224 Fintech Companies Now Operating in Saudi Arabia
By 2030, the Saudi Ministry of Finance aims to increase the number of local fintech firms to 525.
During a panel discussion at the 3rd edition of the Financial Academy Forum in Riyadh, Saudi Vice Minister of Finance Abdulmuhsen Alkhalaf announced that the number of fintech companies in the Kingdom had reached 224 by the end of Q2 this year, surpassing the government’s target of 168 for 2024.
The Vice Minister went on to highlight the Ministry of Finance's internal efforts to integrate fintech solutions and emerging technologies to streamline procurement, budgeting, and payment processes, reducing inefficiencies and enhancing transparency and spending efficiency.
In 2018 Saudi Arabia hosted only 10 local fintech firms employing some 70 people. However, thanks to government support, including initiatives like Fintech Saudi, regulatory reforms, venture capital funding for early-stage startups, and growing demand for fintech products from banks and customers, the Kingdom's fintech sector has seen exponential growth in recent years.
By 2030, the Saudi Ministry of Finance aims to increase the number of local fintech firms to 525, creating 18,000 jobs for Saudi nationals and contributing SR 13.3 billion ($3.5 billion) to the country's GDP.
