August 4, 2021Saudi Arabia
Is Saudi Arabia set to become the next P2P hub?
Fintech solutions company JustCoded has noted a rise in enquiries coming from Saudi Arabia-based P2P start-ups, while a recently-created regulatory sandbox has been helping Saudi-based lenders to scale up.
The growth of the Fintech market has been named a key part of the financial sector development program of Saudi Arabia’s Vision 2030 initiative. Moreover, as of 2020 there were 60 active fintechs operating in Saudi Arabia, including 12 P2P lenders.
Impact of P2P lenders are looking to be very beneficial since in 2017, a white paper made by the Saudi-based financial services firm Derayah identified a $300bn (£216bn) credit gap in the small- and medium-sized enterprise (SME) lending market in the Middle East.
