Fintech booming in Saudi Arabia as Vision 2030 initiative gathers pace: Finance minister

Fintech booming in Saudi Arabia as Vision 2030 initiative gathers pace: Finance minister

RIYADH: Saudi Arabia’s financial and digital sectors are flourishing as the Kingdom pushes ahead with its Vision 2030 economic diversification strategy, according to the Minister of Finance.

Speaking at the Financial Sector Conference in Riyadh, Mohammed Al-Jadaan said Saudi Arabia has already achieved remarkable results as it seeks to establish a sustainable future away from its dependency on oil.

He said the Kingdom has already become one of the fastest-growing financial markets in the world, adding: “Assets of the Saudi banking sector increased by 37 percent since 2019, reaching SR3.6 trillion($960 billion) by the end of 2022, while the number of financial technology companies increased during that period from 20 to 147 companies in 2022.

Al-Jadaan indicated that Saudi Arabia continues its path as a reliable partner for investors, highlighting that five international financial institutions joined the local first dealer program.

“The Public Investment Fund completed its first-ever international green bond issuance for $3 billion in October and another $5.5 billion, last month, as a source of success for Saudi Arabia,” the minister said, adding: “The National Development Fund last year injected nearly $4 billion to support local and international investors for projects in industry, energy, mining, and logistics.”

Al-Jadaan also stated that the Kingdom