The value of venture investment in fintech companies in Saudi Arabia has reached an impressive SR7.1 billion ($1.9 billion) by the end of the second quarter of 2024. This was revealed by Finance Minister Mohammed Al-Jadaan during the International Conference on Financial Technology, ’24 Fintech. The Kingdom has been focusing on accelerating digital transformation and has set a target of reaching 525 fintech companies by 2030. The government aims to improve the quality of services, empower various sectors, and solidify Saudi Arabia’s global position. The Finance Minister highlighted the rapid technological advancements in the financial technology sector and the importance of enhancing the digital economy.
The first edition of the “FinTech 24” conference brought together experts from around the world to discuss the future of financial technology, its challenges, and opportunities. The Financial Sector Development Program, part of Vision 2030, has been instrumental in launching the executive plan for the financial technology strategy. The program aims to position the Kingdom as a global hub for fintech by attracting investments, increasing the private sector’s contribution to the economy, and enhancing the digital economy. Saudi Arabia has made significant progress in electronic payments, with 70 percent of retail transactions being conducted electronically in 2023.
Saudi Arabia has been investing heavily in its financial technology sector, resulting in significant growth in the national economy. The country has been recognized globally for its economic transformation, regulatory reforms, cybersecurity measures, and digital infrastructure. The Minister of Finance emphasized the importance of sustainable growth in the fintech sector, highlighting the need to enhance innovation culture, improve regulatory environments, attract investments, and develop skilled talents. Despite global challenges in the financial technology sector, the Kingdom is prepared to build effective partnerships and exchange expertise to ensure a more innovative and stable financial system for sustainable growth.
With the global revenues of the fintech sector expected to exceed $1.5 trillion by 2030, there is a growing emphasis on sustainable growth through innovation, regulatory improvements, talent development, and investment attraction. The Finance Minister expressed hope that the conference would serve as a platform for intensifying efforts, enhancing cooperation, and fostering dialogue to achieve sustainable growth for the Kingdom’s economy and the global economy. Saudi Arabia’s progress and leadership in various international indicators, such as cybersecurity, technology development, digital transformation, and global competitiveness, reflect the country’s commitment to advancing in the financial technology sector and contributing to global digital transformation.
