KSA Fintech: Journey, Challenges & Vision

Among its many efforts to boost industrial action across multiple sectors in the past few years, the Kingdom of Saudi Arabia (KSA) has made great strides to develop fintech into a flourishing national industry.

Diversified financial services have increased fiscal contributions to KSA’s national economy, as it looks to match the robust fintech economies in Western markets. 

However, for Dr. Mohammad Nikkar and Arjun Vir Singh, authors of Arthur D. Little’s latest report, challenges remain for KSA in its attempts to become a leading fintech hub. 

Below, we run through the details of the report, analysing KSA’s fintech journey so far, the current challenges and how they can be overcome. 

KSA: The fintech journey so far

Fintech growth in KSA has been rife since 2018 when the Saudi Arabian Monetary Authority (SAMA) and the Saudi Capital Markets Authority (CMA) initiated a fintech growth journey by establishing Fintech Saudi. 

Nikkar and Singh expand: “Fintech Saudi continuously strives to boost, support and represent the fintech industry in KSA through initiatives such as its Accelerator programme, Career Fair, Fintech Tour and the Summer Sessions.