Fintech Market Overview

This article does not constitute legal advice.

Client identification in Saudi Arabia

Fintech Software

The only digital identity available in Saudi Arabia is issued by the state and is only offered for the government sector. Each citizen shall have his or her identity registered with Saudi Arabia's Ministry of Interior (MOI) by registering their fingerprints and creating an account on the Absher platform. Upon registering with the MOI, a number of government services can be provided using the digital identity, such as the issuance of powers of attorney and the issuance and payment of traffic fines. Furthermore, with the global spread of the covid-19 pandemic, the Ministry of Health introduced a number of applications for the purpose of monitoring exposure to the virus that are directly linked to a person's Absher account. As such, while several applications have been introduced that are directly linked to one's digital identity, the unified identity remains to be the Absher accounts of the residents.1

Digital onboarding in Saudi Arabia

Fintech in Saudi Arabia

Fintech in other countries

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