How Vision 2030 Fuels Fintech Adoption in Saudi Banks: Trends, Drivers & Risks

The study “Key factors influencing fintech adoption among Saudi banks: a conceptual framework” (Alrsheedi & Iskandar, 2025) synthesises existing literature to propose a TOE-based model of fintech drivers in Saudi Arabia. The model’s technological factors emphasise tangible benefits (relative advantage), integration with existing systems (compatibility), usability (simplification), and visibility of success (observability) [1]. Organisational readiness—particularly strong top-management support, mature internal infrastructure, and sufficient financial resources—is identified as necessary to execute a fintech strategy [1]. Externally, pressure from regulation, competition, and customer demand are essential stimuli, especially in a market directed by Vision 2030’s strategic goals [1].

Corroborating data from recent market analyses confirm that fintech is already scaling in Saudi Arabia. Investment in Saudian fintechs crossed US$1.14 billion between September 2020 and December 2023, including a nearly 231% year-over-year jump in 2023 [2]. The number of fintech companies rose from 89 in 2021 to over 226, surpassing targets set by the Financial Sector Development Program (FSDP) [2]. Digital payments dominate fintech usage, forming ~48.5% of sector volume [3]. Meanwhile, licensed digital-only banks (e.g., STC Bank, Vision Bank) have become significant players, each serving over a million customers [3].

Regulation is both enabling and evolving. SAMA has expanded its Regulatory Sandbox to operate on an always open basis, facilitating experimentation by both regulators and firms [4]. Open-banking policy developments and regulatory sandboxes feature prominently in enabling customer pressure and compatibility [4][5]. The overarching Vision 2030 treats fintech as part of both financial inclusion and digital economy targets; the government’s digital infrastructure ambition is reflected in high national rankings (GovTech, ICT development), creating favourable environmental factors for fintech adoption [6][7].

However, strategic implications suggest that merely having policy intent is insufficient. Banks must invest in risk management (especially cybersecurity), ensure legacy systems can interoperate with new fintech modules, develop middle‐management and employee digital skills, and build infrastructure in less urbanised zones. There is also need for empirical measurement—while the discussed article proposes hypotheses, its own empirical validation is limited as of mid-2025 [1].

Open questions include: how do Islamic banking principles shape fintech compatibility? What specific metrics should be used to monitor infrastructure maturity? How will consumer trust be managed in the face of data privacy risks? And what is the timeline for bridging rural/urban divides in fintech readiness?