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Tag: fintech growth

Economic, financial services and fintech overview Saudi Arabia is undergoing significant economic development driven by its national strategy, Saudi Vision 2030. Central to this transformation is the creation of multiple giga-projects, including the King Abdullah Financial District, a new mixed-use financial centre in Riyadh. Alongside physical infrastructure development, Saudi Arabia is prioritising the digital transformation of its financial services sector through initiatives like the Financial Sector Development Programme (FSDP). The FSDP launched the Fintech Strategy Implementation Plan in 2022 to accelerate the growth of Saudi Arabia’s fintech sector and establish Riyadh as a global fintech hub. The ambitious plan aims to triple the number of fintech companies to 230 by 2025, increase digital transactions to 70 per cent within three years, and contribute $1.2billion to the GDP while creating 6,000 new jobs by 2025. By 2030, Saudi Arabia aims to have 525 fintech companies, generating nearly 18,000 jobs. A key milestone in Saudi Arabia’s fintech journey is its push for open banking, with the launch of a new open banking framework by the Saudi Arabian Monetary Authority (SAMA) – now known as Saudi Central Bank in 2022. The country also leads in venture capital funding in the Middle East and North Africa (MENA) region, securing the top spot for the first time in 2022.

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Saudi Arabia’s Fintech Growth: Vision 2030 and Open Banking

January 27, 2025