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December 17, 2020 @ 12:27 am By Omar Faridi Fintech is expected to play an important role in Saudi Arabia’s efforts to further diversify its economy, according to commentary from the nation’s Budget 2021 report. Padmini Gupta from Fintech Rise notes in an update published by Arab News that sustained support this year from the Saudi Central Bank (previously called Saudi Arabian Monetary Authority or SAMA) has led to a dramatic increase in the number of Fintechs based in the Middle Eastern country. Gupta, the Co-Founder and CEO at remittances focused Fintech Rise, points out that startups i...

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DUBAI: Startups have become a critical component of Saudi Arabia’s transformation, Padmini Gupta, co-founder and CEO of Rise, a fintech start-up offering remittances, financial services support to low-income migrants across the GCC, told Arab News. “As Saudi Arabia continues its reforms, diversifies away from the oil sector and sustains its privatization efforts, startups have become a critical component of that transformation. Sustained support this year from SAMA has led to an explosion of fintechs in the Kingdom — helping Saudi companies and residents get faster and fairer access to...