Saudi Arabia's Ambitious Fintech Goals for 2030
Saudi Finance Minister Mohammed Al-Jadaan announced at the inaugural FinTech 24 conference in Riyadh that the Kingdom aims to significantly boost its fintech sector. Currently, there are 224 active fintech companies in Saudi Arabia, surpassing the initial target of 168. The goal is to expand this number to 525 by the year 2030. This initiative is part of Saudi Arabia's Vision 2030, which seeks to transform its economic landscape and enhance the role of technology in financial services.
Al-Jadaan highlighted the rapid growth of electronic payments, noting that they now account for 70% of retail transactions in the Kingdom. The aim is to increase this share to 80% by 2030, reflecting a significant shift towards digital financial solutions. The FinTech 24 conference, which runs for three days, is a pivotal event in showcasing Saudi Arabia's commitment to becoming a leader in the fintech arena, attracting global interest and expertise.
FinTech 24 Conference: A Platform for Innovation
The FinTech 24 conference, hosted at the Riyadh Exhibition Center, is set to become one of the largest fintech gatherings across Asia, Europe, and North Africa. Organized by key financial authorities and industry leaders, the conference offers 175 hours of specialized content, aiming to foster innovation and collaboration within the fintech community. With the participation of numerous experts, the event is expected to catalyze discussions on the future of financial technology and its impact on traditional banking systems.
- The FinTech 24 conference is not only a platform for showcasing the achievements of the Saudi fintech sector but also aims to facilitate knowledge sharing and partnerships. Attendees can expect discussions on topics such as digital payments, blockchain technology, and regulatory frameworks that support fintech growth. By attracting international companies and investors, Saudi Arabia is positioning itself as a central hub for fintech innovation in the region. The government's proactive approach in nurturing this sector reflects its broader economic diversification strategy, which seeks to reduce reliance on oil revenues.
