Page 74 - HyperPay PR REPORT - JANUARY 2025

1/16/25, 4:39 PM SAMA grants licenses to 2 new fintech firms

The se developments align with Saudi Arabia’s Vision 2030 objectives to bolster
the digital economy, expand „nancial inclusion, and increase the share of
cashl ess transactions to 70 percent by 2025.

SAMA’s eorts are also tied to the Financial Development Sector strategy, which
aims to ha ve 525 active „ntech companies operating in the Kingdom by 2030.

“Managing the transformation of the „nancial sector is a cornerstone of Vision
2030,” SAMA said in a statement, highlighting its focus on innovation and

e‚ciency.

Through the se initiatives, the central bank seeks to foster „nancial stability,

stimulate economic growth, and position Saudi Arabia as a global „ntech
leader.

The „ntech sector is expected to play a pivotal role in driving foreign
investment, projected to contribute 20 percent of total foreign in ows. This
growth is fueled by Saudi Arabia’s tech-savvy population, which is embracing

consumer „ntech innovations like buy now, pay later services.

In an interview with Arab News in December, Arjun Singh, partner and global

he ad of „ntech at Arthu r D. Li ttle Middle East, highlighted the natural evolution
of Saudi Arabia’s consumer „nance landscape, driven by an expanding array of
„nancial products tailored to the diverse needs of its growing market.

He added tha t the Saudi BNPL market is poised to grow from $1.4 billion in 2024
to $2.8 billion by 2029, re ecting a compound annual growth rate of over 10

percent.

SAMA’s recent licensing activity underscores its commitment to supporting

innovation whi le ensuring „nancial stability and e‚ciency. As the Kingdom’s
„ntech landscape expands, the se developments are expected to drive

signi„cant economic and techn ological progress.

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