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The Role of the Fintech Industry in Saudi Arabia's Vision 2030
Khard, Fatimah
Khard, Fatimah
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Abstract
Saudi Arabia's Vision 2030 marks the beginning of a significant period aiming to expand the economy, enhance societal development, and integrate technological innovations. Furthermore, the primary aim of this vision is to recognize the vital role that financial technology plays in advancing sustainable development and fostering prosperity. The merging of finance and technology, referred to as Fintech, has risen as a strong global trend, transforming how financial services are accessed and utilized. This paper seeks to comprehensively analyze the influence of the fintech industry on Saudi Arabia's Vision 2030. It will also discuss the obstacles and advantages it brings and explore how fintech innovations can help to reach the Kingdom's ambitious socio-economic goals. Through qualitative analysis, secondary data sources like academic literature, industry reports, and government publications are examined. This article seeks to add to the increasing understanding of fintech and its capacity to bring about change in developing countries. The research shows that despite ongoing challenges like regulatory complexity, cybersecurity risks, and lack of funding access, Saudi Arabia's fintech sector is supported by government backing, infrastructure improvement, and increasing consumer approval. Besides, fintech solutions have the potential to promote economic diversification, improve financial inclusion, facilitate digital transformation, attract investment, stimulate innovation, and generate employment opportunities. This study adds to the increasing discussion on how fintech impacts economic change and offers perspectives for policymakers, industry players, and researchers.