Riyadh - Sharikat Mubasher: The cumulative venture capital (VC) investments in the Saudi fintech sector exceeded SAR 6.9 billion in 2023, according to an official report.

The Annual Report for the Financial Sector Development Program (FSDP) stated that the number of fintech companies in the Kingdom reached 216 last year, surpassing the targets set by the FSDP and achieving the desired impact of reaching 525 fintech companies by 2030.

The fintech sector provided over 6,500 direct jobs in 2023, of which 5,973 jobs were supervised by the Saudi Central Bank (SAMA).

The FSDP’s achievements in 2023 also included launching the third edition of the Fintech Accelerator under the umbrella of Fintech Saudi, with the participation of 10 companies. It offered more than 300 job-training opportunities.

Additionally, the Kingdom launched the Open Banking Lab that targets enabling banks and fintech companies to improve, test, and license open banking services, ensuring the finance sector’s growth, enabling innovation, and accelerating the development of open banking in the Kingdom.

2023 also witnessed the pilot launch of three licensed digital banks, driven by the Kingdom’s dedication to fostering an innovative, dynamic, and competitive financial landscape.

These achievements mirror the pivotal role of SAMA and the Capital Market Authority (CMA) in empowering the fintech sector to attract new segments of investors and companies.