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This transformative plan aims to diversify the economy, reduce reliance on oil, and create a thriving business environment. For fintech companies, this presents unparalleled opportunities, but navigating the regulatory landscape is essential for success.
The Regulatory Framework Supporting Fintech Growth
Saudi Arabia’s government has introduced a robust regulatory framework to foster innovation while ensuring compliance. Key regulators such as the Saudi Central Bank (SAMA) and the Capital Market Authority (CMA) play pivotal roles in overseeing fintech activities.
According to a recent report by Fintech Saudi, the Kingdom’s fintech sector has grown exponentially, with the number of fintech companies increasing from 20 in 2019 to over 150 by the end of 2023. This growth is supported by initiatives such as the Fintech Saudi Sandbox and CMA’s Fintech Lab, which provide controlled environments for companies to test innovative solutions under regulatory supervision.
Compliance Requirements for Fintechs
Operating in Saudi Arabia requires fintech companies to adhere to strict compliance standards, including:
Licensing: Fintechs must obtain appropriate licences from SAMA or CMA, depending on their services, such as payment solutions, peer-to-peer lending, or crowdfunding.
Data Protection: Compliance with the Personal Data Protection Law (PDPL) is critical, ensuring the secure handling of customer information.
Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF): Fintechs are required to implement robust AML and CTF measures to mitigate financial crime risks.
Sharia Compliance: For many financial products, fintechs must ensure they align with Islamic finance principles.
Opportunities for Fintechs in Saudi Arabia
The opportunities for fintechs in Saudi Arabia are vast, driven by a growing tech-savvy population, high smartphone penetration, and government support. The country’s digital payment market is expected to surpass $42 billion by 2025, according to Statista.
Moreover, Vision 2030 aims to increase the share of cashless transactions to 70 percent by 2025, creating significant opportunities for payment platforms, digital wallets, and blockchain solutions.
How j. awan & capital Can Support Fintechs
At j. awan & capital, the Saudi entity of j. awan & partners, we specialise in governance, risk, and compliance solutions tailored to the unique needs of fintech companies operating in dynamic markets like Saudi Arabia. Our expertise lies in guiding companies through complex regulatory landscapes, ensuring they remain compliant and well-positioned for growth.
From licensing and regulatory approvals to AML frameworks and Sharia compliance, our experts provide comprehensive support to help fintechs navigate the intricacies of the Saudi regulatory environment with confidence.
By partnering with j. awan & capital, fintechs can leverage localised expertise, enabling them to focus on innovation and customer success while we handle the compliance and regulatory challenges.
Key Steps to Ensure Compliance and Success
For fintechs entering or expanding in the Saudi market, understanding and adhering to local regulations is paramount. Companies should:
Conduct a thorough compliance assessment of their operations to meet SAMA and CMA standards.
Leverage local partnerships to navigate cultural and regulatory nuances.
Participate in initiatives like Fintech Saudi Sandbox to refine their offerings.
Engage with regulators proactively to ensure alignment with evolving requirements.
Saudi Arabia’s regulatory landscape is designed to strike a balance between fostering innovation and ensuring financial stability. For fintechs, the opportunities are immense, but so are the compliance challenges. By aligning with Vision 2030’s goals and adhering to the country’s regulatory requirements, fintechs can unlock the potential of one of the fastest-growing fintech markets in the region.
With j. awan & capital as your compliance partner in Saudi Arabia, we provide the expertise and local insights you need to succeed. Let us help you navigate the evolving fintech landscape, enabling you to focus on delivering cutting-edge solutions that support the Kingdom’s vision for the future.
Navigating Saudi Arabia’s Regulatory Landscape for Fintech Success
The Kingdom of Saudi Arabia (KSA) is rapidly positioning itself as a global fintech hub, aligning with its ambitious Vision 2030 programme.


This transformative plan aims to diversify the economy, reduce reliance on oil, and create a thriving business environment. For fintech companies, this presents unparalleled opportunities, but navigating the regulatory landscape is essential for success.
The Regulatory Framework Supporting Fintech Growth
Saudi Arabia’s government has introduced a robust regulatory framework to foster innovation while ensuring compliance. Key regulators such as the Saudi Central Bank (SAMA) and the Capital Market Authority (CMA) play pivotal roles in overseeing fintech activities.
According to a recent report by Fintech Saudi, the Kingdom’s fintech sector has grown exponentially, with the number of fintech companies increasing from 20 in 2019 to over 150 by the end of 2023. This growth is supported by initiatives such as the Fintech Saudi Sandbox and CMA’s Fintech Lab, which provide controlled environments for companies to test innovative solutions under regulatory supervision.
Compliance Requirements for Fintechs
Operating in Saudi Arabia requires fintech companies to adhere to strict compliance standards, including:
Licensing: Fintechs must obtain appropriate licences from SAMA or CMA, depending on their services, such as payment solutions, peer-to-peer lending, or crowdfunding.
Data Protection: Compliance with the Personal Data Protection Law (PDPL) is critical, ensuring the secure handling of customer information.
Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF): Fintechs are required to implement robust AML and CTF measures to mitigate financial crime risks.
Sharia Compliance: For many financial products, fintechs must ensure they align with Islamic finance principles.
Opportunities for Fintechs in Saudi Arabia
The opportunities for fintechs in Saudi Arabia are vast, driven by a growing tech-savvy population, high smartphone penetration, and government support. The country’s digital payment market is expected to surpass $42 billion by 2025, according to Statista.
Moreover, Vision 2030 aims to increase the share of cashless transactions to 70 percent by 2025, creating significant opportunities for payment platforms, digital wallets, and blockchain solutions.
How j. awan & capital Can Support Fintechs
At j. awan & capital, the Saudi entity of j. awan & partners, we specialise in governance, risk, and compliance solutions tailored to the unique needs of fintech companies operating in dynamic markets like Saudi Arabia. Our expertise lies in guiding companies through complex regulatory landscapes, ensuring they remain compliant and well-positioned for growth.
From licensing and regulatory approvals to AML frameworks and Sharia compliance, our experts provide comprehensive support to help fintechs navigate the intricacies of the Saudi regulatory environment with confidence.
By partnering with j. awan & capital, fintechs can leverage localised expertise, enabling them to focus on innovation and customer success while we handle the compliance and regulatory challenges.
Key Steps to Ensure Compliance and Success
For fintechs entering or expanding in the Saudi market, understanding and adhering to local regulations is paramount. Companies should:
Conduct a thorough compliance assessment of their operations to meet SAMA and CMA standards.
Leverage local partnerships to navigate cultural and regulatory nuances.
Participate in initiatives like Fintech Saudi Sandbox to refine their offerings.
Engage with regulators proactively to ensure alignment with evolving requirements.
Saudi Arabia’s regulatory landscape is designed to strike a balance between fostering innovation and ensuring financial stability. For fintechs, the opportunities are immense, but so are the compliance challenges. By aligning with Vision 2030’s goals and adhering to the country’s regulatory requirements, fintechs can unlock the potential of one of the fastest-growing fintech markets in the region.
With j. awan & capital as your compliance partner in Saudi Arabia, we provide the expertise and local insights you need to succeed. Let us help you navigate the evolving fintech landscape, enabling you to focus on delivering cutting-edge solutions that support the Kingdom’s vision for the future.
Navigating Saudi Arabia’s Regulatory Landscape for Fintech Success
The Kingdom of Saudi Arabia (KSA) is rapidly positioning itself as a global fintech hub, aligning with its ambitious Vision 2030 programme.