Non-public sector-led enterprise affiliation, the Saudi British Joint Enterprise Council (SBJBC UK), is main a delegation of 30 UK fintech firms and traders to Riyadh from 29 to 31 January.

Co-sponsored by Saudi Awwal Financial institution and Riyadh-based fee options supplier Geidea, and supported by the UK’s Division for Enterprise & Commerce, the Saudi Ministry of Communications & IT and Fintech Saudi, the three-day mission will embody conferences with key stakeholders and potential companions.

It turns into the second fintech mission that SBJBC has led to the Kingdom of Saudi Arabia, and among the many largest of anybody nation to go to the area from the sector. It follows the transfer in the direction of extra open banking in Saudi Arabia in addition to the speedy progress of the Saudi fintech ecosystem.

Chris Innes-Hopkins, UK govt director of SBJBC, commented: “The energy of this delegation is recognition of the joy that reforms in Saudi Arabia’s monetary providers sector has generated. We stay up for a productive go to and new partnerships between our two fintech ecosystems. I’m grateful for the help of all our companions.”

The UK stays the second largest world fintech hub after the US and the main European fintech market with $5.1billion funding throughout 409 offers in 2023. Round 2,500 fintechs function within the UK with the variety of specialisms rising every year together with in digital fee applied sciences, in addition to Islamic fintech.

Saudi Arabia was additionally first within the MENA area in quantity of enterprise capital in 2023, with 33 per cent progress in 2023 – leading to a complete of $1.4billion. The Kingdom is now nicely on observe to turn out to be a regional fintech chief and fintech represents between 60 to 70 per cent of early-stage deal movement.

UK and Saudi collaboration

The fintech mission’s delegation contains representatives from the likes of Alba Companions; Digitify; KYC Hub; MishiPay; Paymentology; Good Pension; Smart; in addition to Zeal.

Peter Ashby, Director of Commerce & Funding on the British Embassy in Riyadh and Deputy UK Commerce Commissioner for the Center East, additionally added: “We’re at all times delighted and excited to host SBJBC and are thrilled to welcome the UK Fintech delegation to Saudi Arabia for the second time.

“It’s evident that the fintech enterprise in Saudi Arabia is rising quickly and is quick turning into probably the most thrilling sectors. Saudi Arabia goals to turn out to be the area’s fintech hub, with the goal of 525 Fintech firms by 2030, contributing SAR13.3billion in direct GDP (£2.8billion).

“We stay up for supporting Imaginative and prescient 2030 fintech sector progress, by means of bringing robust delegations reminiscent of this, which incorporates unicorns, revolutionary fintechs, and traders.”