Saudi Arabia's Ambitious Drive Toward Fintech Leadership Spotlighted

Saudi Arabia’s status as an emerging powerhouse in financial technology took center stage at the recent Money20/20 Middle East event in Riyadh, where leading officials highlighted the Kingdom’s rapid advancement as a global fintech hub.

The transformation is driven by national strategies like Vision 2030, the Financial Sector Development Program, and a dedicated Fintech Strategy. The fintech sector has expanded dramatically, tripling from 82 firms in 2022 to 281 by August 2025, and attracting cumulative investments of over 8.9 billion SAR. The nation's digital payments ecosystem is especially robust, with electronic transactions making up 79% of all retail payments in 2024, an indicator of strong consumer adoption and dynamic sector growth. Saudi Arabia's strategic location, tech-savvy population, and strong regulatory support further fuel this momentum. The Saudi Central Bank (SAMA) has emphasized nurturing innovation, welcoming global partnerships, and investing in infrastructure upgrades such as a modernized Real Time Gross Settlement System and enhanced check clearing capabilities. Additionally, regulatory breakthroughs, like the launch of a unified e-Services Portal and support for mortgage-backed securities, are fostering a secure and accessible environment for both local and international market players.

As fintech transforms the financial landscape and cross-border collaborations become crucial to addressing shared opportunities and risks, Saudi Arabia’s commitment to innovation and regulatory balance is establishing it as a critical force in shaping the future of global finance.