Saudi Arabia has Seen an Explosion of Fintech Firms because of Support from Nation's Authorities, Industry Professional Reveals

December 17, 2020 @ 12:27 am By Omar Faridi
Fintech is expected to play an important role in Saudi Arabia’s efforts to further diversify its economy, according to commentary from the nation’s Budget 2021 report.
Padmini Gupta from Fintech Rise notes in an update published by Arab News that sustained support this year from the Saudi Central Bank (previously called Saudi Arabian Monetary Authority or SAMA) has led to a dramatic increase in the number of Fintechs based in the Middle Eastern country.
Gupta, the Co-Founder and CEO at remittances focused Fintech Rise, points out that startups in the Kingdom are now serving a key role in expanding the economy.

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