Saudi Fintech signs deals with local companies to reduce cost on SMEs

RIYADH: Saudi Fintech, Thiqah, a business services company, and Emdha, an IT firm, have signed 2 initial agreements, to empower small and medium-sized fintech companies in the Kingdom, through reducing the cost of services, according to a tweet.

The agreements were signed under the patronage of the Digital Government Authority and Saudi central bank.

Saudi Arabia witnessed a 37 percent rise in the number of fintech firms entering the market this year and also recorded an increase in venture capital investments that exceeded SR680 million ($181 million).

Source: Arab News.