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FinTechs belonging to this category offer financial services using crypto currencies. This category also includes FinTechs utilising blockchain and distributed ledger technologies (DLT) upon which Bitcoin and Ethereum are based, among others. FinTechs develop and do research in this field in order to create new services – e.g. crypto currency exchange markets, wallet providers, NFTs-related services, new payment services, "smart contracts" or new clearing and settling services.
Introduction
Attitude of the country towards financial services using crypto currencies
The Saudi market is still in the early experimental phase with the authorities cautiously evaluating the potential benefits and impacts. Most notably in 2019, a collaborative initiative called Project Aber was launched by the Saudi Central Bank (SAMA) and the Central Bank of the United Arab Emirates (CBUAE) to examine the possibility of implementing a digital currency for cross-border settlements. The aim was to create a "proof of concept" that would contribute to the knowledge base on central bank digital currency (CBDC) and distributed ledger technology (DLT).
Due outstanding concerns about price volatility and potential misuse of crypto currencies the interest for blockchain technologies is channeled towards utility based solutions in other sectors such as Gaming and Tourism.
Legal affairs
Obligations and requirements to provide financial services using crypto currencies described above
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Additional comments regarding the legal situation for financial services using crypto currencies or what FinTech’s must be aware of in this business area
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Economic conditions
Market size for financial services using crypto currencies and biggest companies in this business area
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Additional comments regarding the economic situation for financial services using crypto currencies or what FinTech’s must be aware of in this business area
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