Investments in Saudi fintech scene hit $347m in a year

DUBAI: Saudi Arabia’s financial technology sector saw an increase in the number of companies and investments over the last 12 months, a new government report revealed.

According to Fintech Saudi’s annual report, fintech companies in the Kingdom grew by 37 percent, and the total investments in the industry reached SR1.3 billion ($347 million). 

“As we emerge from the challenges of COVID-19, it is clear that the digitalization experienced during the pandemic is here to stay,” Nejoud Malik, director of Fintech Saudi said. 

Clarity in regulation has “attracted more investment in the sector driving the growth,” she explained.