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October-December 2018

Saudi Arabia entices UK fintechs to its shores

As Saudi Arabia sets course to be a tech leader, it has called on London’s fintech to set up in the country with the promise of government support, tailored to meet their needs. The Middle East country is currently, through its Vision 2030 programme, reinventing itself as a nation with a diverse economy in an attempt to end its reliance on oil. Fintech startups have an opportunity to set up operations there. Vision 2030 was introduced in 2016 with the aim of moving Saudi Arabia away from being an oil base economy. To this end, it supports small to medium-sized enterprises and entrepreneurship, and aims to develop human capital, improve financial inclusion, and even create a cashless society. If achieved, these will as boost sectors across the Saudi Arabian economy and will lay the foundations for a thriving fintech ecosystem. Speaking at London Fintech Week, Omar Rebhan, head of UK office at Saudi Arabian general Investment Authority (SAGIA), said the Fintech Saudi initiative from the country’s monetary agency sets out to ...

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