Saudi: Number of Fintech Companies To Exceed 525 by 2030 According to CMA
Chairman of Capital Markets Authority (CMA) Mohammed Bin Abdullah El-Kuwaiz has revealed that CMA is targeting to increase the number of companies in the field of financial technology to more than 525 by 2030.
The increase comes within Saudi Arabia’s endeavour to be an effective global hub in financial technology. In his speech during the closing ceremony of the financial technology camp, El-Kuwaiz said the increase requires investments in youth capabilities and stimulation of entrepreneurship in the financial sector.
He pointed out that the sector witnessed a 105% increase in the labour force, compared to the previous year, while the percentage of localization in the sector reached 74%. The financial technology sector was the highest funded compared with the other economic activities through venture capital (SV) networks in 2022.
According to the Argaam portal, he pointed out, financial technology is considered a “main nerve” for improving and developing the efficiency of financial services and products in line with the current technological revolution and serving Saudi Arabia’s development and economic goals.
The Fintech initiative announced in November 2022 that the number of financial technology companies continued to grow reaching 147 companies in 2022 — a growth of 14.7 times, compared to 2018, when there were only 10 companies.
In another context, the main stock market index TASI recorded an increase of 0.6% to close at 11,780 points, gaining 65 points — the highest closing since October 2022 — with transactions worth a total of about SR8.1 billion.
