RIYADH: Fintech Saudi Arabia has opened a first-of-its-kind financial technology center in Riyadh, following the increasing number of fintech companies in the region.
Called the Financial Technology Center, the project comes as part of the efforts of the Saudi Central Bank in cooperation with the Capital Markets Authority to stimulate growth in the financial technology sector in the Kingdom, the Saudi Press Agency reported.
The Kingdom had witnessed a massive jump in venture capital investments in the fintech sector, hitting 16 deals in the first eight months of 2021 totaling $157.2 million.
In 2021, Saudi Arabia witnessed a 37-percent rise in new fintech launches over the previous year.
Inaugurated in the King Abdullah Financial District in Riyadh, the center is expected to provide existing fintech investors with more opportunities, along with new investments.
The opening of the new Financial Technology Center is expected to provide existing fintech investors with more opportunities, along with new investments.
Attendants at the opening of the center included the Governor of the Central Bank of Saudi Arabia, Fahad Al-Mubarak, Chairman of the Board of the Capital Markets Authority Mohammed El-Kuwaiz, and Minister of Communications and Information Technology Abdullah Al-Swaha.