Finance Minister of Saudi Arabia Mohammed Al-Jadaan revealed that venture investments in fintech companies operating in the Kingdom stood at SR7. 1 billion ($1. 9 billion) by the last quarter of the year 2024.
This was said by Al-Jadaan during 24 Fintech, the first international conference on financial technology which took place at the Riyadh Front Exhibition and Conference Center on Tuesday. He stressed that Saudi Arabia has the integrated approach to speed up the process of digital transformation of the Government. “Saudi Arabia has aimed since Vision 2030 has been a launched, of stepping up efforts on the process of transformation to support the digital economy,” Al-Jadaan told. That way the growth is sustainable and the product is able to keep up with the high rates of technological advancement.
At Q2 2024, the total number of fintech firms which are operating in KSA is 224. This number goes up the installs of the Financial Sector Development Program to set 168 companies for the same period. The Kingdom currently has 307 hospitals and the Kingdom aims to step it up to 525 hospitals by 2030. Al-Jadaan stressed on the need to enhance the digital economy because it helps in improving the quality of services that are offered and empowers many sectors in Saudi Arabia. He also pointed out that the Kingdom is on the right track in enhancing its status in international arena.
Insights from ‘24 Fintech Conference
The ‘24 Fintech conference was attended by the best minds from the around the world. It offered an insight on future of financial technology, its potential and existing issues. It also assessed the conference’s financial and economic changes affecting the digital economies, nationally and internationally.
According to Al-Jadaan the global financial technology sector is rather fragile due to very active progression in the rates of technological progression and in artificial intelligence particularly. “The Financial Sector Development Program, under the Banner of Vision 2030, lately initiated the financial technology strategy executive plan more than two years ago,” he said. “This strategy targets at making the kingdom as a hub in financial technology around the globe. ”
He also pointed out that KSA has a strong payment infrastructure according to its institutional indicators. According to data from 2023, the use of electronic payment in the retail sector is expected to reach 70%, up from 62% in 2022. The aim is to achieve 80% increase from the current levels by the year 2030. Al-Jadaan was very clear stating that the Kingdom has a formidable banking system that can easily handle macroeconomic issues and invest in fintech.
Lastly, Al-Jadaan explained that all these efforts are keeping up with the progress towards great economic improvement. Highlighted changes are – in the recent international rankings Saudi Arabia has been ranked first in the world in the cyber-security sector and second in technology advancement. The global fintech sector, expected to exceed $1.5 trillion in revenues by 2030, underscores the importance of sustainable growth and innovation. Gamal Al-Jadaan has high expectations from the conference to promote successful strategic alliances and better cooperation for a more creative and sound financial environment.
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