Saudi Arabia, historically recognized for its oil wealth, is now establishing itself as a global leader in the field of fintech. Thanks to Vision 2030, the country is diversifying its economy by focusing on the financial sector and launching giant projects, such as the King Abdullah Financial District in Riyadh. In 2022, Saudi Arabia set ambitious goals: to triple its fintech companies to reach 230 by 2025 and to adopt digital transactions at a rate of 70%. By 2030, the country aims to mobilize 525 fintech companies and generate nearly 18,000 jobs. Supported by key institutions such as the Saudi Central Bank and Fintech Saudi, this digital revolution is also reinforced by high adoption rates of contactless payments and innovations from companies like Tamara and Geidea.
From Oil to Fintechs
Saudi Arabia, known for its oil wealth, is undergoing a transformation to become a major player in global fintech. In search of economic diversification, this country is investing heavily in financial services to detach itself from its dependence on oil. With “Vision 2030”, Saudi Arabia is pursuing an ambitious and innovative strategy to build a solid and attractive financial infrastructure.
Strategies and Developments
The flagship project of the country is the King Abdullah Financial District, located in Riyadh. This versatile financial center embodies Saudi Arabia’s commitment to its economic development. Meanwhile, the digital transformation of the financial sector is encouraged by initiatives like the Financial Sector Development Programme (FSDP). The focus is on increasing digital transactions, aiming for 70% by the next three years. By capitalizing on cutting-edge technology, Saudi Arabia is preparing to host 525 fintech companies and to generate nearly 18,000 jobs by 2030.
Modern Fintech Ecosystem
With innovative solutions offered by companies such as Tamara, Geidea, and Lean Technologies, Saudi Arabia is establishing itself on the global stage. Recent advancements include the implementation of open banking and a strong adoption of contactless payments. In 2022, the country made its mark by becoming the leader in venture capital financing in the MENA region. These efforts are supported by key organizations like the Saudi Central Bank and Fintech Saudi, whose goal is to promote the local sector and attract both national and foreign investors. To learn more about this transformation, refer to the recent market analyses.
