Fintech gains importance in Saudi Arabia as Cabinet approves sector's strategy

RIYADH: The Saudi Cabinet on Tuesday approved the Kingdom’s financial technology strategy. 
It seeks to develop a diversified and effective financial sector that supports the national economy.

The launch of Open Banking in Saudi Arabia in 2022, which allows firms to share consumer current account data once permission has been given, is also expected to speed up the pace of fintech development.

Experts expect this move will provide existing fintech investors with more opportunities, and will attract funds to the sector.