Population
37.1M
Online population
Currency
SAR
Population - 37.1M
At the start of 2023, 84.8% of Saudi Arabia’s population lived in urban centres, while 15.2% lived in rural areas.
Internet penetration - 99%
There were 36.3M internet users in Saudi Arabia at the start of 2023, when internet penetration stood at 99%.
Saudi Arabia’s Financial Sector Development Program (FSDP) and subsequent FinTech Strategy Implementation Plan, both part of Vision 2030, aim to situate the Kingdom among the leading countries in the field of FinTech. One of the objectives is to increase the number of FinTech companies operating in the Kingdom from 82 in 2021 to 230 by 2025. It also aims to increase the share of digital transactions to 70% by the same year.
According to the FinTech Saudi 21/22 Annual Report, there are currently 147 active FinTech’s in Saudi Arabia — up from active 82 FinTech’s (a 79% increase) in 2021. 79% of all FinTechs active in Saudi Arabia are headquartered in Riyadh. 13% are headquartered overseas.
<aside> 💡 In addition to new business creation, FinTech investments also recorded a strong year in 2021 and 2022. Between September 2021 and August 2022, over ﷼1.5B ($400M) in funding were invested through 20 FinTech deals, a sum representing an 11% increase from the previous year.
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There are currently 13 locally licensed banks and 17 foreign licensed banks in Saudi Arabia. The Banking Control Regulation lays down basic requirements for obtaining a banking license.
<aside> 💡 Branches of Saudi banks decreased to 1.8K by the end of 2022. Al Rajhi Bank led the list with 516 branches, followed by SNB (494), Riyad Bank (236), and ANB (127).
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