FinTech in the Saudi Context: Implications for the Industry and Skills Development

Abstract

With the constant development in FinTech globally, Saudi Arabia is a late arrival in the FinTech world. However, the FinTech growth pace in Saudi is fast and not slowing down. This fast pace is confusing stakeholders, including bankers. This chapter unpacks how FinTech is developing in Saudi Arabia, considers the challenges and opportunities that FinTech may be facing in Saudi, and discusses how these changes may affect current bankers and how future bankers can be ready to enter the new market. The study draws on interviews with professionals in the banking and FinTech industries and makes two contributions: It suggests that FinTech is affecting retail and long-tail clients of banks (i.e., the effect on core banking operations, such as corporate banking and treasury). Findings also highlight that professionals should upgrade their knowledge around matters necessary to retain their jobs in the sector. The study has implications for future bankers (i.e., university students), suggesting that university curricula should be updated to include relevant knowledge and professional placements.