Senaka Fernando: Cloud Integration and Open Source Driving Middle East Fintech Growth

Описание: Recorded at Money20/20 Saudi Arabia, middleware and open banking veteran Senaka Fernando (15+ years in European financial services) shares his first-hand experience expanding into the Kingdom and why Riyadh has become a must-visit destination for global fintech players.
Senaka explains how Saudi Arabia is rapidly adopting digital banking solutions, with a young population strongly preferring smartphone-first and cashless experiences over traditional methods. He highlights the regulator SAMA's supportive stance, the ambitious national target of 550 licensed fintech companies by 2030, and the growing role of cross-border payments infrastructure.
For founders considering Saudi market entry from Europe or the UK, Senaka gives practical guidance: understand local customer preferences that differ subtly from Gulf neighbors, navigate SAMA licensing requirements, including mandatory local presence even for backend support, leverage Fintech Saudi and the regulatory sandbox, and build relationships early. He notes that while cloud infrastructure is still catching up, workarounds exis,t and full Microsoft Azure and AWS availability is expected soon.
The discussion covers why obtaining a fintech license in Saudi Arabia can be faster than in the UK, how Dubai remains a strong regional competitor, and why deep ecosystem knowledge is the key differentiator for both incoming international players and local startups aiming to scale across the GCC.
Essential viewing for European fintech founders exploring Saudi expansion, companies preparing for SAMA licensing, and anyone tracking the Kingdom's push toward a world-class digital finance ecosystem.

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