Saudis Aim for Global FinTech Leadership Amidst Digital Economy Growth and Anti-Financial Crime Challenges
- Saudi Arabia aims to establish itself as a leader in the digital economy
- Young and digitally savvy population ready for cashless payments and online solutions
- Accelerating FinTech sector growth
Vision 2030 and the Burgeoning FinTech Landscape
- Increase use of cashless transactions to 70% target
- Birth of Middle East’s first billion-dollar FinTech unicorn, STC Pay
- Government’s Vision 2030 initiative fuels digital economy growth
Regulatory Progress and Investor Confidence
- Saudi Arabian Monetary Authority (SAMA) approves licenses for two digital banks
- STC Bank and Saudi Digital Bank boost digital economy
Novel Risks and Challenges in FinTech and Anti-Financial Crime
- Regulatory gaps and financial crime opportunities
- Cross-border anonymity amplifies challenges
- SAMA’s commitment to leading in FinTech and anti-financial crime regulation
Recent Regulatory Developments
- Payment Services Provider Regulations, January 2020
- Licensing Guidelines and Criteria for Digital-Only Banks, February 2020
- RegTech solutions enable regulatory compliance
Forthcoming Regulatory Developments
- Open banking framework planned for early 2022
- Third-party developer access to customer data and financial services integration
Strengthening the Anti-Financial Crime Regulatory Environment
- New Financial Fraud Law, January 2022
- Combats financial fraud and breaches of trust
- Imposes penalties for those involved
- FinTech companies must stay informed of evolving regulatory landscape