help accelerate Riyadh, and the Kingdom of Saudi Arabia’s ambition to emerge as a leading FinTech hub and to rival those already established in Bahrain, Abu Dhabi, and Dubai.

At the time of the announcement, SAMA governor Dr. Ahmed Alkholifey stated “Aligned with the National Transformation Program 2020 and Saudi Vision 2030, SAMA is committed to supporting FinTech activity in the financial services industry. We acknowledge the value added by technology products and services to the Saudi Arabian financial services industry, whilst also appreciating there are risks associated with FinTech innovation”.

Specifically, our work will see us help SAMA in the creation and launch of ‘Fintech Saudi’ and go on to deliver a range of supporting infrastructure designed to help accelerate the growth of FinTech in the region and the attract international talent. We will help in establishing the overall strategy for Fintech Saudi, as well as asses and develop a number of specific initiatives such as the creation of a Fintech accelerators space and development of a regulatory sandbox to test new ideas and concepts. A large part of our work will also see us help ‘emerge’ the eco-system in new technologies and help them to understand how FinTech is playing a role in re-shaping Financial Services.

Deloitte will bring to bear the strength of its global network to support SAMA in this exciting initiative and leverage deep experience gained from building and supporting the development of other FinTech hubs around the world.
For Deloitte, this project is an exciting opportunity to continue to support further growth, innovation, consumer choice, collaboration and financial inclusion across the world.

At a local level, SAMA’s Director General of Payment Systems Ziad Al-Yousef has stated the Saudi FinTech hub “will be an important catalyst in the development of a thriving FinTech industry in the Kingdom and the region… [and] increasing financial inclusion and the prominence of small and medium enterprises”.

To find out more about how Deloitte is helping build FinTech ecosystems and bridges at local, national and supranational levels, please contact one of our FinTech leaders listed below.

Discover more about Deloitte’s work in, and analysis of, FinTech at Deloitte.co.uk/FinTech.