The fintech sector in Saudi Arabia is experiencing increasing growth and contributing to the realization of Vision 2030
The number of fintech companies in Saudi Arabia doubled in one year.
Arthur D. Little, a management consulting firm, has predicted a prosperous future for the financial development sector in Saudi Arabia, highlighting that the Kingdom is on the right track to becoming a leading hub in this field, thanks to strategic measures that foster innovation.
The company noted in its report that the number of fintech companies in the Kingdom rose from 89 in 2022 to around 200 in 2023, and the sector has attracted investments exceeding SAR 4 billion over the past five years.
Arthur D. Little attributed this progress to pivotal initiatives such as the Fintech Saudi and the experimental legislative environment for fintech (sandbox), along with substantial support and funding from major entities like the Saudi Venture Capital Company for startups.
The firm’s Co-Head of Global Financial Technology Practices reaffirmed the Kingdom’s commitment to enhancing a vibrant and comprehensive fintech ecosystem through extensive regulatory improvements and strategic capital injections into the sector.
The report also mentioned that the growth in the fintech sector was also supported by enhancing financial partnerships to encourage cross-border collaboration and support Saudi fintech companies in their international projects, which will contribute to long-term success.
The firm predicted that the fintech sector in Saudi Arabia would play a fundamental role in achieving the goals of Vision 2030, emphasizing the importance of innovation and the adoption of flexible strategies as key factors to maintain the Kingdom’s leadership in this field.
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