Saudi Arabia's fintech ecosystem expanded to 371 companies by the end of August 2026, putting the Kingdom more than 70% of the way toward its target of 525 active fintech companies by 2030 as digital payments continue to displace cash across the retail economy.
Saudi Central Bank Governor Ayman Al-Sayari disclosed the latest figure at Money20/20 Middle East in Riyadh, highlighting continued expansion across payments, insurtech, digital banking and alternative investment services.
The 371-company figure represents a 23% increase from the 301 companies reported by Fintech Saudi in May, indicating rapid growth in the number of businesses operating across the country's financial technology ecosystem.
Saudi Arabia moves closer to 2030 fintech target
Saudi Arabia's National Fintech Strategy targets 525 active fintech companies by 2030 as part of efforts to expand financial innovation and digital financial services.
With 371 companies reported at the end of August, the Kingdom has reached approximately 71% of that target.
Al-Sayari described the sector's recent expansion as "exceptional growth," pointing to the development of new financial activities and technology-driven services.
The increase from 301 companies in May to 371 in August represents 70 additional fintech companies within the period covered by the two reported figures.
The source does not provide a breakdown of how the 371 companies are distributed across payments, lending, insurtech, digital banking, investment technology and other fintech segments.
Electronic payments reach 85% of retail transactions
The growth of the fintech industry is being accompanied by a broader shift toward digital payments.
Al-Sayari said electronic payments represented 85% of all retail payment transactions in Saudi Arabia by the end of 2025.
The figure reflects the increasing use of cards and other electronic payment methods as Saudi Arabia continues to reduce reliance on cash under its Vision 2030 digital transformation programme.
The expansion of digital payment adoption also provides a larger underlying market for fintech companies developing payment infrastructure, merchant services and other digital financial products.
Saudi and Qatar connect national payment networks
Money20/20 Middle East also produced a new step toward greater payment interoperability between Saudi Arabia and Qatar.
Al-Sayari witnessed the announcement of an agreement enabling mada and HIMYAN cards to be accepted for national payment transactions across the two countries.
Mada is Saudi Arabia's domestic payment network, while HIMYAN is Qatar Central Bank's national payment card and the first national payment card operating under a Qatari brand.
Connecting the networks will allow the two domestic payment systems to extend acceptance beyond their respective home markets.
HIMYAN expands across the Gulf
The Saudi agreement extends Qatar Central Bank's efforts to broaden HIMYAN's regional acceptance.
HIMYAN cards became accepted in Kuwait in December 2025 and expanded into Bahrain in June 2026, according to the source.
Adding Saudi Arabia represents another step toward greater interoperability between national payment systems across the Gulf.
Such arrangements can provide an alternative route for regional card transactions by connecting domestic payment infrastructure rather than relying exclusively on international card networks.
The source does not provide an implementation date for mada-HIMYAN interoperability or disclose technical and commercial arrangements governing transactions between the two systems.
Money20/20 draws global fintech ecosystem to Riyadh
The developments were announced during Money20/20 Middle East, being held in Riyadh from September 14 to 16.
The event is expected to attract more than 38,000 attendees, 350 brands and over 600 investors.
The scale of the gathering reflects Saudi Arabia's increasing role as a regional market for fintech companies, financial institutions, payment providers and technology investors.
The Kingdom has been developing its fintech ecosystem alongside wider reforms across banking, payments and digital financial services under Vision 2030.
Source: MEA Tech Watch Press Reporter
