Saudi Arabia’s fintech sector grew to 371 companies by the end of August, up 23% from the 301 companies reported in May, according to Saudi Central Bank Governor Ayman Al-Sayari.
The figure, announced at Money20/20 Middle East in Riyadh, reflects growth across payments, insurtech, digital banking and alternative investments. The National Fintech Strategy aims to raise the number of active fintech companies to 525 by 2030.
Al-Sayari also said electronic payments accounted for 85% of retail payment transactions in Saudi Arabia by the end of 2025, highlighting the country’s accelerating shift toward digital financial services.
The event also saw the announcement of an agreement allowing mada and Qatar’s HIMYAN cards to be accepted for national payment transactions in Saudi Arabia and Qatar. The move is intended to improve interoperability between the two countries’ domestic payment networks.
Money20/20 Middle East, held in Riyadh from Sept. 14 to 16, was expected to attract more than 38,000 attendees, 350 brands and over 600 investors.
Source: Arab News
