IMPACT OF FINTECH ON FINANCIAL STABILITY OF SMALL AND MEDIUM-SIZED BUSINESSES IN KINGDOM OF SAUDI ARABIA

Abstract

The current study analyze impact of FinTech, on financial stability of Kingdom of Saudi Arabia growth inhibitors and obstacles for small and medium-sized businesses. Agriculture, industry, FinTech and services make up the sample's three primary industries. The convenience sample technique was used to identify a much higher percentage of SMEs. The expansion of SME is hampered by a number of problems. The study used Principal Component Analysis, a multivariate statistical technique, to identify the most and least important reasons impeding these businesses' expansion and development in Kingdom of Saudi Arabia. Long wait times for loan approval, a lack of collateral, corruption, and management-related challenges are found to be the main factors preventing SMEs in this region from succeeding more. The study identified a wide range of internal and external variables. Based on the findings from the empirical investigation and survey data, the report also makes a number of policy recommendations for regulatory agencies, lending institutions, and SME sector companies.