Saudi Arabia Fintech Market Report and Forecast 2032

Saudi Arabia Fintech Market Insights & Analysis

The Saudi Arabia Fintech Market is anticipated to register a CAGR of around 12.8% during the forecast period, i.e., 2025-32. Also, the market size was valued at nearly USD 62.80 billion in 2023. The Saudi Arabian fintech business has expanded at a rapid pace owing to the widespread usage of smartphones & the penetration of internet connection. By making financial services more readily available & easy, fintech companies have been able to attract an extensive range of customers attributable to the nation’s enormous population. Also, the demand for creative financial solutions is being driven by the country’s youthful, tech-savvy populace, which utilizes mobile devices & the internet extensively.

Moreover, FintechSaudi provides courses & training for students, investors, enterprises, and banks to educate & equip small- & medium-sized businesses (SMEs). This facilitates learning about the fintech sector & the development function of FintechSaudi for up-and-coming talent & entities. Along with this, they develop goods & services to assist SMEs across the country. Furthermore, the necessity of encouraging innovation in the financial industry is being prioritized by governments & financial bodies.

Saudi Arabia Fintech Market FY32

• Study Period: 2020- 2032


• Base Year: 2024


• CAGR(2025-2032): 12.8%


• Market Value 2023: USD 62.80 Billion


• Major Players: STC Pay, HyperPay, Tamara, PayTabs, Geidea, Hala, Raqamyah, Halalah, SADAD Payment, CashU, E-Dirham G2, Tap Payments, Benaa Capital, Nana, Others

To guarantee data security, foster competition, lower entry barriers, and support the creation of innovative financial technology, they are implementing policies. The fintech sector in Saudi Arabia is growing at a rapid rate across the digital payment solutions area. As a result of the government’s efforts to promote electronic payments & the cashless economy, digital wallets, mobile payments, and point-of-sale (POS) systems have become widely used. The emergence of e-commerce & contactless payments, along with initiatives, such as Mada, the national payment network, have led to an upsurge in digital transactions.

Additionally, the application of fintech is increasing, due to the shifting consumer preferences. The market's expansion in Saudi Arabia is also being aided by growing developments in artificial intelligence (AI) & data analytics, enabling fintech companies to offer improved fraud detection, risk assessment, and tailored financial advice.