Saudi Arabia’s financial technology sector has significantly boosted employment, with over 7,000 new quality jobs projected by Q2 2024, according to Yazid Al-Nufjan, Deputy Governor for Financial Innovation at the Saudi Central Bank.
Al-Nufjan highlighted in a recent report that the fintech sector in Saudi Arabia has experienced substantial growth, with 224 active fintech companies by the end of the period. The country also ranked first regionally in venture capital investment at the end of last year, largely driven by investments in fintech.
The Saudi Central Bank continues to support small and medium-sized enterprises (SMEs) due to their vital role in the national economy. This includes backing initiatives from the Small and Medium Enterprises General Authority (Monshaat), notably those designed to provide financial support and incentives to fintech companies. These efforts aim to enable financial institutions to foster private sector growth and achieve fintech strategy goals.
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