Fintech businesses staked their expansion on government schemes.

The fintech business has turned out to be among the most optimistic industries internationally, and Middle East Vision 2030 framework is accelerating the nation's fintech growth. The Saudi government is launching new projects in the industry unlike ever before. It established Fintech Saudi, a central bank program to enhance financial technology in all market segments.

The Saudi Cabinet adopted the region's financial technological development policy in June 2022, intending to increase the number of fintech participants from 90 in 2022 to 525 by 2030. But, considering the industry's immense opportunities, do the figures add up? 

Some prominent startup leaders feel there is significant room for expansion in the financial technology business and that more participants result in more fantastic products and revenue. 

"If you see the Middle East today, there are a significant number of financial products that need progress and enhancement in user experience," said Abdulaziz Saja, general manager of Tabby Saudi Arabia, a prominent purchase now, pay later platform.

Expanded fintech companies, according to Saja, would help the country if every business concentrates on a single service and develops worth via expertise. The Kingdom's economy is among the greatest in North Africa and the Middle East. Nevertheless, as opposed to adjacent nations, the present number of fintech companies appears to be insufficient.

As per the industry estimates, the UAE and the UK had 136 and 2,047 financial technology startups, correspondingly, the year before, compared to 82 in the Middle East. Certainly, as more fintech businesses enter the market, the industry will grow increasingly. A creator of an 11-month-old Saudi finance firm would see it as bad for the company, but Ali Alhazmi, CEO of OXO E-Shops, does not.

"The Saudi fintech sector is developing at breakneck speed." "The two key causes are the growing number of startups looking to challenge the field and the Saudi government's excellent assistance in regulation, ease, and the availability of financing," he told Arab News.