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Saudi Fintech Industry Grows Threefold in 2020

The establishment of Fintech companies expedites in Saudi Arabia (Reuters)
The establishment of Fintech companies expedites in Saudi Arabia (Reuters)
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Saudi Fintech Industry Grows Threefold in 2020

The establishment of Fintech companies expedites in Saudi Arabia (Reuters)
The establishment of Fintech companies expedites in Saudi Arabia (Reuters)

Fintech Saudi has revealed in its annual report 2019/20 that it is seeing the emergence of a growing fintech industry in the Kingdom.

The number of operating fintechs has increased three-fold in a year, from 20 in 2019 to 60 this year, with over 100 fintech startups at the idea or pre-commercial stage, the report noted.

The Fintech Saudi Annual Report 2019/20 provides an overview of the development of the fintech industry in Saudi Arabia over the past year and highlights a number of key developments that have taken place to support the growth of the fintech industry.

There has been an increase in fundraising deals completed in Saudi fintech for the year to date with the total investment amount already surpassing 2019 levels, it added.

“This is building up to a fintech market in Saudi Arabia that, according to Statista, is expected to reach transaction values of over $33 billion by 2023.

On the significance of this report, Director of Fintech saudi Mulaik al-Nejoud said the period extending from 2019 till 2020 has been pivotal for the fintech industry in the Kingdom.

“Despite the challenges of COVID-19, we have seen progress in regulations, infrastructure and an increasing number of investment rounds in fintech companies.”

This has built a solid foundation to support the emergence of a growing fintech industry in Saudi Arabia that will contribute in a meaningful way to its Vision 2030, she stated.

The developments include the launch of Apple Pay, the establishment of Saudi Payments, and the continued issuance of regulatory testing licenses and regulations by the Saudi Arabia Monetary Authority (SAMA) and the Capital Markets Authority (CMA) to support fintech activities.

There have also been major initiatives, including the National Commercial Bank (NCB) / Monsha’at fintech accelerator program and the launch of Riyad Bank’s fintech fund.

The report consists of a number of sections including an overview of the fintech industry by KPMG, the view from Fintech and MAGNiTT, and interviews with the SAMA Regulatory Sandbox and the CMA FinTech Lab.

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Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
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Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)

flynas, Saudi Arabia’s leading low-cost carrier, has signed a Memorandum of Understanding (MoU) with Airbus for 75 A320neo family aircraft and 15 A330-900. This strategic agreement will expand the airline's capacity, range and enhance its overall fleet capabilities.
Signed during Farnborough International Airshow in the presence of President of the General Authority of Civil Aviation (GACA) of Saudi Arabia, Abdulaziz bin Abdullah Al-Duailej, Chairman of the Board of NAS Holding Ayed Al Jeaid, flynas Chief Executive Officer & Managing Director Bandar Almohanna, and Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer, Airbus said on its website.
The new aircraft will join the carrier’s all Airbus fleet serving international, domestic and regional routes. The new A330-900 aircraft will boast a two-class configuration, accommodating up to 400 passengers.
"We are excited to further strengthen our long-standing partnership with Airbus," said Bander Almohanna, CEO and Managing Director of flynas. "The A320neo Family provides exceptional operational performance and environmental benefits, allowing us to offer unique, low-cost travel experiences. Additionally, the A330neowill enhance our long-haul capabilities with its advanced technology and efficiency while supporting our growth plans and Saudi Arabia’s pilgrim program."
Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer said, "We are delighted to expand our partnership with flynas through this significant milestone for both A320neo and A330-900 aircraft. The A330neo will allow flynas to further grow into widebody markets by building on the A320, benefiting from Airbus’ unique commonality. Both aircraft types offer flynas the perfect versatility and economics to expand into new markets while offering their passengers the latest cabin experience and comfort. We look forward to continuing our successful collaboration with flynas as they embark on this exciting new chapter."
The addition of the A330-900 aircraft will support flynas' ambitious growth plans. The airline anticipates significant operational efficiency gains by combining the new widebody aircraft with its existing A320neo fleet. The A330-900 offers increased capacity and range at unrivaled seat costs, ensuring flynas can compete effectively in the growing regional market, a key focus area for the airline.
The A330neo delivers unbeatable operating economics, powered by the latest-generation Rolls-Royce Trent 7000 engines, featuring new wings and a range of aerodynamic innovations resulting in a 25 percent reduction in fuel consumption and CO₂ emissions compared to previous generation competitor aircraft. The A330neo is capable of flying 8,150 nm / 15,094 km non-stop, providing ultimate comfort with more passenger space, a new lighting system, latest in-flight entertainment systems and full connectivity throughout the cabin.
As with all Airbus aircraft, the A330 family is already able to operate with up to 50% Sustainable Aviation Fuel (SAF). The manufacturer is targeting to have its aircraft up to 100% SAF capable by 2030.