- Location Riyadh, Saudi Arabia
- Date 01-03-2023 - 02-03-2023
Saudi Arabia has seen robust development in the FinTech industry during the 2020/2021 period, the sector has matured rapidly and the number of FinTech companies operating in the kingdom have risen by 37%, with an investment exceeding SAR 1.3bn (USD 347m). According to Fintech Saudi’s National Fintech Adoption Survey, Fintech transaction values have jumped by more than 18 percent between 2017 and 2019 year-on-year, reaching over $20 billion in 2019 and expected to surpass $33 billion in 2023.
The need for digitization and wide spread technology implementation across financial services has become imperative as the country emerges from the challenges of a Global pandemic, and this has directly influenced the growth of the FinTech industry in the Kingdom. For the Kingdom of Saudi Arabia, developing a digital economy, and enabling financial intermediaries to support a growing private sector though financial inclusion has been central to their Vision 2030 initiative as included in the financial sector development program (FSDP).