UK FinTech Delegation to Saudi Arabia: Opportunities in Open Banking, Payments and Lending
Ryan Walsh / 12th December 2023
FinTech North is thrilled to share an exciting international opportunity for the FinTech companies in our community!
From January 29th to 31st 2024, the Saudi British Joint Business Council (SBJBC) is leading a delegation of UK FinTech stakeholders to Riyadh, Saudi Arabia, to explore the burgeoning local FinTech sector. The delegation, comprising of corporates, investors and SMEs will engage with key regulators such as the Saudi Central Bank and Capital Markets Authority, along with established financial institutions, incubators and local VC funds.
In addition to these insightful visits, a FinTech Venture Day is planned for January 31st 2024, where you and your fintech will have the unique opportunity to pitch your innovative propositions to influential UK and Saudi stakeholders and investors.
Building on the success of a previous mission in November 2022, which resulted in several delegates entering the Saudi market and securing valuable partnerships, this visit aligns with the Saudi Financial Sector Development Programme and its Vision 2030 agenda.
Saudi Arabia experienced the largest growth in the G20 in 2022, presenting a ripe environment for FinTech growth, with a surge in VC fundraising and entrepreneurial activity. Their commitment to technological transformation, open banking and regulatory reform makes it an attractive destination for foreign FinTech companies and investors. Saudi Arabia is eager for collaboration and welcomes foreign FinTechs to address the growing demand in its financial technology sector.
Why Saudi Arabia?
Saudi Arabia’s financial landscape and market is ripe for innovation and collaboration:
- Saudi Arabia boasts a youthful demographic, with an average age of 30, making it an ideal market for cutting-edge financial solutions.
- Saudi Arabia’s dynamic economy contributes over half of the total Gulf Cooperation Council, ranking 17th globally at $1.1 trillion.
- 94% adoption rate of contactless payments, which surpasses the EU.
- Tremendous growth in domestic VC funding, soaring from $114 million in 2019 to an astounding $1.02 billion in 2022, positioning Saudi Arabia as the most funded country in MENA – creating a fertile ground for FinTech innovation.
Wide spread opportunity to showcase your innovative solutions in:
- Open Banking, Trade Finance, Embedded Finance, White-Label Platform Construction.
- Sub sector focuses on blockchain, Open Banking, Payments and Lending.
If you’re a FinTech company in our community interested in joining this delegation and exploring opportunities in the thriving Saudi FinTech landscape, please register your interest by completing the Google Form here: https://docs.google.com/forms/d/e/1FAIpQLScE28tkiY8fecSywImVMdasNCBqBFFpgSrx7ZiS7V_sl9UrGQ/viewform
For further details, please reach out to Matt at techhub@sbjbc.org.
