Riyadh – Sharikat Mubasher: Ayman Alsayari, Saudi Central Bank’s (SAMA) Governor stated that the Saudi financial system has significantly changed with the entry of fintech companies to the Kingdom, referring to the transformation being witnessed by the local financial sector.
Alsayari made his statement during the inauguration of the 24 FinTech Conference held in Riyadh today, which runs from September 3rd to 5th.
Alsayari added that national initiatives under the Saudi Vision 2030, paired with the adoption of technical innovations, have supported the prosperity of the Saudi fintech sector.
He further explained that the Saudi fintech sector’s growth has helped garner key positives including the expanded access to the financial system, the improved speed of financial transactions, and cost reduction.
SAMA, according to Alsayari, continues to focus on generating stable growth levels in order to possibly create a sound environment for innovation. The central bank also aims to achieve an optimal balance between emerging risks while enabling innovation through its risk-based regulatory framework.
He pointed out that the Saudi fintech sector can be a bigger player, potentially contributing to supporting the kingdom’s economic growth.