Saudi Arabia, a nation known for its rich oil reserves, is also emerging as a hub for innovation and technology in the financial sector. With the rise of fintech, the Kingdom is witnessing a transformation in the way financial services are delivered and consumed. The Saudi Arabia fintech market size is expected to grow from USD 39.04 million in 2023 to USD 69.23 million by 2028, at a CAGR of 12.14 percent during the forecast period (2023-2028). This includes various sectors such as mobile payments, digital banking, peer-to-peer lending, blockchain, and more.
With its ambitious Vision 2030 plan, it aims to diversify its economy and reduce its dependence on oil revenues. One of the most important aspects of this strategy is promoting technology and innovation. The Kingdom has been aggressively encouraging the expansion of the fintech sector.
The nation’s central bank, the Saudi Arabian Monetary Authority (SAMA), has been instrumental in fostering the development of fintech. To assist and grow this ecosystem in the nation, SAMA launched the Fintech Saudi project. The objectives of this project are to help and mentor businesses, establish a supportive regulatory framework, and encourage cooperation amongst various stakeholders.
Emerging horizons
The fintech scene in Saudi Arabia is thriving, with numerous innovative companies making their mark. One such notable player is Waki, a digital payment solution provider that enables businesses to accept online payments securely and efficiently. With the convenience of mobile banking and digital payments, individuals can easily manage their finances on the go. Moreover, WAKI enables financial inclusion, allowing the unbanked population to access and participate in the formal financial system. For businesses, it offers opportunities to streamline operations, reduce costs, and enhance customer experiences. From automated accounting solutions to efficient payment processing, its fintech tools empower businesses to focus on growth and innovation. WAKI aims to build a cashless society through innovative products that securely connect families and businesses. In recognition of this accomplishment, WAKI was granted the esteemed title of Fastest Growing Fintech Company Saudi Arabia 2023 by World Business Outlook.
A Fintech Revolution Unfolding
Fintech is reshaping the financial landscape in Saudi Arabia, offering unprecedented opportunities for growth and innovation. The support of regulatory authorities, coupled with a vibrant startup ecosystem, is driving the transformation of traditional financial services. As the Kingdom embraces fintech, individuals and businesses are benefiting from enhanced convenience, accessibility, and financial inclusion.
Blog by Tamanna Shaikh
