Saudi Minister of Finance Mohammed Al-Jadaan

Saudi Minister of Finance, Mohammed Al-Jadaan, said the Financial Sector Development Program (FSDP) approved the updated charter that includes the FinTech strategy details.

“Saudi Arabia is an international FinTech hub. An ambition that Saudi started to implement,” Al-Jadaan said.

The FSDP added a fourth strategic pillar to its transformation strategy, the FinTech, which aims to position the Kingdom as one of the leading countries in the FinTech filed, with Riyadh becoming a global FinTech hub.

The FSDP’s objectives is to create a diversified and effective financial services sector to support the development of the national economy, diversify its sources of income and stimulate savings, finance and investment.

The FSDP aims to enable financial institutions to support private sector growth; ensure the formation of an advanced capital market; and promote and enable financial planning.

The strategy is committed to increasing the number of FinTech companies operating in the Kingdom to 230 by 2025.