Our recent mission trip to Saudi Arabia offered a deep dive into the Kingdom’s vibrant FinTech landscape, highlighting the dynamic interactions between traditional finance and innovative technology.

We began our journey at the Ministry of Investment of Saudi Arabia (MISA), where we learned about the rapid growth of the local FinTech sector, supported by Fintech Saudi which aims to expand from approximately 219 companies to 525 by 2030 as part of their ambitious Saudi Vision 2030. The focus on cross-border payments is particularly crucial, given the influx of tourists and robust import/export activities, with 72 payment firms currently operating in the market.

Additionally, opportunities in WealthTech are growing as local family offices seek outward investment avenues, and AI integration is recognised as vital for advancing the insurance sector.

At Alinma Bank, Chief Digital Officer Sami Al-Rowaithey shared the bank’s strategic pillars, emphasising digital advancement, customer service, innovation, and talent development. The bank is keen to expand its open banking services and welcomes collaborations with FinTechs to achieve these goals. Similarly, Arab National Bank (ANB) provided a platform for delegates to pitch their solutions directly to the bank, fostering exciting collaboration opportunities.

Moving forward, our discussions with Banque Saudi Fransi (BSF) revealed their openness to partnerships, especially in cross-border payments and affluent banking. BSF provided an opportunity for delegates to share their solutions with teams from regulations, retail, and technology to explore potential collaborations.

Saudi Awwal Bank (SAB), partnered with HSBC, aiming to bridge the gap between international FinTechs and the local market, focusing on investments that add genuine value. Bank AlJazira is enhancing its open banking initiatives to drive innovation in areas like cross-border payments and predictive cash flow management.

Our engagement with Fintech Saudi underscored their role as the Kingdom’s FinTech hub, providing valuable insights on market entry strategies and hosting an accelerator and career fair.

The final days were particularly productive, featuring 1-on-1 sessions with leaders from The Saudi National Bank (SNB) and insights from SAIB Venture. We also participated in a regulator roundtable with key institutions such as the Saudi Central Bank (SAMA) and the Capital Market Authority (CMA), providing a unique opportunity to raise pertinent questions and network.

A major highlight was the signing of a Memorandum of Understanding (MoU) with Fintech Saudi, formalising our cooperation to strengthen both markets and foster the growth of our FinTech ecosystems. As we conclude this mission, we look forward to future opportunities that will enhance fintech collaborations globally.