NDLI: FinTech: Ecosystem, Opportunities and Challenges in Saudi Arabia

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FinTech: Ecosystem, Opportunities and Challenges in Saudi Arabia

Content Provider	MDPI
Author	Albarrak, Mansour Saleh Alokley, Sara Ali
Copyright Year	2021
Description	FinTech is a disruptive international phenomenon that is expected to shape the future of the financial sector. This study describes the features and characteristics of the current Saudi Arabian FinTech landscape and ecosystem. Examples of innovative financial startups in Saudi Arabia, including online banking, transfer and payment services, crowdfunding platforms, peer-to-peer lending, and blockchain initiatives, are discussed. Several changes have occurred within the ecosystem in the last five years; for example, Saudi banks are taking a more cautious approach. However, FinTech initiatives are also being internally developed, encouraging technology companies and startups to focus their efforts on innovations aimed at improving current processes rather than novelty. The government directs its effort mainly toward initiatives related to regulations and laws. Customers are interested in new products that are convenient and easy to use. We compare the Saudi FinTech ecosystem to the United Arab Emirates’ FinTech ecosystem and conclude with recommendations for the different stakeholders.
Starting Page	460
e-ISSN	19118074
DOI	10.3390/jrfm14100460
Journal	Journal of Risk and Financial Management
Issue Number	10
Volume Number	14
Language	English
Publisher	MDPI
Publisher Date	2021-09-29
Access Restriction	Open
Subject Keyword	Journal of Risk and Financial Management Information and Library Science Fintech Infrastructure Ecosystem Saudi Arabia
Content Type	Text
Resource Type	Article

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