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Fintech Market Overview

This article does not constitute legal advice.

Client identification in Saudi Arabia

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The Saudi government is the only issuer of digital identities, which are exclusively given to members of the public sector. Each citizen must register their fingerprints and establish an Absher account with the MOI. This digital identity can then be used to access several governmental services such as obtaining powers of attorney and paying traffic fines. With the emergence of covid-19, the MOH rolled out numerous applications connected to one's Absher profile in order to track potential exposure to the virus. Thus, while a range of services have become increasingly reliant on this digital identity, it remains to be mainly provided by Absher accounts held by residents.1

Digital onboarding in Saudi Arabia

Fintech in Saudi Arabia

Fintech in other countries

Notes
  1. https://thelawreviews.co.uk/title/the-financial-technology-law-review/saudi-arabia