Riyadh Shows Most Improvement as a Fintech Start-Up Hub Globally: Global FinTech Rankings Report 2021

Saudi Arabia’s capital city, Riyadh, has reached the 126th position (up 106 places) in the list of most attractive cities for fintech start-ups globally. According to the Global FinTech Rankings Report 2021 from Findexable and Mambu, Riyadh ranks third in the Middle East behind Tel Aviv in the top spot and Dubai following.

Why it Matters?

Riyadh’s ranking is key to attracting capital to the country and indicates how innovation has spread beyond the predominant tech hubs in the United States of America and Europe. Furthermore, Saudi Arabia, along with the UAE play a key role in the rise of Islamic fintech globally. Islamic banking has grown across the Middle East over the last decade and the onset of COVID-19 has compelled industry players t...