Sustained support this year from SAMA has led to an explosion of fintechs in the Kingdom 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 financial services,” she said. “We believe fintech will play a key role in Saudi diversification in 2021, enabling faster transmission of credit and capital to fuel GDP growth, especially given ongoing consolidation within the financial services sector. ***** READ MORE: Saudi Budget 2021 Commentary: ‘Regional and international investors will be relieved’ Saudi Budget 2021 Commentary: Revenue projections ‘reasonable’ based on oil prices Saudi Budget 2021 Commentary: ‘Local policies are only part of the story’ ***** “Fintech allows for omnichannel banking, greater diversification in the financial services offered, improved security, and eventually cost savings, and like with go rise greater reach on people being served. “Despite the unprecedented challenges of the coronavirus disease, we have seen progress in government policies and regulations, infrastructure, and an increasing number of investments in fintech companies, which have built a solid foundation to support the fintech industry in Saudi Arabia that will contribute in a meaningful way to Vision 2030,” she added. • Padmini Gupta is co-founder and CEO of Rise, a fintech start-up.