Riyadh - Sharikat Mubasher: Saudi Arabia’s Minister of Finance, Mohammed Al-Jadaan, announced that the Saudi financial market became one of the fastest-growing markets in the world, surpassing SAR 2.4 trillion (around $640 billion) by the end of the second quarter (Q2) of 2025.
During his opening remarks at the Money 20/20 Middle East conference, the minister revealed that e-payments accounted for 79% of the market by the end of 2024, up from 18% in 2016.
He highlighted that the number of active fintech companies in the Kingdom surged to 280 during the first half (H1) of 2025, compared to 82 companies in 2022. Additionally, the insurance sector grew by 16.3% in 2024, driven by the launch of several testing platforms aimed at delivering innovative solutions.
Al-Jadaan further affirmed that the Kingdom has invested heavily in developing a dynamic and sustainable finance sector, led by the Saudi Central Bank (SAMA), the Capital Market Authority (CMA), the Insurance Authority, and the Financial Sector Development Program (FSDP).
The minister also underscored Saudi Arabia’s efforts to strengthen strategic partnerships between the public and private sectors, in alignment with Vision 2030’s economic diversification goals.
Moreover, Al-Jadaan noted that more than 70% of Saudis are under the age of 35, representing the driving force of Vision 2030 and the source of creativity reshaping the business and financial landscape.
The Money 20/20 Middle East conference takes place in Riyadh from 15 to 17 September, gathering over 350 speakers, 450 global brands, and 600 investors from over 40 countries.
Co-organized by Fintech Saudi and Tahaluf, the conference addresses key topics shaping the future of the financial sector, including artificial intelligence (AI) in financial services, open banking and open finance, instant payments, and data governance and regulations.
It also features dedicated platforms for investors and startups, such as the Executive Summit, The Majlis, and the Capital Stage, in addition to a special investor networking program.