The fintech industry has witnessed substantial growth in the Saudi Arabian market. In parallel to this unforeseen growth, the number of cyber attacks that target the industry has also increased significantly.
According to a recent survey, the cost of compliance is the number one concern for 23% of fintech leaders. The same report found that over 60% of fintech leaders are expecting stricterlaws and regulations that aim to contain fraud and improve cybersecurity in the industry.
As a result, the Saudi Arabian government has implemented a number of fintech-related laws and regulations, such as the SAMA (Saudi Arabian Monetary Agency) Cyber Security Framework.
Fintech companies must adhere to these standards to ensure the safety of customer data and prevent fraud and money laundering. However, for many fintech firms, especially SMEs, achieving compliance is a costly and complicated process that can be challenging to execute with internal resources.
In this report, we explore the role of compliance in supporting the growth and business continuity of fintech SMEs in the Kingdom, addressing the need for compliance. We will also provide guidance on how fintech organizations can achieve and maintain compliance with the help of a comprehensive implementation strategy and compliance automation solutions.
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