Fintech

At the beginning let me clarify what is Fintech exactly?

Fintech, or financial technology, is a rapidly growing industry that uses technology to improve and automate financial services. From digital payments, online lending to investment management and insurance.

The breaking news is, fintech companies are disrupting traditional financial institutions to make financial services more accessible to consumers and businesses alike. Certainly, fintech is changing the way we deal with money to an easier and more suitable way.

Did it ever occur to you that we have a company that has received funding from one of the world's most important financial technology companies?

Tamara “Buy Now Pay Later” is a fintech company that offers a unique payment option for consumers looking to purchase high-ticket items such as electronics and appliances. The company was founded in September 2020. With Tamara, customers can pay for their purchases in installments, without incurring any interest charges.

The question is, how does Tamara make money? If there is no interest.

The company generates revenue through fees paid by merchants who partner with Tamara, offering their customers a flexible and innovative way to make big purchases.

‏ Within a year of its launch, Tamara has become the dominant BNPL provider in Saudi Arabia and a leader in financial technology innovation. The company's early success led to a $110 million investment in a record-breaking round and announced the closing of a series of funding led by digital payments giant Checkout.com, the largest seed round in Saudi Arabia's history.

As an accountant, you might ask what the future holds for you in this growing industry?

While technology will surely continue to change the financial industry, one thing remains certain the need for skilled and experienced accountants to run accounting software continues to grow.

However, The need to gather the student’s opinions was necessary:

A questionnaire-survey based on College of business students, Imam Mohammad Ibn Saud University.

The questionnaire included male and female students from various disciplines and levels of the College of business

It shows that the majority of the students do not know what the financial technology sector is.

More than half of the accounting students surveyed believe that they have a place and an influential role in the financial technology sector.

A large part of the students who were surveyed believe that they have the necessary skills that attract the attention of fintech companies to them, and a few of them do not believe that they have the required skills. There are also, those who believe that they have strengths. But they need to be actively developed.

-Written by: Rawan Bin Shayhan