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Fintech Buddy Saudi Arabia
THE RISE OF FINTECH IN SAUDI ARABIA
Saudi Arabia’s fintech industry has witnessed a remarkable shift in the past few years. In the face of political and economic challenges and the effects of a global pandemic, fintech is booming in the kingdom.
Fintech in Saudi Arabia is driven majorly by young entrepreneurs, tech startups in Saudi Arabia, who are in a competitive market with large financial institutions. The value of fintech transactions in the kingdom keeps growing each year. It is currently valued at about $42bn. An annual growth of 15% is expected in the fintech Industry, which is a major attraction to investors in Saudi Arabia.
Presently there are 82 FinTech companies in the kingdom. Part of Saudi Arabia’s plan is to triple the number of fintechs it currently has by 2025. Plans are also being made to increase digital transactions of all financial dealings to 70% in the next three years. Fintech has its strategic pillar in the Kingdom, which is a positive sign that it will play an even bigger role in economic development and diversification in the future.
https://fintechbuddysaudi.com/the-rise-of-fintech-in-saudi-arabia/
١٠ يناير، ٢٠٢٣
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