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Saudi FinTech Firms Secure $23 Million Funding in March

It is expected that the number of users of digital banking services will reach 2.5 billion by 2024, up from 1.9 billion in 2020 (Reuters)
It is expected that the number of users of digital banking services will reach 2.5 billion by 2024, up from 1.9 billion in 2020 (Reuters)
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Saudi FinTech Firms Secure $23 Million Funding in March

It is expected that the number of users of digital banking services will reach 2.5 billion by 2024, up from 1.9 billion in 2020 (Reuters)
It is expected that the number of users of digital banking services will reach 2.5 billion by 2024, up from 1.9 billion in 2020 (Reuters)

Saudi Arabia’s financial tech sector has scored over $23 million in funding since March, marking a surge from last year’s 51% share.

The sector saw investments topping $704 million in 2023, with the number of companies ballooning from 10 to around 207. Saudi Arabia aims to push this to 525 by the decade’s end.

A report issued by the Islamic Corporation for the Development of the Private Sector revealed that, driven by a youthful population of over 35 million, with 65% under 35, Saudi Arabia boasts a GDP per capita exceeding $23,000 and a 93% internet penetration rate.

This fertile ground has propelled the financial tech sector to prominence, contributing 51% of the Kingdom’s total bold investments in 2023.

In 2024, “Moyasar” financial company led its first investment round with $21 million, while “Rakeez Financial” secured $2 million.

Globally, the fintech industry is booming, with digital banking users projected to hit 2.5 billion by 2024, up from 1.9 billion in 2020, according to a report by Juniper, a technology research firm.

This shift is fueled by the rise of mobile phones, banking apps, and digital payment methods like “Apple Pay” and “PayPal.”

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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)

The United States on Thursday called on Israel to extend its cooperation with Palestinian banks for another year, to avoid blocking vital transactions in the occupied West Bank.

"I am glad that Israel has allowed its banks to continue cooperating with Palestinian banks, but I remain convinced that a one-year extension of the waiver to facilitate this cooperation is needed," US Treasury Secretary Janet Yellen said Thursday, on the sidelines of a meeting of G20 finance ministers in Rio de Janeiro.

In May, Israeli Finance Minister Bezalel Smotrich threatened to cut off a vital banking channel between Israel and the West Bank in response to three European countries recognizing the State of Palestine.

On June 30, however, Smotrich extended a waiver that allows cooperation between Israel's banking system and Palestinian banks in the occupied West Bank for four months, according to Israeli media, according to AFP.

The Times of Israel newspaper reported that the decision on the waiver was made at a cabinet meeting in a "move that saw Israel legalize several West Bank settlement outposts."

The waiver was due to expire at the end of June, and the extension permitted Israeli banks to process payments for salaries and services to the Palestinian Authority in shekels, averting a blow to a Palestinian economy already devastated by the war in Gaza.

The Israeli threat raised serious concerns in the United States, which said at the time it feared "a humanitarian crisis" if banking ties were cut.

According to Washington, these banking channels are key to nearly $8 billion of imports from Israel to the West Bank, including electricity, water, fuel and food.