RIYADH: Thanks to a flourishing fintech industry, growing consumer use of digital services, and an aggressive regulatory environment, Saudi Arabia is speeding up its transition to a cashless society. Coins and notes are quickly giving way to codes and clicks throughout the Kingdom, from modest stores in isolated areas to Riyadh’s tech districts.
Using Vision 2030 as a guide, Saudi Arabia is accelerating its transition to a cashless economy by utilising its youthful, technologically savvy populace and forward-thinking regulatory environment.
The world of open banking, mobile banking, AI-enabled services, and digital financing options is replacing the traditional branch-based and cash-based banking paradigm. “The Kingdom’s transition to a cashless economy presents a significant opportunity for financial institutions to rethink and embrace digital-first business models to remain competitive,” Khalid Al-Sharif, CEO of Abdul Latif Jameel Finance, told Arab News.
By 2023, there were 216 fintech businesses in Saudi Arabia, a 44 percent increase above the initial goal of 150. Over 6,500 direct employment have been created in the industry, more than double the initial estimates.
As compared to 2023, venture capital investment in Saudi fintechs increased sixfold, with businesses raising SR2.5 billion ($666 million) in ten fundraising rounds. By 2024, the Kingdom’s managed fintech assets are expected to reach $64 billion, indicating significant growth.
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