RIYADH: Saudi Arabia's Finance Minister, Mohammed bin Abdullah Al-Jadaan, announced an ambitious goal to establish 525 financial technology (fintech) companies by 2030.
This move is part of the kingdom's broader strategy to enhance its fintech sector and diversify its economy, reported Xinhua quoting a local news agency.
Speaking at the inaugural 24 Fintech conference, Al-Jadaan highlighted that the number of fintech companies in Saudi Arabia has reached 224, exceeding its interim goal of 168 fintech companies by the second quarter of 2024, according to the Saudi Press Agency.
The minister emphasised the kingdom's commitment to accelerating digital transformation and fostering sustainable economic growth. He pointed to Saudi Arabia's advanced payments infrastructure and robust banking sector as key strengths in supporting the fintech ecosystem.
The 24 Fintech conference, which runs until Sept 5, brings together industry leaders, investors, and experts to discuss opportunities and challenges in the fintech sector.
The event is co-hosted by the Financial Sector Development Programme, the Saudi Central Bank, the Capital Market Authority, and the Insurance Authority.