Gurugram, India, Jan. 20, 2023 (GLOBE NEWSWIRE) — KSA Fintech Market is in the growth phase, driven by government initiatives and the availability of modern technologies. The fintech market in KSA has various players. The total number of fintechs in KSA is 147.

• KSA’s demographic outlook is changing as the younger generation is more tech savvy and embraces innovation in services.
• A strong indicator of growth in this market is the rise of new industries such as digital banking, crowdlending, the rise of digital payments infrastructure and innovation in the KSA capital market.
• The rapid growth is due to many government initiatives and regulations such as digital banking, open banking, etc.

Current market positioning: The industry is moving towards digital advances and technologies such as AI and ML to improve skills. More government regulations and initiatives are being rolled out in the region to support the development of fintech industries such as digital banks and open banking.

Increasing investment activity: Investing activity in the fintech industry is also increasing each year as many fintech players enter into partnerships with international fintech players, investors and other companies to expand into nearby markets, complementing and reaching out to existing product lines innovation to capture more market.

Increasing convergence in the fintech industry: The KSA Fintech market is witnessing sector convergence, an increase in SME lending via online platforms and the development of new technologies. The competition to fintech companies is increasing as many non-financial sector companies such as telecom, media, etc. integrate financial solutions on their platforms. This shows the increasing convergence in the fintech industry.

The dominance of payments and currency exchange: Payments and currency exchange will continue to dominate the 23% market share in the KSA fintech market with a GTV of more than $20 billion in 2027. Credit and finance will account for a share of…