Saudi Arabia Unveils Strategic Push for Digital Transformation in Fintech Sector

KSA, 4 September, 2024 : Saudi Finance Minister Mohammed Al-Jadaan announced that venture investments in the Kingdom's fintech sector reached SR7.1 billion ($1.9 billion) by Q2 2024. Speaking at the inaugural '24 Fintech' conference in Riyadh, Al-Jadaan outlined Saudi Arabia's integrated strategy to fast-track digital transformation, a key element of Vision 2030.

Al-Jadaan highlighted the rapid growth of the fintech sector, with 224 companies operating by mid-2024, surpassing the Financial Sector Development Program's target of 168. The Kingdom aims to increase this number to 525 by 2030. He emphasized Saudi Arabia's commitment to enhancing the digital economy, improving service quality, and strengthening its global position.

The minister noted that Saudi Arabia's electronic payments in retail reached 70% in 2023, achieving the 2025 target two years early. The Kingdom now aims for 80% by 2030. Al-Jadaan also praised Saudi Arabia's global rankings, including first in the cybersecurity index and second in technology development.

Looking ahead, Al-Jadaan stressed the need for sustainable growth in the fintech sector, emphasizing innovation, regulatory improvement, and investment in digital infrastructure. He called for global cooperation to address challenges and ensure stable, innovative financial systems that support both the Saudi and global economies.

Source : www.saudigazette.com.sa