Fintech

Connecting financial centres

The UK is a global fintech hub and Saudi Arabia is well on track to become a regional leader with the development of a local ecosystem representing a dedicated strategy within the Financial Sector Development Plan stream of Vision 2030.

The Saudi UK Tech Hub is supporting this and providing the Kingdom with the innovation it needs to transform it’s financial services sector.

In the UK, the sector is home to many of the world’s largest fintech companies and comprises of more than 1,600 firms – a number projected to double by 2030. In terms of fintech investment per capita and as a percentage of GDP, the UK is second only to Singapore. Further, The UK boasts one of the highest fintech adoption rates in the world. Cases in point, Revolut has reached 20mn customers, up from 2mn in 2018, while Starling Bank is now approaching 3mn users.

Meanwhile, Saudi Arabia has the highest proportion of e-commerce customers and second-highest penetration of internet banking across the GCC. Regulators are adapting to change and updating existing frameworks, with the fintech ecosystem growing 300% between 2019-2022. Today, fintech represents between 60-70% of early-stage deal flow in the Kingdom and open banking has begun coming online, cracking open the status quo and putting pressure on incumbent institutions to adopt innovations.

UK innovation has a strong role play in the transformation at play in the Saudi financial services sector and the Saudi – UK Tech Hub is hard at work to support this.

fintech EVENTS

24 Fintech

Building on our work in fintech, we are excited to announce that the Saudi British Joint Business Council (SBJBC UK), in partnership with the Department for Business and Trade (DBT), will be organising the official British private sector representation at 24 Fintech, Saudi Arabia’s premier fintech event, taking place from 3rd to 5th September 2024.

SBJBC and Fintech Saudi side-event at GREAT Futures

In partnership with Fintech Saudi, we were delighted to host a breakout session on the sidelines of GREAT Futures, aimed at connecting the fintech ecosystems of the UK and Saudi Arabia.

The event featured a British delegation of prominent investors, fintech companies, and government representatives, led by Lord Dominic Johnson, the UK Minister of Investment, and Lord Phillip Hammond, the former Foreign Minister and Chancellor of the UK.

Second UK Fintech Mission & Venture Day

We led our second fintech delegation to Riyadh between 29 – 31 January 2024. This was among the largest delegations in the sector to visit a Middle East company and featured visits to regulators, financial institutions, and key ecosystem stakeholders.

UK Fintech Mission to Saudi Arabia

We led our first fintech trade and investment mission to Riyadh from November 14-16, 2022. Supported by the UK’s Department for International Trade, Fintech Saudi, and other key partners, this mission focused on exploring Saudi Arabia’s fintech ecosystem and strengthening collaboration between British and Saudi organisations in fintech, digital transformation, and financial regulation. The delegation engaged with regulators, financial institutions, and key stakeholders to enhance government and business relationships between the UK and Saudi Arabia.