Despite the challenges of Covid-19 in the first half of this year, 2019 / 2020 has been a pivotal period
for the fintech industry in Saudi Arabia. Significant progress has been made in payments with the
launch of Apple Pay, establishment of Saudi Payments and the release of the payments regulation;
SAMA and CMA have continued to issue regulatory testing licenses and develop regulations to
support fintech activities; Fintech Saudi has launched a number of initiatives to support the fintech
industry including the Fintech Community Database and Careers Portal to support fintech companies,
the Fintech Regulatory Assessment Tool to provide greater regulation clarity and the Fintech Data &
Research Initiative to support data driven innovation in fintech.

This year, the Fintech Saudi Annual Report has a number of sections including an overview of the
fintech industry by KPMG, key highlights from the last year, interviews with SAMA Regulatory
Sandbox and CMA Fintech Lab teams, the key points from Financial Services Development Program
and an overview of fintechs in the Kingdom by MAGNiTT.

Ovais Shahab

Head of Financial Services

KPMG in Saudi Arabia