Aiming at diversifying the economy from oil to advanced technologies, the Vision 2030 has increased awareness and the drive for digitalization. Regulatory authorities, the Central Bank (SAMA) and the Capital Market Authority (CMA), are working rigorously to provide opportunities for fintech start-ups to commercialize and expand. In addition, both public and private investment funds have made substantial investments in supporting and developing the Saudi fintech ecosystem.
Despite the Saudi fintech industry is still at a nascent stage with regard to infrastructure and regulatory framework, its wave seems to be following a growth trend seen earlier in e-commerce and mobility start-ups and, as such, is in a comparatively early stage.
Are there opportunities for your fintech business in Saudi Arabia?
The Saudi fintech sector has massive potential to attract substantial investments and overshadow other technology sectors. The Vision 2030 aims to achieve 70% cashless transactions, while current levels are less than 30%. These goals indicate strong demand prospects for payment companies. Already in 2019 and before the pandemic, e-payments surged in Saudi Arabia, the Gulf’s largest market, after customers were allowed to use debit cards — rather than less-common credit cards — for online transactions.
Many experts agreed that Saudi Arabia is poised to become the next fintech hub of the GCC region, considering the efforts of the government and Fintech companies. Are you ready to expand your business?
Find out more in the report which can be downloaded below. It is provided by the Swiss Business Hub Middle East and includes the following topics:
- Overview of the fintech sector in Saudi Arabia
- Fintech chronology
- Regulation overview
- Opportunities, challenges, outlook
- Conclusion
