Fintech in Saudi Arabia Today
Saudi has demonstrated that there is compelling macroeconomics, clear top-down Government ambitions for a cashless economy and fintech growth, accompanied by supportive infrastructure and regulatory reform. So how is the Fintech sector actually taking root in the Kingdom?
Saudi’s Fintech Performance Thus Far
Market Size and Growth Projections
Fintech has seen a rapid advancement in Saudi Arabia, particularly in the last 5 years since the launch of the Saudi Vision 2030. The Saudi Fintech industry’s market size was valued at $20 billion USD in 2019, and is expected to reach $33 billion USD by 202318. Though the pandemic posed many challenges to companies across sectors, there is some evidence of the pandemic accelerating the uptake of d