SF: Saudi Arabia\u2019s finance sector comes under the microscope as The Business Year launches its latest publication, Special Report: The Future of Finance in Saudi Arabia.<\/p>\n\n\n\n
The Business Year (TBY), a global media group that has been providing investors, businesses, and governments with first-hand insights into the world\u2019s most dynamic markets for over a decade, has published Special Report: The Future of Finance in Saudi Arabia, an in-depth look, through interviews, articles, and analysis, at the changing face of the sector in the Gulf nation.<\/p>\n\n\n\n
Saudi Arabia is rapidly transforming its banking and finance sector, with a focus on the emerging fintech industry. Driven by the economic diversification goals of Saudi Vision 2030, a wide-ranging blueprint for change, the country is harnessing world-class digital infrastructure to propel the sector into a promising future, unlocking the potential of every segment of the economy.<\/p>\n\n\n\n
It is at this moment that TBY launches Special Report: The Future of Finance in Saudi Arabia, exploring the opportunities, challenges, and investment opportunities in the sector.<\/p>\n\n\n\n
The rigorous research to create the report was carried out by Alena Hakansson, TBY\u2019s Managing Director for KSA, and Edoardo Caccin, analyst in charge of TBY\u2019s editorial activity in the country. To produce Special Report: The Future of Finance in Saudi Arabia, the on-the-ground team gathered first-hand insights from industry leaders, analyzing key trends and pinpointing opportunities in order to provide businesses, investors, and governments worldwide with key information.<\/p>\n\n\n\n
Alena Hakansson stressed that the report highlights a \u201csignificant shift in the traditional operating paradigms of banking and financial institutions across Saudi Arabia and the broader GCC region.\u201d This transformation is based on the adoption of digital solutions driven by cutting-edge technology platforms. Saudi Vision 2030\u2019s Financial Sector Development Program (FSDP) emerges as a key player \u201cfacilitating the metamorphosis of the Kingdom\u2019s financial landscape into a thriving and dynamic digital ecosystem for financial innovations,\u201d she continued. This ever-changing process is unlocking remarkable growth potential while strengthening the resilience of the sector, in line with Saudi Arabia\u2019s Vision 2030 objectives.<\/p>\n\n\n\n
Edoardo Caccin highlighted that, according to the research carried out in Saudi Arabia, the country\u2019s approach to ensuring enhanced banking accessibility and investment in technology, backed by progressive legislation, is creating business opportunities for SMEs to access new financial tools and services, \u201cenabling smaller companies to participate in a fast-growing industry with remarkable revenue earning possibilities and contributing to the prosperity of local communities.\u201d Additionally, this sector has also attracted the attention of regional and international investors, with a notable surge in funding among Saudi Arabia-based fintech start-ups, raising around USD40130 million in 20221, a major increase from USD23 million during 2015-2020 . The number of FinTech startups grew by a staggering 79% y-o-y in 2022 . With this trend expected to continue well into 2023, the report anticipates the sector offering an overall positive investment climate, positioning Saudi Arabia as a premier destination for finance innovation and sustainable economic development.<\/p>\n","protected":false},"excerpt":{"rendered":"
SF: Saudi Arabia\u2019s finance sector comes under the microscope as The Business Year launches its latest publication, Special Report: The Future of Finance in Saudi Arabia. The Business Year (TBY), a global media group that has been providing investors, businesses, and governments with first-hand insights into the world\u2019s most dynamic markets for over a decade, …<\/p>\n","protected":false},"author":2,"featured_media":80681,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[439],"tags":[],"class_list":["post-80739","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english-news"],"yoast_head":"\n