(MENAFN) Fintech Saudi was established in 2018 by the Saudi Central Bank and the Capital Market Authority to shift the country into an innovative fintech center.
Fintech possesses a digital tactic that supports regulators and its thriving startups that have arose in the Kingdom during the last two years.
The previous efforts are in agreement with Saudi Arabia’s Vision 2030 investment plan for backing entrepreneurship and endorsing financial services technology.
The director of Saudi Fintech Nejoud Almulaik said that the Fintech body doesn't view itself as a technical incubator. Rather, it collaborates with fresh companies in early growth and incubates them, and also backs the broader development of the sector itself.
Although digital currencies in Saudi have not been officially used, the Kingdom is seeing the use of e-wallets, where the money is in fact reflected in the bank account as riyals and extracted in cash as well, Almulaik said.
Digital currencies are yet under progress by the central banks as central bank digital currency, and testing is happening, said Almulaik.
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