Jeddah, October 18, 2025 — Saudi Arabia has reached a landmark milestone in its cash-to-code transformation, achieving a 79% cashless transaction rate in 2024 — surpassing its 2025 target a full year ahead of schedule, according to Khaled Al-Dhaher, Vice Governor for Supervision and Technology at the Saudi Central Bank (SAMA).
In an interview with Arab News, Al-Dhaher revealed that the number of fintech companies operating in the Kingdom has now exceeded 280, reflecting the sector’s rapid evolution from a traditional, bank-centric model to one of the most dynamic financial ecosystems in the region.
Fintech Momentum and Vision 2030 Alignment
Saudi Arabia’s fintech sector is expanding rapidly, powered by regulatory reforms, digital innovation, and investments in financial infrastructure. These initiatives are closely aligned with Vision 2030’s goals of advancing financial inclusion, efficiency, and global competitiveness.
Al-Dhaher explained that SAMA’s approach is built around four strategic pillars — resilience, excellence, influence, and development — ensuring that innovation remains both secure and sustainable.
“This means enhancing structured and adaptive regulations through controlled sandboxes, clear licensing pathways, and supervisory frameworks that foster responsible innovation,” he said.
He added that Saudi Arabia’s world-class digital infrastructure positions it well to roll out fintech solutions to an increasingly digitally enabled population, while deepening international partnerships with global financial institutions and regulators.
Building a Global Fintech Hub
SAMA’s initiatives have created a strong foundation for the Kingdom’s fintech journey. Key milestones include the launch of Fintech Saudi in 2018, in partnership with the Capital Market Authority (CMA), to establish common infrastructure and support early-stage innovation.
Building on this progress, SAMA and CMA jointly introduced the Fintech Enablement Program ‘Makken’ in 2023, aimed at empowering entrepreneurs and startups with advanced cloud computing, cybersecurity, and regulatory support.
The Kingdom’s success in surpassing its cashless target underscores its leadership in digital finance, as it continues to attract domestic and international investment while nurturing a robust, innovation-driven fintech ecosystem.
