Saudi Arabia has reached a significant milestone in financial modernization, achieving a 79 percent cashless transaction rate in 2024. This exceeds the country’s 2025 target ahead of schedule and highlights Saudi fintech growth. Khaled Al-Dhaher, vice governor for supervision and technology at the Saudi Central Bank (SAMA), said the Kingdom now hosts more than 280 fintech companies.
The rapid expansion reflects a shift from a traditional, bank-focused system to one of the region’s most dynamic financial ecosystems. Saudi Arabia has prioritized digital payments, open banking, and startup support to build an inclusive and future-ready financial environment. These measures align closely with Vision 2030, aiming to enhance accessibility, efficiency, and competitiveness in financial services.
SAMA has structured its strategy around four pillars: resilience, excellence, influence, and development. Al-Dhaher emphasized that adaptive regulations, controlled sandboxes, and clear licensing frameworks encourage responsible innovation. With world-class infrastructure, Saudi Arabia can roll out fintech solutions effectively, engaging both domestic users and international partners.
The central bank has launched several initiatives to strengthen fintech growth. Fintech Saudi, established in 2018 alongside the Capital Market Authority, provides shared infrastructure to support sector development. In 2023, the Fintech Enablement Program, known as Makken, offered startups advanced technology, cloud services, and cybersecurity support. These programs are designed to ensure fintech expansion is purposeful, regulated, and impactful.
Financial inclusion remains a key priority. National payment systems support mobile wallets, real-time transfers, and simplified digital onboarding. SAMA has also introduced frameworks for microfinancing and debt crowdfunding, enabling underserved individuals and small businesses to access innovative financial solutions. Open banking and micro-savings tools further enhance convenience and inclusivity.
Global integration continues to strengthen Saudi fintech growth. International platforms like Google Pay and Alipay+ are partnering with national systems to deliver seamless payment experiences. Al-Dhaher noted that these collaborations ensure compliance with international standards while improving service for residents and visitors.
Regulatory sandboxes have allowed over 70 fintech companies to test new business models safely. More than 25 have graduated into fully licensed providers. Additionally, SAMA’s open banking and phased approval frameworks maintain strong governance, privacy, and security, fostering trust and innovation simultaneously.
Al-Dhaher highlighted operational resilience as a critical focus, emphasizing cyber-risk management and business continuity standards. Emerging technologies such as AI and big data support innovation while safeguarding consumer trust. Saudi fintech growth now positions the Kingdom as a credible global hub, combining technology, regulation, and inclusion for sustainable development.
