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Jeddah - Yasmine El Tohamy - UK fintech delegation to visit Saudi Arabia amid ‘exciting’ sector developments
RIYADH: A 30 strong delegation of UK fintech companies and investors is heading to Saudi Arabia to capitalize on the Kingdom’s financial services reforms.
The mission, organized by the Saudi British Joint Business Council, will cover a three-day programme in Riyadh, and runs from Jan. 29-31.
The visit comes as Saudi Arabia continues to lead the way for attracting investment, and was first in the Middle East and North Africa region in volume of venture capital in 2023, with a 33 percent growth to a record total of $1.4 billion.
The Kingdom is now well on track to become a regional fintech leader, with the sector representing between 60-70 percent of early-stage deal flow.
Chris Innes-Hopkins, UK executive director of SBJBC said: “SBJBC is delighted to lead this, the second UK fintech mission to Saudi Arabia.
“The strength of this delegation is recognition of the excitement that reforms in Saudi Arabia’s financial services sector has generated.
“We look forward to a productive visit and new partnerships between our two fintech ecosystems. I am grateful for the support of all our partners.”
Representatives from firms including Clifford Chance LLP, Golden Record Ventures, and Newcastle Gateshead Initiative will be on the trip, which is co-sponsored by Saudi Awwal Bank and Geidea, and supported by the UK’s Department for Business & Trade, the Saudi Ministry of Communications and IT, and Fintech Saudi.
A UK/Saudi Fintech Venture Day at the Garage Innovation District on Jan. 30 will include interactive panel sessions and pitches by leading UK and Saudi start-ups.
The UK remains the second largest global fintech hub after the US and the leading market in Europe, with $5.1 billion investment across 409 deals in 2023.
Around 2,500 fintech firms operate in the UK with the number of specialisms growing each year including in digital payment technologies and Islamic compliant initiatives.
Peter Ashby, director of Trade and Investment at the British Embassy in Riyadh and deputy UK trade commissioner for the Middle East, said it is evident that the fintech business in Saudi Arabia is growing rapidly and “is fast becoming one of the most exciting sectors” in the Kingdom.
He added: “Saudi Arabia aims to become the region’s fintech hub, with the target of 525 fintech companies by 2030, contributing SR13.3 billion ($3.55 billion) in direct GDP (gross domestic product) - £2.8 billion ($3.57 billion).
“We look forward to supporting Vision 2030 fintech sector growth, through bringing strong delegations such as this, which includes unicorns, innovative fintechs, and investors.”
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