Saudi Arabia’s fintech revolution didn’t happen overnight. 

Once known primarily for oil exports, the Kingdom is rewriting its future by embracing innovation and technology through Vision 2030, a strategy that has united policymakers, businesses, and citizens in building a globally recognised financial and technological hub. 

At the BAFT MENA Bank to Bank Forum in Dubai, Michael O’Loughlin, founder of OLOUGHLIN.io Global Business Advisory, delivered a keynote speech titled “All Roads Lead to Saudi”, providing a firsthand look at this transformation and explaining why the world is paying attention. 

Building a fintech ecosystem: the power of Vision 2030

Vision 2030 is an initiative aimed at reducing the country’s reliance on oil while promoting technology, tourism, and financial services. The strategy’s impact is visible in the Kingdom’s ongoing giga projects, including NEOM – a smart city showcasing cutting-edge innovation and futuristic living. 

Perhaps more importantly, Vision 2030 has cultivated a collective sense of purpose among Saudi citizens; from taxi drivers to corporate executives, people across all sectors understand their role in this national effort. This is good because Vision 2030’s success hinges on collaboration across all sectors, both public and private. 

The Saudi Central Bank (SAMA) and the Capital Market Authority (CMA) have played instrumental roles in creating a regulatory environment that encourages innovation for the nation’s Fintech sector. Organisations such as MISA (the Ministry of Investment) and various international tech giants have also stepped in, bringing expertise and capital to the table.

But it’s not just domestic organisations that stepping to the table. Companies like Microsoft, Oracle, Amazon, and Huawei have established significant presences within the Kingdom, contributing to cloud computing infrastructure and data centres. 

The government has also encouraged universities and corporations to collaborate on training programs that address the fintech talent gap, which has long been a barrier to growth. 

Digital transformation and financial inclusion

As the Gulf Nation builds its fintech ecosystem, digital transformation remains a core focus. Many are turning to emerging technologies to promote financial inclusion and drive innovation. Initiatives such as real-time payments, open banking, and mobile payment systems are reshaping how Saudis interact with businesses and financial institutions.

One notable example is the exploration of gamification in finance. Gamifying finance involves integrating game-like elements into financial services and applications to make managing money more engaging, interactive, and rewarding. For example, a savings app could reward users with points when they reach a savings target, unlocking discounts or cashback options.

Gamification in finance is critical in engaging younger, tech-savvy consumers and is key to the success of fintech initiatives. With over half of the Saudi population under 30, this demographic represents a critical market for digital financial services.

The emphasis on financial inclusion also addresses a broader societal need—ensuring that small and medium-sized enterprises (SMEs) can access affordable financing and digital tools. For example, the Kafalah Program – a government-backed initiative that guarantees loans for SMEs – has enabled SMEs in rural areas to access microloans through mobile platforms, allowing small shop owners and local artisans to scale their businesses and participate in the broader economy. 

By integrating fintech solutions into everyday financial activities, Saudi Arabia is working to bridge gaps in access to credit and empower businesses across its diverse economic landscape.

Diversifying beyond oil: investment, talent, and global connectivity

Saudi Arabia’s shift from an oil-based economy to one driven by innovation and investment is perhaps the most striking element of its transformation—a country once defined by vast oil fields is now making headlines for pioneering AI, fintech, and technological breakthroughs.

A number of upcoming events, such as the 2030 Expo and the 2034 FIFA World Cup, further demonstrate the Kingdom’s ambition to become a global hub for business, tourism, and entertainment.

But these ambitious plans require talented people to bring them to life. Vision 2030’s ambitious plans include creating unprecedented opportunities for Saudi talent, strategically investing in international education, and sending promising students abroad to gain global expertise and perspectives. 

The Kingdom historically saw a degree of reliance on international experts, who took the place of a less entrepreneurial workforce. But investment is now bearing fruit as Saudi nationals return home, bringing with them valuable international experience and novel approaches. Notably, women’s participation in the economy has risen to a record 37% in 2022 due to gender reforms implemented in the prior five years.

Saudi Arabia on the global fintech stage

As Saudi Arabia leans into fintech development, the world is taking notice. The Kingdom aims to be a global leader in fintech innovation, and Vision 2030 has provided the framework, but it is the execution of strategic initiatives and the willingness to take risks that drive real change.

One of the key remaining regulatory challenges involves ensuring that developments in fintech comply with global standards while maintaining local oversight, a balance that can be difficult to achieve.

However, such challenges present opportunities – by refining its regulatory framework and fostering an inclusive environment, Saudi Arabia could further strengthen its position as a global fintech hub. 

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The nation’s fintech ambitions are already bearing fruit, with unemployment rates falling and non-oil sectors contributing a growing share of its GDP. As it continues to invest in its people, infrastructure, and global partnerships, Saudi Arabia is poised to make its mark on the worldwide fintech stage.