The Saudi Capital Market Authority (CMA) intends to double the $213 billion funds under its management, and create more jobs in the financial sector.
According to SPA, the CMA is looking to increase the assets under management in funds, portfolios or other innovative financial tools, including private equity funds, venture capital, and financial technology.
The CMA’s Assistant Undersecretary for Strategic and International Affairs Ahmed Al-Enezi said that Saudi Arabia has invested in infrastructure, including the Saudi Fintech initiative, launched by the Saudi Central Bank in partnership with the CMA in April 2018, as a catalyst for the development of the financial technology sector in the Kingdom.
The Fintech accelerator is helping to build the capabilities and talent required by financial technology companies, and is supporting entrepreneurs at every stage of their development, Al-Enezi said