Nezar Al Haidar

Established in 2018, Fintech Saudi has since achieved significant milestones, including its Fintech Accelerator, Annual Report, and the first physical Fintech Career Fair.

How would you assess the current digitalization landscape in KSA?

The sentiment toward fintech in Saudi Arabia is positive, and there are a lot of drivers supporting the growth of the fintech industry. The Saudi Central Bank and Capital Market Authority (CMA) remain committed to supporting the growth of the fintech industry. This is shown through the new regulatory changes we have witnessed that are driving investment and growth. We also have a young, highly digital population that are changing their habits rapidly and supporting digital adoption. These together support a truly agile ecosystem that supports innovation in financial services to come to market and become adopted quickly.

Fintech Saudi was incepted in 2018. After five years of operations, can you share the company’s main highlights?

Fintech Saudi was launched in April 2018 by the Saudi Central Bank (SAMA) in collaboration with the CMA. SAMA and CMA are the sponsors of Fintech Saudi. When it comes to major highlights, it depends on how you look at it, because we are proud to have made a difference in a number of different areas. However, particularly important for me are our Introduction to the Fintech Program, our Fintech Accelerator, the high quality of Fintech Saudi’s Annual Report, and the launch of the Physical Hub. Most recently, we were proud to hold the first physical version of our Career Fair. The Career Fair has been staged virtually since 2019, but this year we have held it for the first time as a physical event, and it proved to be the largest fintech career fair in the region. It has never been done before, and we welcomed 8,000 attendees and connected them with over 50 entities looking for talent.

Fintech Accelerator by Fintech Saudi is the first global regulatory-focused accelerator to foster the growth of fintech start-ups in the KSA. Can you shed more light on this initiative?

Fintech Saudi has always been focused on making an impact and ensuring we can make a difference. This is shown through our commitment in developing the first regulatory-focused accelerator. We listened to the market and found fintechs had a particular challenge in preparing a license application and preparing their businesses to comply with the regulations. We therefore launched a program that was a first of its kind—a regulatory-based accelerator. The program involves the regulators, lawyers, and other experts to support the participants with their regulatory application. As Fintech Saudi, we are doing as much as we can to grow the ecosystem. Our role has always been enabling, educating, and building capabilities.

What main initiative are you currently working on and what priorities are set in your 2023/24 agenda?

Our priority is to fulfill the ambitions of the national fintech strategy that was approved by the Council of Ministers in May 2022. The fintech strategy involves a number of government organizations with the objective for Saudi Arabia to be among the leading countries in the field of fintech, with Riyadh becoming a global tech hub. The strategy focuses on a number of drivers in areas such as market positioning, talent development, technology, and regulatory framework.