Saudi Vision 2030: Progress in Fintech

From a single digital wallet to over 10 million BNPL users in just three years, Saudi Arabia's fintech story represents one of the fastest digital transformations in the financial world.

The Kingdom has turned ambitious blueprints into tangible reality, building an ecosystem where traditional banking meets cutting-edge innovation. Since 2020, this sector has attracted nearly $1.14 billion in investments. Saudi Arabia’s journey is more than a growth story; it's a complete reimagining of financial services in the region.

Saudi Fintech Progress Highlights

• $791 million invested in Saudi fintechs in 2023: 231% increase from 2022
• 226+ active fintech companies, exceeding the Financial Sector Development Program targets
• 70% of retail transactions are now conducted through digital payments (2023)
• Growth from 76,000 to 10+ million BNPL users between 2020-2022
• $87 billion – projected market value by 2029

Democratizing Finance Through Innovation

The numbers show how finance is becoming more accessible to everyone.

Alternative financing has exploded, with crowdfunding platforms facilitating over SR1.1 billion in loans through 1,800+ successful fundraises. The Buy-Now-Pay-Later revolution has brought flexible payment options to over 10 million Saudis, up from just 76,000 in 2020.

This democratization of finance extends to the business sector, where new lending platforms are transforming how the Kingdom's 1.3 million SMEs access capital. Digital banks, with three licenses already issued, are reimagining the very concept of banking for a new generation of users.

International success stories like Zenda demonstrate how global companies can thrive in this ecosystem, while local innovations are attracting worldwide attention and investment.

Government Support Driving the Sector Foward

The Financial Sector Development Program (FSDP), Saudi Central Bank (SAMA), and Capital Market Authority (CMA) work together to create one of the region's most comprehensive support systems.

Key Government Initiatives:

• 3 digital banking licenses issued, with more in the pipeline
• Regulatory sandboxes that have enabled safe innovation
• National payment infrastructure: Mada and SADAD systems
• FinTech Saudi's accelerator program and innovation hub
• "Jasri" initiative facilitating strategic investments

The impact speaks for itself: Saudi Arabia has already exceeded its interim target of 168 fintech companies, reaching 226+ active companies in 2024. By revising its targets, which now aim for 525 companies and 18,000 fintech jobs by 2030, Saudi Arabia’s support for the sector remains unwavering.

Looking Ahead: The Next Frontier

The future of Saudi fintech looks exceptionally bright, with several exciting developments on the horizon. The Kingdom is actively investing in next-generation technologies like Web3 and the metaverse, while also pushing boundaries in sustainable finance and climate tech. With $443 million already invested in climate tech between 2018-2023, and three digital banking licenses issued, the country has positioned itself at the forefront of financial innovation.

The Kingdom's ambitious target of 525 fintech companies by 2030 emphasizes its efforts to become a global fintech powerhouse. As digital transformation accelerates and new technologies emerge, Saudi Arabia's fintech sector will be ready to pioneer the future of finance, creating opportunities for innovation, investment, and growth.