Saudi Arabia hits 79% digital transactions in its cash to code journey

20/10/2025 04:09 AST

Saudi Arabia has achieved a major milestone in its financial transformation, reaching a 79 percent cashless transaction rate in 2024 - surpassing its 2025 target ahead of schedule, according to an official.

In an exclusive interview with Arab News, Khaled Al-Dhaher, vice governor for supervision and technology at the Saudi Central Bank, also known as SAMA, said: "By the end of the second quarter of 2025, the number of fintech companies operating in the Kingdom reached more than 280."

Explaining the sector's progress, the senior official said the country has seen a remarkable transformation, evolving from a traditional, bank-centric model to one of the most dynamic financial ecosystems in the region.

Saudi Arabia's fintech sector is growing rapidly, driven by regulatory reforms, digital innovation, and investment in financial infrastructure. Through initiatives supporting startups, digital payments, and open banking, the Kingdom is building a future-ready ecosystem that advances inclusion, efficiency, and Vision 2030 goals.

Strategic leadership
Al-Dhaher highlighted how SAMA has leveraged its core mandate of monetary and financial stability to position Saudi Arabia as a global fintech hub, building its strategy on four pillars: resilience, excellence, influence, and development.

"This means enhancing structured and adaptive regulations through controlled sandboxes, clear licensing pathways, and supervisory expectations that foster responsible innovation," he said.

He added that with top-class infrastructure, Saudi Arabia is well positioned to roll out fintech solutions to its digitally enabled population while deepening international engagement with regulators, financial institutions, and global platforms.

SAMA has implemented several measures to foster fintech growth, starting with the establishment of Fintech Saudi in 2018 by SAMA and the Capital Market Authority, acting as a springboard to support common infrastructure for the sector.

"As a continuation of these efforts, SAMA and the CMA announced the Fintech Enablement Program, 'Makken' in 2023 to empower entrepreneurs and startups in the fintech industry by providing support with advanced technology, cloud, and cybersecurity capabilities," he added.

Arab News