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Saudi Arabia Fintech Market Size (2024 - 2029)

The fintech market size in Saudi Arabia is anticipated to experience significant growth over the forecast period, driven by the widespread adoption of smartphones and the internet. This expansion is facilitated by the country's large, tech-savvy population, which demands innovative financial solutions. The government's focus on fostering financial sector innovation through supportive policies and the increasing use of data analytics and artificial intelligence further contribute to the market's growth. Additionally, initiatives aimed at educating and supporting small and medium enterprises are enhancing the accessibility and convenience of financial services, thereby broadening the market's reach.

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Market Size of Saudi Arabia Fintech Industry

Saudi Arabia Fintech Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 63.90 Billion
Market Size (2029) USD 87.14 Billion
CAGR (2024 - 2029) > 6.07 %
Market Concentration Low

Major Players

Saudi Arabia Fintech Market Major Players

*Disclaimer: Major Players sorted in no particular order

Saudi Arabia Fintech Market Analysis

The Saudi Arabia Fintech Market size in terms of assets under management value is expected to grow from USD 63.90 billion in 2024 to USD 87.14 billion by 2029, at a CAGR of greater than 6.07% during the forecast period (2024-2029).

The massive rate of adoption of smartphones and the internet boosted the growth of the fintech market in Saudi Arabia. The large population in the country is connected with fintech companies, and it has helped the companies reach out to a vast range of customers by making financial services more accessible and convenient. A young and tech-savvy population in the country with high mobile and internet usage rates is also driving the demand for innovative financial solutions.

For small and medium enterprises (SMEs), FintechSaudi provides education and resources through workshops and training for students, investors, companies, and banks. This helps emerging talent and entities learn about the fintech industry and understand FintechSaudi's role in development. They also create products and services to support SMEs across the country.

Governments and financial authorities are prioritizing the need to foster innovation in the financial sector. They are introducing policies to promote competition, reduce entry barriers, ensure data security, and encourage the development of new financial technologies. In addition, changing consumer preferences are increasing the adoption of fintech. Moreover, the rising advancements in data analytics and artificial intelligence, which allow fintech firms to provide better risk assessment, fraud detection, and personalized financial recommendations, are supporting the market's growth in Saudi Arabia.

Saudi Arabia Fintech Industry Segmentation

FinTech technology utilizes technology to provide financial services and streamline traditional financial processes. It includes many digital solutions, including mobile banking apps, online payment platforms, cryptocurrency, peer-to-peer lending, robo-advisors, and more.

The Saudi Arabian fintech market is segmented by service propositions into money transfer and payments, savings and investments, digital lending & lending marketplaces, online insurance & insurance marketplaces, and others. The report offers market sizes and forecasts in value (USD) for all the above segments.

By Service Proposition
Money Transfer and Payments
Savings and Investments
Digital Lending & Lending Marketplaces
Online Insurance & Insurance Marketplaces
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Saudi Arabia Fintech Market Size Summary

The fintech market in Saudi Arabia is experiencing significant growth, driven by the rapid adoption of smartphones and internet services, which have made financial services more accessible and convenient for a large, tech-savvy population. The government's initiatives, such as Vision 2030, aim to diversify the economy by boosting investments in fintech, moving away from an oil-dependent economy. This has led to the development of a technology-driven economy with a focus on creating a cashless ecosystem. The Saudi Arabian Monetary Authority (SAMA) plays a crucial role in fostering innovation by supporting fintech startups and introducing policies that promote competition and reduce entry barriers. The market is characterized by advanced technology infrastructure, increased accessibility to cloud services and 5G networks, and a growing demand for digital payment solutions.

The market is fragmented, with numerous partnerships between local banks and international fintech companies, fostering a collaborative environment that encourages innovation and long-term growth. The rise in digital wallet adoption, supported by secure payment methods and government investments in digital payment solutions, is a key driver of market expansion. Companies like Rasanah Technologies LLC, Lendo, SURE, Foodics, and Sulfah are prominent players in this space. Recent developments, such as the acquisition of Paymennt.com by Hala and the issuance of licenses to new fintech companies by SAMA, highlight the dynamic nature of the market. These efforts are aimed at enhancing the visibility and capabilities of SMEs, further propelling the growth of the fintech sector in Saudi Arabia.

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Saudi Arabia Fintech Market Size - Table of Contents

  1. 1. MARKET DYNAMICS AND INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Faster Transaction Drives the Market

      2. 1.2.2 Cost Reduction Drives the Market

    3. 1.3 Market Restraints

      1. 1.3.1 Fintech Companies may be More Vulnerable to Cyber-Attacks

      2. 1.3.2 Fintech Companies may not Offer Same Range of Financials

        1. 1.3.2.1

      3. 1.3.3 Market Oppurtunities

        1. 1.3.3.1 Technological Advancements in Fintech Market

    4. 1.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitutes

      5. 1.4.5 Intensity of Competitive Rivalry

    5. 1.5 Insights into Technology Innovations in the Market

    6. 1.6 Insights into Government Regulations and Industry Policies

    7. 1.7 A Brief on Consumer Needs and Behavior Analysis Toward Saudi Arabia Fintech Industry

    8. 1.8 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Service Proposition

      1. 2.1.1 Money Transfer and Payments

      2. 2.1.2 Savings and Investments

      3. 2.1.3 Digital Lending & Lending Marketplaces

      4. 2.1.4 Online Insurance & Insurance Marketplaces

Saudi Arabia Fintech Market Size FAQs

The Saudi Arabia Fintech Market size is expected to reach USD 63.90 billion in 2024 and grow at a CAGR of greater than 6.07% to reach USD 87.14 billion by 2029.

In 2024, the Saudi Arabia Fintech Market size is expected to reach USD 63.90 billion.

Saudi Arabia Fintech Market Report Snapshots

Fintech Market in Saudi Arabia Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)