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Saudi Banking Sector Stimulates FinTech, Entrepreneurship

Saudi Banking Sector Stimulates FinTech, Entrepreneurship

Thursday, 30 June, 2022 - 08:45
SAMA Governor Fahad al-Mubarak inaugurated the new center. (Asharq Al-Awsat)

The Saudi Central Bank inaugurated the HORIZON Center at al-Bilad Bank to create a coherent environment that ensures support for digital entrepreneurial projects.

Last May, the Saudi Cabinet adopted the financial technology strategy so that the Kingdom would be among the leading countries in the field of FinTech, with Riyadh becoming a global tech hub.

SAMA Governor Fahad al-Mubarak inaugurated the new center, which complies with international standards and includes advanced devices and technologies that will contribute to achieving the aspirations of the financial sector.

Chairman of the Board of Directors of al-Bilad Bank Nasser al-Subaie stressed that the center is in line with SAMA's strategy of strengthening the financial system, following the Financial Sector Development Program (FSDP) and its initiatives.

He explained that the center would enhance cooperation with FinTech companies, customers, and innovation partners and produce new financial services within a regulated innovative framework.

Subaie stressed that the Bank continually strives for digital transformation to reach the best competitive value and customer experiences to achieve the interests of customers, affiliates, investors, and society.

The center targets entrepreneurs and owners of digital ideas and is expected to contribute to establishing and developing emerging FinTech companies.

The new center will develop local capabilities in digital entrepreneurship, increase the adoption of emerging technologies applications, and support the use of modern technologies in emerging projects.

It also provides services to develop digital economic research projects and transform entrepreneurial ideas and projects into scalable digital business models.

It is included as a new pillar within the Saudi Vision 2030's Financial Sector Development Program (FSDP), aimed at developing the national economy, diversifying sources of income, and enabling financial institutions to support private sector growth by allowing new companies to provide financial services.

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