Saudi Minister of Finance Mohammed Al-Jadaan announced that the Kingdom aims to increase the number of Fintech companies to 525 by 2030. This statement was made during the inauguration of the first edition of the 24 Fintech financial technology conference.
The conference, hosted by the Financial Sector Development Program, the Saudi Central Bank (SAMA), the Capital Market Authority, and the Insurance Authority, emphasizes the Kingdom’s commitment to promoting the digital economy. In his opening speech, Al-Jadaan highlighted that Saudi Arabia has prioritized the digital economy and laid solid foundations to enhance service quality across the public, private, and non-profit sectors, thereby strengthening its global position.
Accelerating digital transformation
Since the launch of Saudi Vision 2030, the Kingdom has been accelerating its transformation to boost the digital economy and ensure sustainable growth amid rapid technological advancements. More than two years ago, the Financial Sector Development Program introduced the Fintech Strategy Implementation Plan, a key initiative aimed at positioning Saudi Arabia as a leading global hub for financial technology.
Achievements and future aspirations
Al-Jadaan noted that this strategy seeks to streamline business operations, enhance private sector contributions, attract foreign and local investments, and advance the digital economy. Moreover, as of the end of the second quarter of 2024, the number of Fintech companies in the Kingdom reached 224, surpassing the target of 168 set for that period.
Strong financial foundation
The Minister also emphasized that Saudi Arabia possesses a comprehensive and advanced payments infrastructure along with a competitive banking sector, which is well-prepared to tackle macroeconomic challenges and invest significantly in Fintech. He stated that these efforts have contributed to the growth of the Saudi economy and the Kingdom’s notable progress in various global indices.
Read more: SAMA’s FinTech strategy targets $3.46 billion contribution to Kingdom’s GDP by 2030
Fostering collaboration
The 24 Fintech conference, which runs until September 5, 2024, aims to bring together decision-makers, investors, technology experts, entrepreneurs, and academics to discuss collaboration, explore opportunities, and share experiences, all aimed at positioning the Kingdom as a leading global hub for financial technology in alignment with Saudi Vision 2030.
For more news on technology, click here.
