The Saudi British Joint Business Council (SBJBC) and the Saudi/UK Tech Hub led a trade and investment FinTech mission to Riyadh, Saudi Arabia, from November 14 to 16, 2022. The mission supported by the UK’s Department for International Trade, Fintech Saudi, SABB, Deloitte, SVC, and Anthemis focused on exploring the Saudi FinTech ecosystem and identifying ways to increase and enrich the existing collaboration between British and Saudi organisations in the fields of FinTech, digital transformation, financial regulation and education while enhancing key government and business relationships between the United Kingdom and Saudi Arabia.
The programme for the Fintech Mission featured a balance of both institutional and ecosystem visits with the aim of giving delegates a rounded view of FinTech in the Kingdom and opportunities for partnerships. The first day focused on the institutional and regulatory side of FinTech sector in Saudi Arabia. Here, the delegation received presentations on the investment and entrepreneur ecosystem in Saudi Arabia from the Ministry of Investment (MISA) and MCIT, followed by meetings with the Capital Markets Authority (CMA) and the Saudi Central Bank (SAMA) on the fast-moving FinTech regulation in the Kingdom. Both SABB and the British Embassy, Riyadh hosted a networking receptions.
The second day centered on the Saudi FinTech ecosystem with a morning visit to STC Inspire U and an afternoon programme at King Abdullah Financial District (KAFD) with PIF, FinTech Saudi, and Saudi Venture Capital Company (SVC). Here, delegates had the opportunity to network and present to local FinTech companies and meet investors.
The third day was less of a manic affair and delegates utilised the prior networking opportunities to attend their own meetings. However, in the morning the delegation visited the National Competitiveness Centre where Deputy Minister Dr Eman al Mutairi presented and gave a tour of the Kingdom’s new “one stop shop” for streamlining company registration. Following, the delegation was hosted at Deloitte, who discussed their role and expertise in MENA tech sectors before the mission concluded with a networking lunch at the Federation of Saudi Chambers.
Speaking after the mission, Chris Innes-Hopkins (Executive Director, SBJBC) said: “Saudi Arabia is the United Kingdom’s primary trading partner in the Middle East and the two Kingdoms enjoy close historic relations. And while our two Kingdoms have a long history of collaboration in energy, security, and defence sectors, it is FinTech that now represents a unique opportunity for enhanced collaboration between us. As Saudi Arabia develops and focuses on enabling financial institutions to support private sector growth, we must build a partnership around finance, technology, and regional growth. Our FinTech Mission came away highly encouraged by the Kingdom’s consistent message, its unique transformative economic and social reforms, and its keen desire to collaborate.”
Likewise, Nezar al Haidar, Director of Fintech Saudi commented: “We were pleased to support SBJBC’s Fintech Mission to Saudi Arabia, during which we were able to showcase the developments we have made in the Saudi ecosystem and explore means for collaboration and synergies between the two ecosystems.”
To read the full mission report, please see the link connected here.
