Khaled Al-Dhaher, vice governor for supervision and technology at the Saudi Central Bank, told Arab News on the fringes of the 24 Fintech Conference that the Saudi fintech industry has come a long way over the last five years and is now firmly established as the leading regional hub for fintech with an increasingly prominent global role. Since 2019, the number of fintech companies operating in Saudi Arabia has increased from 14 to over 230,” he continued.
In addition to using creative solutions to change the financial landscape, Saudi fintech companies are pushing traditional financial institutions in the nation to embrace digital services quickly. In an effort to improve client service and expand their offerings, many of these institutions are collaborating with fintech firms, which is fostering innovation and digitisation in the financial industry.
We anticipate that Saudi fintech’s strong momentum will continue,” Al-Dhaher stated, highlighting the Kingdom’s aspirational targets, which include reaching 525 active fintech companies by 2030. The introduction of fresh and creative business models into the market is fuelling this expansion and raising the standard of the financial industry as a whole. According to Al-Dhaher, foreign fintech companies could also become more involved in Saudi Arabia, which would increase the industry’s contribution to GDP and employment.
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