The Market Challenges for Fintech in Saudi

By Anamika Patel, 04 June 2022
The Market Challenges

We have witnessed strong foundational infrastructure to support Fintech being established, guided by a clear strategic vision from the very top of Government. There is strong evidence of growth in the number of fintechs, regulations and policies issued, and funding in a very short amount of time. Despite this, there is no doubt that the Kingdom has faced challenges on its Fintech journey thus far. What are these challenges, and how are they being addressed?

5 years ago, Fintech was still largely unknown and obscure in the Kingdom, only discussed in niche circles. In 2016, Fintech Saudi was simply an idea that was being discussed within the context of the Kingdom’s Vision 2030. The Central Bank and the Capital Markets Authority respectively launched their Regulatory Sandboxes and Labs just 3 years ago in

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