Deloitte and SAMA plan fintech venture

The Saudi Arabian Monetary Authority (SAMA) is teaming up with Deloitte Middle East to develop Fintech Saudi, a financial technology “ecosystem”.

The initiative is designed to align with the kingdom’s Vision 2030 initiative and to support the nation’s Financial Sector Development Program.

The ecosystem will also contain a regulatory sandbox to provide light-touch oversight of new products while they are tested, said SAMA governor Ahmed Alkholifey.

“This way SAMA can understand the risks associated with the solutions and regulate them effectively before they are launched into the marketplace,” he said.

Deloitte Middle East will act as the professional service provider for the project and will assist SAMA in “setting up Fintech Saudi, defining a blueprint and roadmap for the future of FinTech in Saudi Arabia, developing talent, and contributing to shaping the fintech regulatory landscape,” said Rushdi Duqah, senior director, consulting, Deloitte Middle East.

©2018 funds global mena

Related Articles