Saudi Arabia Sees Big Growth In Digital Banks RIYADH — Saudi Central Bank (SAMA) Governor Fahd Al-Mubarak told reporters that he will be ramping up the available licenses to new applications. Saudia Arabia has doubled down on the Fintech world of tomorrow as the Kingdom looks to diversify its holdings away from Oil.
Moreover, Saudia Arabia seeks a diverse economy that is not dependent on fossil fuels.
“This year, the Kingdom had issued licenses for its first digital banks – STC Bank and the Saudi Digital Bank,” Al-Mubarak said while he addressed the Financial Stability Forum in Saudi Arabia.
Mubarak went on to say, “The Kingdom now has about 32 financial technology companies operating in different sectors, including financial payments, insurance or other activities, and we have an open banking program.”
In addition, Mubarak said, “There is a currency exchange policy in the Gulf region that is very similar to digital transactions and depends a lot on the dollar. Therefore we have the ability, which exceeds the capability of any others in the region, to move to digital currency at the regional level.”
But, will Saudi Arabia curb its tight clampdown of freedoms that have upset the west so often?
In addition, will western entrepreneurs embrace migrating to the Kingdom for operations? Furthermore, the poorer engineers from Italy. Ones who could set up companies in Saudi Arabia won’t be able to afford to do so. Lastly, will we see a bigger program from the Saudis. Moreover, one that will invest in young and poor entrepreneurs willing to relocate?
Without an influx of new educated workers, Saudi Arabia will struggle to find talent to help grow its economy.
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