UK fintechs and investors are heading to Saudi Arabia to participate in a three-day programme to capitalize on the Kingdom’s recent financial services reforms. The mission, organized by the Saudi British Joint Business Council (SBJBC), aims to deepen the bonds between the UK and Saudi fintech industries and enable UK-based fintechs to scale their presence and strike partnerships in the region. Saudi Arabia has become a leading hub for fintech investment in the Middle East, generating $1.4bn in fintech investment in 2023, representing a 33% increase year-on-year. The SBJBC UK Executive Director stated that the delegation’s strength is a recognition of the excitement generated by reforms in Saudi Arabia’s financial services sector.
The SBJBC mission highlights the growing importance of the fintech sector in Saudi Arabia, which aims to become the region’s fintech hub and have 525 fintech companies by 2030. The Saudi British Joint Business Council aims to support Vision 2030 fintech sector growth by bringing strong delegations to Saudi Arabia, including unicorns, innovative fintechs, and investors. The programme will include representatives from Clifford Chance, Golden Record Ventures, and the NewcastleGateshead Initiative. The delegation is co-sponsored by Saudi Awwal Bank and Geidea, and has backing from the UK’s Department for Business & Trade and the Saudi Ministry of Communications and IT. Peter Ashby, Director of Trade and Investment at the British Embassy in Riyadh, stated that fintech is fast becoming one of the most exciting sectors in Saudi Arabia and that the country is on track to become a fintech leader in the region.