The financial technology sector is considered one of the core pillars of Saudi Arabia’s Vision 2030, which aims to diversify the economy and enhance the digital transformation of the financial sector. The sector seeks to enable individuals and businesses to access innovative financial solutions such as digital payments, digital wallets, and reduce dependence on cash. Initiatives like “Fintech Saudi” are working to transform the Kingdom into a leading hub for financial technology to build a robust system encompassing banks, investors, businesses, and government institutions.

This sector requires precise regulations to ensure a safe environment, including regulations by the Saudi Central Bank (SAMA) and the Capital Market Authority (CMA) concerning cybersecurity, digital payments, and consumer rights. These legislations aim to protect consumers, provide a transparent environment, and ensure the integrity of digital transactions, enabling fintech companies to enter the market smoothly.

At Al-Duaiji, Al-Buwardi & Partners, we can support this sector by providing legal consultancy to startups regarding licensing and compliance with regulations, drafting contracts and agreements, offering advice on data protection and cybersecurity, and representing clients in resolving financial disputes.