The Saudi Arabian Monetary Authority (SAMA) launched the Fintech Saudi initiative on 30 April 2018 at its Riyadh headquarters. 

The initiative aims to support the fintech products and ecosystem and develop the Kingdom into a major fintech destination with an emerging fintech system. At the same time, through the initiative, SAMA aims to promote the small and medium enterprises sector, diversify the local economy, and create job opportunities. His Excellency the Governor of SAMA Dr. Ahmed bin Abdulkarim Alkholifey emphasized on the appearance of new technical trends such as Artificial Intelligence and Blockchain, which will lead to a major shift in the provision of fintech services. In the coming period, Fintech Saudi is expected to implement a number of educational and awareness workshops and activities targeting college students, investors, companies, and banks to introduce the initiative and the extent of its contribution towards the creation of a breakthrough in the provision of fintech services.