Saudi Arabia’s Fintech Sector Accelerates Post-Finnovex 2025, Eyes $5.28B Market by 2030 Under Vision 2030 Ambitions

Market Growth and Key Segments

Post-summit data shows Saudi Arabia’s fintech market is valued at $2.85 billion in 2025, with forecasts indicating a 13.08% CAGR through 2030. Digital payments dominate the sector, accounting for 48.5% of the market share in 2024, as the country’s transition to a cashless society accelerate. Neobanking—digital-only banks without physical branches—is the fastest-growing segment, projected to expand at a 16.04% CAGR between 2025 and 2030. Islamic fintech, tailored for Sharia-compliant financial products, is also gaining momentum, targeting the Kingdom’s $80 billion small and medium enterprise (SME) financing gap.

Regulatory Support and Innovation Frameworks

Saudi Arabia’s regulatory landscape has evolved rapidly to foster fintech innovation. The Saudi Central Bank (SAMA) expanded access to its cybersecurity sandbox in 2025, enabling more startups to test and scale solutions in a controlled environment. The country’s open banking framework, launched in 2022, continues to drive new product development and integration across the sector.

Investment Trends and Cross-Border Collaborations

Venture capital activity is rising sharply, with $860 million in VC funding recorded in the first half of 2025 alone. Investors are increasingly prioritizing SME finance, wealthtech (digital wealth management), and cybersecurity solutions. Cross-border collaborations, particularly in digital payments and blockchain remittances, are expanding Saudi fintech’s regional and global reach.

Vision 2030: Strategic Pillar for Fintech Expansion

Vision 2030’s Financial Sector Development Program (FSDP) sets clear targets for fintech company formation and cashless transactions, channeling both domestic and international investment into the sector. The number of licensed fintech companies in Saudi Arabia has surged from just 10 in 2018 to over 261 by the end of 2024, surpassing official targets a year ahead of schedule.

Challenges and Outlook

Despite the momentum, the sector faces challenges including talent shortages, high compliance costs for cybersecurity and data-residency, and persistent cash usage in rural areas. Nonetheless, with robust regulatory support, aggressive digitalization, and strong investment flows, Saudi Arabia’s fintech market is on track to become a central pillar of the national economy and a leader in the Middle East’s digital finance landscape.