KSA Fintech: A $69.23 Million Mobile Money Revolution by 2028, Fueled by 17.8% CAGR & 72% Mobile Wallet Adoption (2023-2028): Ken Research

KSA fintech market rockets to $69.23 million by 2028, fueled by 17.8% CAGR and surging mobile phone use. Mobile wallets lead (72% adoption), with payments & money transfer dominating (42% market share). Fintech startups boom, with 525 expected by 2030. Report empowers stakeholders to navigate this mobile money revolution.

Gurugram, India, May 22, 2024 (GLOBE NEWSWIRE) -- The financial landscape of the Kingdom of Saudi Arabia is undergoing a mobile money revolution! Ken Research's report, KSA Fintech Market: A $69.23 Million Mobile Money Revolution by 2028, explores this dynamic market fueled by innovation and surging mobile phone use. The report forecasts a stellar rise, with the market value expected to skyrocket to a staggering $69.23 million by 2028, propelled by a robust 17.8% CAGR. This press release dives into the key drivers of this transformation and offers valuable insights for investors, financial institutions, fintech startups, and stakeholders seeking to capitalize on the KSA's burgeoning mobile money ecosystem. 

17.8% Mobile Money Surge Driven by Government Initiatives: 

A significant driver of the KSA fintech market is the government's unwavering commitment to digital transformation. Vision 2030, the country's ambitious national plan, prioritizes financial inclusion and fosters a supportive environment for fintech adoption through regulations, infrastructure development, and initiatives like regulatory sandboxes. 

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Payments & Money Transfer Lead the Pack: 

Payment and currency exchange solutions currently hold the dominant share (42%) of the KSA fintech market. This segment offers convenient and secure alternatives for money transfers, bill payments, and online transactions. The rise of e-commerce further fuels demand for these innovative mobile payment solutions. 

Lending & Financing Gain Traction: 

The lending and financing segment is experiencing significant growth, with a projected market share of 28% by 2028. Fintech startups are disrupting the traditional banking sector by offering innovative loan products, peer-to-peer lending platforms, and alternative financing solutions for individuals and businesses. 

Fintech Startup Explosion: 

The Saudi Arabian government's commitment to fostering innovation is evident in its support for fintech startups. Initiatives like regulatory sandboxes, funding programs, and accelerator programs are creating a fertile ground for new ventures. Ken Research predicts a remarkable rise in the number of fintech startups, with a projected 525 players expected to join the KSA ecosystem by 2030. 

Mobile Wallets Take Center Stage: 

The high smartphone penetration rate in KSA is propelling the adoption of mobile wallets. A significant 72% of smartphone users in KSA are leveraging the convenience and security of mobile wallets for everyday transactions. This trend is expected to continue fueling growth in the mobile payments segment within the KSA fintech market. 

Collaboration for a Secure Future: 

The KSA fintech market is poised for continued growth in the coming years, driven by several key trends: 

  • Focus on Financial Inclusion: Fintech solutions play a crucial role in expanding access to financial services for unbanked and underbanked populations in KSA. 
  • Collaboration is Key: Strategic partnerships between established financial institutions and agile fintech startups will unlock new growth opportunities and accelerate innovation. 
  • Cybersecurity at the Forefront: Implementing robust cybersecurity measures will be essential for ensuring consumer trust and data security within the fintech ecosystem. 

Why This Report Matters: 

This report empowers various stakeholders to navigate the KSA's dynamic fintech landscape: 

  • Investors: Gain valuable insights into high-growth segments within the market, identify promising fintech startups, and make informed investment decisions. 
  • Financial Institutions: Understand evolving customer preferences for mobile-first financial services, adapt traditional offerings to the digital age, and explore strategic partnerships with fintech companies to expand reach and product innovation. 
  • Fintech Startups: Leverage the report's data and insights to refine business strategies, identify potential partnerships, and capitalize on the government's supportive initiatives for fintech development. 

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A Thriving Mobile Money Ecosystem: 

By understanding the trends and opportunities outlined in this report, stakeholders can contribute to building a thriving mobile money ecosystem in KSA. This ecosystem will be characterized by: 

  • A focus on mobile-first financial solutions: Catering to the growing demand for convenient and secure mobile payment options. 
  • Enhanced financial inclusion: Providing access to financial services for a wider segment of the population. 
  • A collaborative environment: Fostering partnerships between established financial institutions and fintech startups to drive innovation and growth. 

The Road Ahead for KSA Fintech: 

The KSA fintech market presents a promising future for all stakeholders. By working together and leveraging the insights from this report, they can ensure a smooth and secure mobile money revolution, shaping a more inclusive and digitally empowered financial landscape for the Kingdom of Saudi Arabia. 

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About Ken Research: 

Ken Research is a leading provider of market research and consulting services, offering in-depth analysis and insights across various industries. With a global network of experts and a commitment to quality research, Ken Research helps businesses make informed decisions and achieve their strategic goals.


By service vertical

  • Payments and Currency Exchange
  • Lending and Finance
  • Business tools
  • Personal financing
  • Private fundraising
  • Capital market
  • Infrastructure

By Region

  • Riyadh
  • Khobar
  • Dammam
  • Jeddah

By Investment Stage

  • Series A
  • Series B and above
  • Early (Pre-seed, Seed)
  • Undisclosed

By Company Stage

  • Testing License
  • Active
  • Idea stage
  • Pre commercial

For More Insights On Market Intelligence, Refer To The Link Below: –

KSA Fintech Market

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Ankur Gupta, Director Strategy and Growth