The spokesperson for the Small and Medium Enterprises (SME) Bank, Yasser Al-Hakami, announced an 80 million riyal support initiative for fintech companies. He emphasized that previous obstacles to financing these enterprises have been resolved.
Al-Hakami highlighted that this support was provided recently through partnerships with several financing companies, with 43 million riyals already disbursed.
He noted that 99% of enterprises in the country are small and medium-sized, with guarantees covering up to 95% of borrowed amounts in collaboration with the Kafalah program.
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The SME Bank operates digitally, allowing citizens from any city or province to submit their applications and details online to receive support ranging from 50,000 to 16 million riyals.
According to Al-Hakami, the bank aims, in line with Vision 2030, to integrate SMEs into the supply chains of larger enterprises, thereby expanding their opportunities. This initiative is expected to boost employment, economic activity, and investment.
The kingdom plans to increase the number of fintech companies to 525 by 2030, up from the current 224, with investments in this sector amounting to 7 billion riyals, as stated by the Minister of Finance.
