Saudi fintech companies exploded from 60 to 226: 18,000 Jobs coming by 2030

Table of Contents

• Understanding Saudi Arabia's Fintech Transformation Journey
• Addressing the Growing Talent Demand in Fintech
• Defining Fintech and Government Strategic Priorities
• Institutional Framework Driving Fintech Development
• Comprehensive Analysis of Sector Expansion Metrics
• Strategic Career Positioning in the Fintech Landscape
• Professional Development Pathways and Support Systems
• Your Gateway to Fintech Careers
• References

Understanding Saudi Arabia's fintech transformation journey

Saudi Arabia's fintech journey is nothing short of remarkable.

Here's how it unfolded:

The kingdom witnessed an explosive transformation in its financial technology sector. Fintech companies grew from just 60 in 2020 to 226 in 2024 (1).

But the numbers tell an even bigger story...

Since the launch of Fintech Saudi, there has been a 20-fold increase in the number of fintechs operating in the kingdom (2). The transformation accelerated when the Council of Ministers approved the Kingdom's FinTech Strategy in May 2022 (1). This strategic move marked the next stage of fintech development for the country.

Despite a global slowdown in venture funding, Saudi Arabia attracted a remarkable 33% more investment in 2023 compared to 2022 (1). The kingdom is now positioned to become the world's fastest-growing major economy, making it a beacon for fintech founders and investors (1). The covid-19 pandemic further accelerated the shift to digital payments, boosting adoption across the kingdom (1).

Let's explore how this boom is creating massive job opportunities.

Addressing the growing talent demand in fintech

As the Kingdom's financial services industry undergoes structural and operational changes, there's a disruptive impact on talent requirements (1). This disruption creates opportunity. The growth story speaks for itself:

Current fintech jobs: around 5,400 in 2023

Target: 18,000 fintech job opportunities by 2030 (2). 

That's more than triple the current opportunities. But why such massive job creation?

The entrance of new players and new business models for deploying products and services results in increased demand for talent (1). Traditional banking is transforming, and new fintech companies are emerging rapidly. An industry-wide initiative was launched to establish the framework for upskilling and reskilling for the future of the Kingdom's financial services industry (1).

The talent gap is real...

Defining fintech and government strategic priorities

Before diving deeper, let's understand what we're talking about.

Fintech, short for "financial technology," refers to the innovative use of technology to provide financial services and solutions (3). It encompasses payments, banking, investment management, and insurance services. Fintech is at the forefront of digital transformation, improving accessibility, efficiency, and security in financial services (3).

But why is the Saudi government so committed to fintech development?

The Saudi government has prioritized fintech development as a core component of its Vision 2030 strategy. The kingdom's commitment focuses on:

• Creating a cashless economy
• Implementing ai-driven financial services
• Developing open banking systems (3)

Vision 2030 set an ambitious aim to escalate the proportion of non-cash transactions to 80% by 2030, a significant leap from its 18% baseline in 2016 (2).

The results are already impressive...

By 2021, non-cash payments were already 62% of all transactions, well ahead of the plan (2).

This strategic focus makes Saudi Arabia a promising hub for fintech innovation.

Institutional framework driving fintech development

Multiple key players are driving this transformation.

The fintech strategy is executed by FinTech Saudi, launched by the Saudi Central Bank in partnership with the Capital Market Authority, mandated to support growth of fintechs in Saudi Arabia.

Here are the major stakeholders:

Government bodies:

• Saudi Central Bank
• Capital Market Authority
• Ministry of Communications and Information Technology

Strategic programs: The Saudi Unicorn Program, backed by Ministry of Communications and Information Technology, the Misk Foundation, and the National Technology Development Program

Industry coordination: According to Christos Kolimenakis, Managing Director at J.P. Morgan, "it's not a specific piece of regulation or legislation. Rather, it is the level of coordination and cooperation between the major local stakeholders in Saudi Arabia which is making the difference" (4).

FinTech Saudi's mandate includes raising the profile of the Kingdom's FinTech industry and organizing events to transform the Kingdom into an innovative and thriving FinTech Hub. The result of all these initiatives and efforts is:

Over 100,000 individuals have participated in FinTech-related events, training courses, and internships to-date (1).

Comprehensive Analysis of Sector Expansion Metrics

Let's break down the key factors and figures.

A) FDI Inflows

• Saudi Arabia has received over $65 billion in foreign direct investment since 2020, making it one of the leading investment destinations in the Middle East (4)
• The recent announcement that Amazon Web Services is investing $5.3 billion in data centers in Saudi Arabia (4) represents a positive validation of the market

B) Growth numbers

• Fintech companies: 60 (2020) → 226 (2024) (1) – exceeding Financial Sector Development Program targets, target by 2030: 525 fintech companies (2) 
• Direct GDP contribution target: SAR 13.3 billion by 2030 (2) (versus around $1 billion in 2023) 
• Venture capital investment target: SAR 12.2 billion by 2030 (2) (versus $1.4 billion in 2023)

C) Domestic demand factors

• The Kingdom's young, tech-savvy population—63% of its 32.2 million residents under the age of 30 in 2022 (1)—serves as a powerful catalyst for innovation
• Digital wallet usage has seen an exponential rise from 315,000 in 2018 to 17 million by 2022 (2), representing over half of Saudi Arabia's population
• The take-up of digital wallets has grown 70 times in five years to 14 million customers registered by the end of 2022 (1)
• Expatriates in Saudi Arabia have increasingly adopted digital wallets for international transfers, with non-Saudi users up from 17% in 2018 to 45% in 2022 (2)
• Buy Now Pay Later has soared in adoption both on the merchant side from 780 in 2020 to 30,000 in 2022, and the customer side from 76,000 in 2020 to over 10 million in 2022 (2)
• Around 45% of Buy Now Pay Later customers are between ages 20 and 30 (2)
• The investor base in the Saudi Arabia crowdfunding market has seen significant growth, from 302 in 2019 to over 92,000 in 2022 (2)

This domestic demand creates a solid foundation for continued growth.

Strategic career positioning in the fintech landscape

Here's why smart jobseekers should pay attention.

Job multiplication effect: With 18,000 fintech job opportunities projected by 2030 (2) compared to 5,400 in 2023, we're looking at a more than 3x expansion in opportunities.

Local FinTechs are driving economic inclusion, generating high-value jobs for the youth. Saudi Arabia's central position within the Gulf Cooperation Council makes it an ideal base for FinTechs seeking to expand regionally. This means career growth potential across the broader MENA region. The future of fintech in Saudi Arabia is about creating an ecosystem that is resilient, inclusive, and capable of supporting the nation's broader economic goals (2).

The question isn't whether fintech will grow...

It's whether you'll be part of this transformation.

Professional development pathways and support systems

Multiple programs and opportunities exist to help you enter the fintech sector.

Training and education programs:

FintechSaudi is providing education and resources by offering workshops and training for students (5). It continuously strives to boost, support, and represent the fintech industry in Saudi Arabia through initiatives such as its Accelerator program, Career Fair, Fintech Tour, and the Summer Sessions (2). This provides direct access to employers and networking opportunities.

The six-pillar strategy includes specific focus on:

• Training and skill enhancement
• Funding for start-ups
• Accelerating support infrastructure
• Driving local and international collaboration (2)

The Saudi Unicorn Program provides support in market expansion, talent development, mentoring, and access to late-stage investors and potential partnerships.

The infrastructure is there...

The question is: Will you take advantage of it?

Your gateway to fintech careers

With government backing, massive investments, and a young tech-savvy population driving adoption, the fintech sector offers some of the most promising career prospects in the kingdom.

By choosing Naukrigulf, you can significantly increase your chances of landing your next job in Saudi Arabia's booming fintech sector. The top fintech companies and specialized recruiters are on our platform, and they're actively hiring right now.

Here are 10 available fintech opportunities in Saudi Arabia:

1. Senior data analyst at Tamara, Riyadh
2. Cybersecurity Manager at Fintech Saudi, Riyadh
3. Compliance offices at Tabby, Riyadh
4. Financial Manager at Fintech Saudi, Riyadh
5. Product manager at Lean technologies, Riyadh
6. Marketing & design coordinator at Fintech Saudi, Riyadh
7. Digital payment specialist at Paytech group, Riyadh
8. Risk manager at Fintech Saudi, Riyadh
9. Android engineer (Fintech) at Hunger station, Riyadh
10. Fintech sales executive at Classera, Eastern Province

Think these aren't the perfect match?

Explore more jobs and discover your ideal opportunity in Saudi Arabia's rapidly expanding fintech ecosystem.

Your fintech career in Saudi Arabia starts now.

References

1. KPMG - Saudi Arabia Report
2. Arthur D Little Report
3. Saudi British Joint Business Council Report
4. JP Morgan Report
5. Government of KSA: Vision 2030