دبي – The Saudi Central Bank (SAMA) revealed a significant surge in the financial technology sector, with cumulative investments surpassing 30 billion riyals. This milestone reflects the robust expansion and resilience of the local market amid global economic uncertainties.
Record Growth in Companies and Investments
Ayman Al-Sayari, Governor of SAMA, disclosed that the number of fintech companies operating in Saudi Arabia reached 371 by the end of August. This figure underscores the rapid adoption of innovative financial solutions across the Kingdom’s diverse economic landscape.
Total investments in the sector, driven by venture capital and strategic financing, exceeded 30 billion riyals by the end of the first half of 2026. Al-Sayari expressed confidence that these investment figures will continue to grow in the coming months, signaling strong investor trust.
Digital Payments and Open Banking Expansion
The governor highlighted exceptional growth over the past twelve months, noting a marked expansion in innovative activities and solutions. Electronic payments have gained substantial traction, accounting for 85 percent of all retail payment transactions by the end of 2025.
Open banking services also achieved qualitative development, transitioning from a regulatory sandbox environment to a formal licensing phase. Active users of these services surpassed 337,000, indicating widespread consumer acceptance and engagement with open finance ecosystems.
Regulatory Framework and Infrastructure
Al-Sayari attributed the sector’s success to integrated regulatory cooperation aimed at enabling innovation. The framework combines specialized licensing pathways, control tools, and shared infrastructure to overcome market entry barriers while maintaining financial stability.
The central bank emphasized its commitment to supporting innovative business models within the local system. A stable and forward-looking regulatory environment has helped preserve investor confidence, positioning Saudi Arabia as a safe and attractive destination for growth.
New Agreements and Market Developments
During the Money 20/20 Middle East conference in Riyadh, announcements included the acceptance of Mada and MyFatoorah card transactions between Saudi Arabia and Qatar. This move aims to enhance payment system integration across the region.
Additionally, Barq closed a Series C funding round worth 329.5 million dollars. This represents one of the largest financing deals in the Saudi fintech sector, further validating the market’s potential.
Future Outlook and Digital Assets
SAMA is enhancing cooperation with global regulators regarding stablecoins and virtual assets. The goal is to assess risks and develop necessary safeguards, ensuring the Kingdom remains a responsible participant in these emerging markets.
Al-Sayari noted that advancements in artificial intelligence are ushering in a new financial era. He stressed that progress must be measured not only by speed but also by the level of trust built and maintained within the future financial system.
This story was produced in the newsroom from the disclosed sources named above.
