- The GTV of KSA Fintech Market is expected to grow with a CAGR of 17.8% from 2022P-2027F driven by Government Initiatives, Technology Adoption.
The industry is moving towards digital advancement and technologies such as AI and ML to improve capabilities. Government regulations and initiatives are being introduced in the region to support the development of Fintech industry like Digital Banks, Open Banking.
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- A rise in Smartphone Users and Internet Banking Penetration is contributing to the growth of Fintech Market in KSA.
The usage of fintech will rise as more people use smartphones. The smartphone penetration rate in 2022 reached 91%, indicating that the majority of people have access to smartphones and highlighting the enormous potential of the fintech market in Saudi Arabia. With a CAGR of 9.8%, Internet banking penetration has reached 48% in 2022. As a result, digital banking expanded in KSA.
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- KSA Fintech Market will grow at a CAGR of ~17.8% driven by Government Initiatives, Regulations, Changing Demographics and Rising Service Verticals.
The KSA Fintech Industry is anticipated to create more than 100 Mn transactions in 2027, thanks to several government programs and legislation including Open Banking, Digital Banking, and others as well as rising consumer usage of technology. Every year, there is an increase in the amount of investment activity in the fintech sector, with many domestic players forming alliances with foreign players, investors, and other businesses to expand into nearby markets, add to their current product lines, and innovate to gain access to new markets.
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