عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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)
TT
TT

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.

Most Viewed

 
 
Business

World Food Price Index Eases in Dec, Pushed Lower by Sugar

A vendor arranges vegetables at a roadside market on a cold winter evening in New Delhi on January 2, 2025. (Photo by Sajjad HUSSAIN / AFP)
A vendor arranges vegetables at a roadside market on a cold winter evening in New Delhi on January 2, 2025. (Photo by Sajjad HUSSAIN / AFP)
TT
TT

World Food Price Index Eases in Dec, Pushed Lower by Sugar

A vendor arranges vegetables at a roadside market on a cold winter evening in New Delhi on January 2, 2025. (Photo by Sajjad HUSSAIN / AFP)
A vendor arranges vegetables at a roadside market on a cold winter evening in New Delhi on January 2, 2025. (Photo by Sajjad HUSSAIN / AFP)

The United Nations' world food price index dipped in December against November levels, led lower by a drop in international sugar quotations, but still showed a robust gain year-on-year, data showed on Friday.
The index, compiled by the UN Food and Agriculture Organization (FAO) to track the most globally traded food commodities, fell to 127.0 points last month from a slightly revised 127.6 in November.
The November figure was previously put at 127.5, Reuters reported.
The December value was up 6.7% from 12 months previously, yet remained 20.7% below the all-time high reached in March 2022, FAO said.
For 2024 as a whole, the index averaged 122.0, 2.1% lower than the 2023 value, offsetting significant decreases in quotations for cereals and sugar with smaller increases in prices for vegetable oils, dairy and meats.
Sugar prices led December's monthly decline, dropping 5.1% month-on-month thanks to improving sugarcane crop prospects in the main producing countries to stand 10.6% below its December 2023 level.
Dairy prices declined after seven consecutive months of increases, losing 0.7% from November but still posting a 17.0% gain year-on-year. Vegetable oil prices dropped 0.5% month-on-month, but were up 33.5% on their year-earlier level.
Meat prices rose 0.4% in December from November and stood 7.1% above their December 2023 value.
The FAO cereal price index was little changed last month from November and was 9.3% below its year-earlier level, as a slightly uptick in maize quotations offset a drop in those for wheat, FAO said.
FAO did not provide a new forecast for global cereal production, with the next estimate due next month.