RIYADH, Sept. 3 (Xinhua) — Saudi Arabia aspires to significantly boost its financial technology (fintech) sector, with the kingdom’s finance minister, Mohammed bin Abdullah Al-Jadaan, announcing Tuesday a target of establishing 525 fintech companies by 2030.
Speaking at the inaugural 24 Fintech conference, Al-Jadaan highlighted that the number of fintech companies in Saudi Arabia has reached 224, exceeding its interim goal of 168 fintech companies by the second quarter of 2024, according to the Saudi Press Agency.
The minister emphasized the kingdom’s commitment to accelerating digital transformation and fostering sustainable economic growth. He pointed to Saudi Arabia’s advanced payments infrastructure and robust banking sector as key strengths in supporting the fintech ecosystem.
The 24 Fintech conference, which runs until Sept. 5, brings together industry leaders, investors, and experts to discuss opportunities and challenges in the fintech sector.
The event is co-hosted by the Financial Sector Development Program, the Saudi Central Bank, the Capital Market Authority, and the Insurance Authority.
