Saudi Arabia is intensifying its fintech efforts, setting a goal to establish 525 companies by 2030. Finance Minister Mohammed bin Abdullah Al-Jadaan revealed this ambitious target at the inaugural 24 Fintech Conference, highlighting the kingdom’s swift advancement in the sector.

With 224 fintech companies already active in Saudi Arabia, the country has exceeded its interim goal of 168 companies for the second quarter of 2024.

The sector has seen growth, drawing significant investments and driving innovation. In the first half of 2024, 50 fintech deals garnered $186 million in funding, marking a substantial increase compared to previous years.

Al-Jadaan emphasized Saudi Arabia’s dedication to accelerating digital transformation and promoting sustainable economic growth. He noted that electronic transactions represented 70% of total retail operations in 2023, a significant increase from 62% the previous year.

Saudi Central Bank Governor Ayman Al-Sayari opened the conference with a keynote address, highlighting how technological innovation and Vision 2030 initiatives have fueled the growth of a dynamic fintech sector.

“Over the past few decades, the financial system has evolved significantly from its early days characterized by the concentration of traditional banks,” he added.

In a major announcement at the conference, SAMA revealed a partnership with Samsung to launch Samsung Pay in Saudi Arabia by the fourth quarter of 2024. This service will offer a secure and advanced payment experience, enabling users to manage their digital payment cards through the Samsung Wallet application.

The 24 Fintech conference, running until September 5th, gathers industry leaders, investors, and experts to explore opportunities and address challenges within the fintech sector.

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