Analytical study of the development of financial technology in Saudi Arabia an indicator to the general index Arab Monetary Fund FinxAr

Abstract

This study aimed to measure the levels
of progress achieved in Saudi Arabia
regarding the adoption of financial
technology (fintech) through indicators
developed by the Arab Monetary Fund.
The objective was to identify the efforts
of Arab countries in building the
necessary infrastructure and legislation
to attract a greater number of modern
technologies.
The study found that Saudi Arabia has
taken significant steps towards adopting
fintech, indicating a strong demand for
electronic payment companies. Despite
these efforts, particularly in creating a
favorable environment to expand the use
of modern technologies in all economic
sectors, Saudi Arabia still faces
numerous challenges. Regulatory
frameworks, for example, require
intensive attention to keep up with all
the advancements. Additionally, the
required infrastructure for growth is still
in its preliminary stages compared to
other Gulf Cooperation Council
countries.