IslamicFinance.de

Saudi Arabia is seeing a faster adoption of technology at a time when the coronavirus pandemic has weighed heavy on the private sector. The FSD programme, which was launched three years ago, has achieved 90% of its targets and the coronavirus pandemic has led to a surge in the fintech sector, said Faisal al Sharif, director general of the Financial Sector Development (FSD) program. The FSD’s targets for Saudi Arabian Monetary Authority (SAMA) issuing fintech licences was three by end of 2020 but today there are eight such licences. Similarly, the target for cashless transactions was 28% e-transactions by end of this year, but today they make up almost 37% of the total.