Fintech and financial sector performance in Saudi Arabia: An empirical study

Abstract

Globally, the Fintech industry has grown in importance as a means of staying ahead of changes in the financial sector. This study aims to assess the influence of Fintech on Saudi Arabia’s finan-cial corporate performance. The sample of the study is the financial service industry comprising banks and insurance companies. Data are gathered from the annual reports and DataStream for the years from 2014 to 2021. Banks and insurance companies make up the bulk of the financial ser-vices industry, which serves as a good representative sample. The associations between the in-dependent and dependent variables in five models are examined using ordinary least squares (OLS) and feasible generalized least squares (FGLS) regressions. The results reveal that Fintech has a positive impact on corporate performance. The results of additional tests are consistent with the main findings. We contributed to the literature and associated theories by shedding light on the impact of fintech on the financial sector. The findings have ramifications for a wide range of parties. Researchers can utilize the study and findings to learn more about Fintech in the context of Saudi Arabia, which stands for the Gulf region and the Arab World.

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