Saudi Arabia has recently launched a new financial technology (FinTech) program called Makken. The program supports and develops the FinTech sector in the Kingdom and is affiliated with the Saudi Fintech initiative.
Saudi Central Bank (SAMA) Governor Ayman bin Muhammad Al-Sayari officially launched the initiative with the Capital Market Authority (CMA) Chairman Mohammed El-Kuwaiz.
Saudi Central Bank’s efforts
SAMA and CMA’s efforts to support and develop a financial technology system fall under the umbrella of the Financial Sector Development Program.
Al-Sayari stated that the Kingdom is experiencing development in many fields. FinTech is one of the most prominent sectors witnessing rapid growth. Hence, this reflects the continuous work and tireless efforts to stimulate digitization and innovation in the financial sector.
He stressed that SAMA and CMA’s efforts will continue to support the financial technology sector in the Kingdom, including the Saudi FinTech initiative.
Read: Saudi Central Bank sets guidelines for BNPL companies, fueling FinTech growth
Adopting FinTech
Al-Sayari restated the central bank’s keenness to adopt financial technology and develop legislation regulating it. Hence, this facilitates the entry of investors into the sector and provides innovative services to preserve the sector’s strong financial stability.
Moreover, SAMA’s governor said that SAMA and CMA issued and updated 16 documents, including instructions and regulations to support FinTech and digital transformation in the kingdoms’ financial sector. The documents will enhance efforts aimed at increasing financial inclusion by providing more reliable financial services to meet the needs of beneficiaries.
He stressed that the aim is to develop the digital infrastructure that supports FinTech following the highest standards. SAMA and CMA seek to ensure interoperability under the best international practices, in addition to striving to enable and develop the digital financial transactions system for all users. They aim to make competition fair and to facilitate the automation of procedures. Moreover, they seek to develop electronic government transactions and empower FinTech companies.
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