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Saudi Arabia Fintech Market Size, Share, Analysis and Forecast 2024-2032

According to the report by Expert Market Research (EMR), the Saudi Arabia fintech market size reached a value of USD 39.91 billion in 2023. Aided by the Kingdom’s strategic vision to diversify its economy and reduce its oil dependency, the market is projected to further grow at a CAGR of 13.7% between 2024 and 2032 to reach a value of USD 125.01 billion by 2032.

Fintech, a blend of “financial” and “technology,” refers to the use of technology to improve and automate financial services. In Saudi Arabia, Fintech is not merely a sector within the economy; it is a strategic pillar for economic diversification and digital transformation. The Kingdom’s Fintech landscape encompasses a wide range of services, including digital banking, payment solutions, financial management, insurance technology (InsurTech), and blockchain applications.

Several key factors contribute to Saudi Arabia fintech market growth. The Kingdom’s Vision 2030, with its emphasis on digital transformation and financial sector development, serves as a foundational driver. This vision is complemented by the Saudi Arabian Monetary Authority’s (SAMA) proactive approach to fostering a conducive regulatory environment for Fintech innovation and growth.

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Saudi Arabia’s Fintech sector is not only growing in response to domestic needs but is also positioning the Kingdom as a leading Fintech hub in the Middle East. By aligning with global Fintech trends such as open banking, digital currencies, and sustainable finance, Saudi Arabia is contributing to and benefiting from the global exchange of ideas, technologies, and best practices in financial services, thereby influencing the Saudi Arabia fintech market expansion.

The digital savvy and youthful demographic of Saudi Arabia, where a significant portion of the population is under 30 and highly connected, presents a fertile ground for Fintech adoption. This demographic shift, coupled with increasing smartphone penetration and internet usage, has accelerated the demand for digital financial services.

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According to the Saudi Arabia fintech market analysis, the Saudi Central Bank (SAMA) and the Capital Market Authority (CMA) are actively working to address these challenges through the establishment of regulatory sandboxes, which allow Fintech startups to test their solutions in a controlled environment. This regulatory support is crucial for fostering innovation and ensuring the stability and security of the financial ecosystem.

As fintech adoption grows, ensuring data security and privacy has become a top priority. Fintech companies in Saudi Arabia are investing in robust cybersecurity measures and compliance with data protection regulations to build trust among consumers and businesses.  As per the Saudi Arabia fintech market outlook, fintech startups in Saudi Arabia are increasingly partnering with traditional banks and financial institutions to leverage their expertise, infrastructure, and customer base. These partnerships facilitate innovation and help fintech companies scale their operations more rapidly.

The rise of robo-advisors is notable in Saudi Arabia, offering automated investment advice and portfolio management services. These platforms use algorithms to analyse financial data and provide personalised investment recommendations to users, catering to both retail and institutional investors, which can also boost the Saudi Arabia fintech market share. Insurtech startups are bringing innovation to the insurance sector in Saudi Arabia, leveraging technology to streamline processes, enhance customer experience, and develop new insurance products. This includes solutions such as usage-based insurance, peer-to-peer insurance, and digital distribution channels.

Open banking initiatives in fintech market in Saudi Arabia are gaining traction driven by regulatory mandates to promote competition and innovation in the financial services sector. Open APIs (Application Programming Interfaces) enable banks and fintech companies to securely share customer data and collaborate on developing new financial products and services.

Market Segmentation

The market can be divided based on deployment mode, technology, and application.

Market Breakup by Deployment Mode

  • On-premises
  • Cloud

Market Breakup by Technology

  • Application Programming Interface (API)
  • Artificial Intelligence
  • Blockchain
  • Robotic Process Automation
  • Data Analytics
  • Others

Market Breakup by Application

  • Banking
  • Trading
  • Taxation
  • Insurance
  • Others

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Saudi Arabia fintech market. Some of the major players explored in the report by Expert Market Research are as follows:

  • Raqamyah Crowdfunding
  • Sure Global Tech
  • Salfa
  • SkyBand
  • Nakhla Information Systems Technology Company (Tamara)
  • Saudi Digital Payment Company
  • HyperPay Inc.
  • PayTabs Group
  • Halalah Trading Company
  • Others

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