Riyadh - Sharikat Mubasher: The fintech sector in Saudi Arabia has witnessed significant growth in recent years, with the number of fintech companies operating in the Kingdom reaching 261 by the end of 2024, surpassing the target set by the Financial Sector Development Program (FSDP) for the same year.

The Annual Report for the Financial Sector Development Program 2024 highlighted that the Saudi Central Bank (SAMA) licensed 138 companies, the Financial Market Authority (FMA) licensed 52, and the Insurance Authority granted licenses to 14 companies.

This rapidly expanding sector attracted cumulative venture capital (VC) investments exceeding SAR 7.6 billion and created more than 11,000 direct jobs, with over 8,500 under SAMA's authority.

Additionally, electronic payments in Saudi Arabia accounted for 79% of total retail payments in 2024, up from 70% in 2023.

These figures reflect Saudi Arabia’s efforts to bolster the fintech sector under the ambitious Vision 2030. To establish itself as the leading fintech hub in the Middle East, the Kingdom focuses on fostering a supportive regulatory environment, promoting innovation through initiatives like regulatory sandboxes, and attracting significant VC investments.