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Saudi Arabia aims for 70% non-cash payments by end 2025 - CitiGroup

Saudi Arabia aims for 70% non-cash payments by end 2025 - CitiGroup
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Riyadh – Mubasher: Saudi Arabia is targeting turning 70% of domestic payments to non-cash by the end of 2025, stated Philip Drury, Global Head of Technology and Communications Banking, Capital Markets, and Advisory at CitiGroup.

As of 2022, the kingdom has become home to 147 operational fintech firms, a great leap from just 10 in 2028, which is an evident indication of the progress of the ambitious Vision 2030, Drury commented during the third edition of the Saudi Capital Market Forum (SCMF), according to a press release.

Drury underscored the rapid evolution of the market and the notable positive regulatory advancements, stressing the need for businesses to adapt with heightened agility.

He also highlighted the substantial growth of fintech in Saudi Arabia, emphasizing the issuance of 30 digital and 3 digital banking licenses as evidence of the market's progression in the kingdom.

The top executive pointed out the emerging wealth of opportunities, including an expanded addressable market and enhanced inclusivity, which is expected to result in an improved customer experience and a wider array of products and services, ultimately driving accelerated business growth.

He emphasized the importance of coexistence and encouraged traditional financial institutions to embrace collaboration with fintech companies.

The SCMF is held between 19 and 20 February 2024 under the patronage of Mohammed Al Jadaan, Saudi Arabia’s Minister of Finance and Chairman of the Financial Sector Development Program.

Expanding upon the achievements of the previous two editions, the two-day forum revolved around the theme "Powering Growth" and featured over 54 speakers, along with 69 sponsors.

During the SCMF, Nayef Al Athel, Group Chief Sales and Marketing Officer at Saudi Tadawul Group Holding Company said that the forum remains committed to fostering market diversification and uniting unique perspectives.

The event witnessed the successful launch of the Single Stock Options (SSOs) contracts on the Saudi National Bank (SNB).