The Saudi British Joint Business Council (SBJBC UK) is orchestrating a pivotal mission to Riyadh, bringing together a contingent of 30 top-tier UK fintech companies and investors. This excursion, set for January 29 to 31, aims to foster bilateral cooperation and explore business opportunities within the Kingdom.
Receiving joint sponsorship from Saudi Awwal Bank and the Riyadh-based payment solutions innovator Geidea, the mission is also backed by the UK’s Department for Business & Trade, the Saudi Ministry of Communications & IT, as well as the local Fintech Saudi initiative. Over the course of three days, the UK delegation will engage in strategic discussions with key regional stakeholders and explore potential partnerships.
This marks the second fintech-focused venture that SBJBC has facilitated to Saudi Arabia, representing one of the largest single-country delegations from the sector to visit the region. The mission aligns with Saudi Arabia’s progressive shift towards open banking and the dynamic expansion of its fintech landscape.
Chris Innes-Hopkins, the UK executive director of SBJBC, expressed enthusiasm for the transformative financial reforms within Saudi Arabia, which have captured the attention of global markets. Innes-Hopkins anticipates fruitful dialogues and the establishment of symbiotic relationships between the UK and Saudi fintech ecosystems, extending gratitude to all the supporting partners.
The UK remains a global frontrunner in the fintech domain, trailing only the United States, and boasts the most robust European market, with investments totalling $5.1 billion across 409 deals in 2023. Home to approximately 2,500 fintech firms, the UK sees continuous growth in areas such as digital payment technologies and Islamic fintech.
Similarly, Saudi Arabia has emerged as a leader in the MENA region’s venture capital activity, with a notable 33 percent growth in 2023, culminating in investments reaching $1.4 billion. The Kingdom is rapidly evolving into a regional authority in fintech, constituting a significant share of the early-stage investment activity.
The UK delegation showcases a diverse array of companies, including Alba Partners, Digitify, KYC Hub, MishiPay, Paymentology, Smart Pension, Wise, and Zeal, among others.
Peter Ashby, Director of Trade & Investment at the British Embassy in Riyadh and Deputy UK Trade Commissioner for the Middle East, shared his excitement about the return of the SBJBC and the UK fintech group to Saudi soil. He highlighted the burgeoning Saudi fintech sector as one of the region’s most promising arenas. Saudi Arabia’s objective is to become the dominant regional fintech nucleus, with ambitions to house 525 fintech companies by 2030, contributing an estimated SAR 13.3 billion directly to the GDP.
Ashby looks forward to bolstering the goals outlined in Saudi Arabia’s Vision 2030 by facilitating strong delegations like this, inclusive of industry unicorns, innovative startups, and seasoned investors.