The Fintech Accelerator in Saudi Arabia now has a second track, allowing businesses to either focus more on developing their business models on the Business Track, or they can utilise the Regulation Track to receive support to identify regulatory requirements and apply for the relevant licenses. This is the second year Fintech Saudi, an initiative by the Saudi Central Bank in collaboration with the Capital Markets Authority to support the development of the fintech industry in Saudi Arabia, has launched the program to help 12 fintech companies in the region.
The Fintech Accelerator Program was announced by Ziad Al Yousef, Deputy Governor for Development and Technology at the Saudi Central Bank; Yazeed AlDemaigi, Deputy for Strategy and International Affairs at Capital Market Authority; and Nejoud Almulaik, Director of Fintech Saudi, during the closing remarks of Fintech Tour 21.
Ziyad Al Yousef addressed the existing initiatives that have supported the development of the Saudi fintech industry, which has received more than SAR 1.3 billion in investments over the last year. He also discussed the importance of the Fintech Accelerator in assisting start-ups wanting to offer innovative financial technology solutions in the Kingdom and the role of Fintech Saudi as a supporter and a major contributor to the development of the sector.
“The Capital Market Authority (CMA) works with a clear vision to make Saudi Arabia a global leading hub for the fintech industry. CMA is dedicated to providing regulatory empowerment for fintechs to attract innovative business models in various securities activities and create a supportive environment for innovation in the Kingdom.” said Yazeed AlDemaigi.
Nejoud AlMulaik highlighted the roles of Fintech Tour and Fintech Accelerator Program in contributing to the development of the fintech industry. “We are glad to wrap up a successful fintech tour, which included the participation of our partners and expert speakers who have shared their knowledge and expertise with our community. As part of our ongoing commitment to support the fintech ecosystem in Saudi, today we are also announcing the opening of applications for the second edition of the Fintech Accelerator that includes supporting fintech companies with regulatory requirements,” added AlMulaik.