Saudi Arabia aims to have 525 fintech companies established by 2030

Saudi Arabia is making significant strides in its fintech sector, with ambitious plans to expand the industry over the next several years. The Finance Minister, Mohammed bin Abdullah Al-Jadaan, has set a target of establishing 525 fintech companies by 2030, highlighting the Kingdom’s commitment to digital transformation and economic growth.

At the inaugural 24 Fintech conference, Al-Jadaan announced that the number of fintech companies in Saudi Arabia has already reached 224, surpassing the interim goal of 168 companies by mid-2024. This achievement underscores the kingdom’s proactive approach to fostering innovation and its strong financial infrastructure, which includes an advanced payments system and a robust banking sector.

These developments are part of Saudi Arabia’s broader vision to position itself as a leading hub for financial technology in the region, leveraging its existing strengths to support a thriving fintech ecosystem.