Saudi Central Bank Chief Sets Out Vision for the Kingdom’s Fintech Future

Saudi Arabia’s fintech sector is experiencing rapid expansion as part of the country’s Vision 2030 initiative, with support from increased investment, upgraded financial infrastructure, and a regulatory framework intentionally designed to foster innovation and global excellence[para. 1][para. 4]. The Saudi Central Bank (SAMA) Governor, Ayman Al-Sayari, outlined in a keynote speech at Money20/20 in Riyadh in September the significant growth made in the sector and priorities for the future[para. 2]. This summary is based on his speech and recent sector achievements.

Under the Vision 2030 policy framework, combined with the Financial Sector Development Program and the Fintech Strategy, Saudi Arabia is establishing itself as a major global fintech hub[para. 4]. Remarkably, the number of fintech companies has grown from 82 in 2022 to 281 as of August 2025, representing a more than threefold increase within just three years[para. 5]. The sector accumulated over 8.9 billion riyals (equivalent to $2.4 billion) in investment as of July 2025, underlining its attractiveness to both domestic and international investors[para. 6].

A pivotal achievement has been the establishment of a sophisticated digital payments ecosystem. By 2024, electronic payments accounted for 79% of all retail transactions, with the total number of such payments increasing to 12.6 billion in 2024 compared to 10.8 billion in 2023[para. 7]. This expansion reflects the capacity for innovation within Saudi Arabia’s financial sector, which continues to deliver solutions that address industry challenges[para. 8].

Saudi Arabia’s competitive advantages have played a vital role in its fintech progress: its geographic location offers strategic access to Middle Eastern, African, and Asian markets[para. 10]; the country boasts a large and technologically adept population with high levels of smartphone usage, providing fertile ground for fintech adoption[para. 11]; and a supportive regulatory environment allows for the incubation, testing, and scaling of new financial solutions[para. 12]. SAMA's focus on encouraging international innovators, in part through partnerships with global payment companies, has facilitated technology transfer and consumer choice, contributing to economic growth and cementing Saudi Arabia's leadership in payment infrastructure[para. 14][para. 15].

SAMA emphasizes shaping a regulatory environment that balances innovation with stability and accessibility. Their efforts include ensuring equitable opportunities, providing accessible infrastructure, and crafting clear regulations that stimulate innovation while maintaining safety[para. 17][para. 18][para. 19]. Important regulatory initiatives are the globally recognized Regulatory Sandbox, Fintech Saudi, and the Makken program, all designed to nurture fintech development[para. 20]. SAMA has also introduced a new e-Services Portal to streamline regulatory processes and improve user experience[para. 21].

Investments in national infrastructure underpin further fintech expansion, including modernization of the real-time gross settlement system and enhanced check-clearing processes, which are set to enable same-day clearing and greater economic efficiency[para. 22][para. 23]. Regulatory advances such as allowing securitization of residential mortgage-backed securities are accelerating market development[para. 24]. SAMA’s collaboration with international regulators addresses new risks from innovations like stablecoins[para. 25].

Global cooperation is highlighted as essential, with the harmonization of standards and partnerships enabling both innovation and enhanced risk management across borders[para. 27][para. 28][para. 29][para. 30]. The fintech sector is positioned as a driver for the evolution of financial services, and proactive collaboration will ensure the adoption of new technologies like artificial intelligence and tokenization, while maintaining financial stability[para. 32][para. 33]. SAMA remains committed to fostering international partnerships to support prudent innovation in fintech[para. 31].