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An overview of Fintech Industry in KSA
Alhattami, Mayar
Alhattami, Mayar
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Abstract
Payment’s innovation is recognized as a primary frontier of fintech
innovation in nascent fintech ecosystems, and Saudi Arabia is likely following this trend. The
Kingdom's young, tech-savvy population presents a significant opportunity for rapid
development in the fintech sector, particularly in payments and other fintech services. This
trend is aligned with global movements where technology initially focused on payments is
expanding to include a broader range of financial services.
A notable aspect of the fintech ecosystem in Saudi Arabia is the emphasis
on collaboration. The high-cost structure of traditional banks makes small transactions less
cost-effective, paving the way for collaborations between established banks and emerging
fintech companies. This synergy is seen as a win-win situation, allowing banks to target
previously unexplored market segments and fintech companies to fill existing gaps in the
financial services sector.