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Business, Economy

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

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Equinor signs $27 bn gas deal

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ADNOC Drilling secures $1.15bn contract

The contract for two jack-up rigs begins in the second quarter.

Fintech opens center in Riyadh

Saudi witnessed a 37-percent rise in new fintech launches over the previous year
By TRENDS Desk
March 16, 2022 8:32 pm
  • This follows an increased number of fintech companies in the region
  • Saudi had witnessed a massive jump in venture capital investments in the fintech sector

Fintech Saudi Arabia has opened a first-of-its-kind financial technology center in King Abdullah Financial District in Riyadh.

This follows an increased number of fintech companies in the region.

The project is a part of the efforts of the Saudi Central Bank in cooperation with the Capital Markets Authority to stimulate growth in the financial technology sector in the Kingdom, the Saudi Press Agency reported.

Saudi had witnessed a massive jump in venture capital investments in the fintech sector, hitting 16 deals in the first eight months of 2021 totaling $157.2 million.

In 2021, Saudi witnessed a 37-percent rise in new fintech launches over the previous year.

The new Financial Technology Center is expected to provide existing fintech investors with more opportunities, along with new investments.

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