? Has Saudi Arabia done enough to regulate FinTech

Abstract

The global financial crisis led to the emergence of FinTech. The use of technology in providing financial services has evolved, and non-traditional financial institutions have been allowed to participate in the industry. This shift has resulted in many positives, such as enhanced competition, faster service delivery and lower fees. On the other hand, it has also resulted in a change in financial services models. Consequently, new risks have emerged that require the response of regulators. This research aims to test the effectiveness of the Saudi regulator’s strategy for FinTech regulation by comparing it to other jurisdictions in its approach to the entry of Fintech companies into the Saudi market and its response to the development of systems with emerging risks, focusing on the payments sector. Although Saudi Arabia’s approach may seem reasonable, there is still room for some improvement that could lead to better results.