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March 2024: The Month of Strategic Meetings & Partnerships in KSA

banking 4.0, open banking, digital banking
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Saudi Arabia’s financial sector is one of the largest in the Middle East & has undergone robust developments in recent years.

Attributed to the exemplary support from its government, regulatory system implemented by Saudi Central Bank – SAMA and increased digital adoption by the masses, the dynamic growth exhibited by the Saudi fintech sector in the past 3 years is a roaring example of that.

Envisaging 70% cashless payments by 2025 via Vision 2030, 2023 was a landmark year in the country's fintech history.

Showcasing substantial progress, the Kingdom is now host to 207 fintech companies, driving fast towards its goal of having 525 fintech startups by 2030.

Where the total funding raised by fintechs reached as high as USD 791 Million in 2023, KSA’s digital payments’ transaction value is estimated to hit USD 36.38 Billion mark by 2027 growing at 14.06% CAGR.

These soaring numbers are symbolic of what is yet to come in the next few years.

Capitalising on the wave of financing activity that characterises the Kingdom, BenchMatrix recently held a series of successful strategic partnerships and productive meetings to foster innovation for driving a digital Saudi economy:

Ministry of Investment. A prominent player in the Saudi financial sector, MISA has been offering tremendous support to businesses.

Tamam. Owned by Zain KSA Group (a leading provider of innovative technologies across the MENA region), Tamam offers the fastest response financing services in Saudi Arabia without physically visiting a bank. I thank Hossam Ismat and Malek Alnujeidi for being wonderful hosts.

Sunoida Solutions, one of the leading providers of banking tech solutions in UAE. Glad to meet Sukirat Singh Kochar & Suleman Dossani, & exchange notes on catalysing the digital financial ecosystem.

Osool & Bakheet Investment Company, the first independent brokerage company founded in KSA and licensed by Capital Market Authority. A pleasure meeting Salman Haider.

eMcREY, one of the front runners in enabling digital financial transformation of organisations across sectors through its world-class payments infrastructure.

Mazin Malki, a seasoned Saudi financial expert.

It was a pleasure meeting Bandar Alnuhayer, Bashar Baidas, Abdullah Oulbak, Haitham Basyoni, Abdallah Jamil and Ali Farid Khwaja, and discussing how BenchMatrix can increase its contribution to strengthen the Saudi financial-tech landscape.

We’re thankful to them for extending their support in enabling us to help Saudi financial institutions keep pace with the rapidly transforming financial-tech environment.

Highly admired for the quality of services and products by our existing clients & partners in KSA, BenchMatrix is committed to staying ahead of the curve and becoming an eminent player in Saudi Arabia & other GCC countries.

Through these dynamic partnerships & strengthened client relationships, I'm certain that we’ll multiply our global impact by harnessing the power of technology.