Outlook on the report titled An Ultimate Guide To Fintech In The Kingdom Of Saudi Arabia

Entrepreneur Middle East has issued a unique report on the condition of the fintech industry in Saudi Arabia

FREMONT, CA: To assist businesses and innovators in defining and refining their fintech growth strategies, Entrepreneur Middle East has issued a unique report on the condition of the fintech industry in Saudi Arabia. The unique publication, An Ultimate Guide To Fintech In The Kingdom Of Saudi Arabia that uncovers first-mover advantage potential in the kingdom's fintech business, is powered by Fintech Saudi, an organization formed in 2018 by the Saudi Central Bank and the Capital Market Authority.

Saudi Arabia is steadily becoming the ultimate sweet spot for entrepreneurs, investors, and major opportunity seekers as an emerging fintech ecosystem, according to the research, with the industry being young enough to allow for first-mover advantages and reap significant profits. Although Saudi Arabia has had a number of fintech success stories, like STC being the region's first unicorn in November 2020, the research notes that Saudi Arabia demands a specific touch, a profound awareness of local context and macroeconomic forces.

Saudi Arabia, on the other hand, has built a supportive infrastructure and has recently begun to foster a more welcoming atmosphere for foreign investment and outside-in entrepreneurship. Another advantage of starting a fintech business in Saudi Arabia is that it may have better access to capital than in other parts of the world; according to the report, funding raised for fintech companies in Saudi Arabia between 2020 and H1 2021 totaled over 500 million dollars, accounting for 55 percent of total funds raised since fintech fundraising has been tracked over the past decade. These are some of the reasons why one should be looking into fintech prospects in Saudi Arabia.

 The Middle East has larger economies - notably per capita - and relatively large transaction values. Their main obstacles here are the obstacles created by existing banking institutions, which will take time to overcome, as well as regulatory issues that regulators around the area are now addressing. Geographic expansion across the region's countries is challenging and sluggish, but it is feasible if you persevere.