CitiGroup Executive Emphasizes Surge in Saudi Arabian Fintech Sector

Riyadh, 19 February 2024: Philip Drury, who serves as the Global Head of Technology and Communications Banking, Capital Markets and Advisory, at CitiGroup recently spoke at the Saudi Capital Market Forum, highlighting the significant growth of fintech in Saudi Arabia. 

He noted that the Kingdom, as of 2022 is home to 147 operational fintech firms, compared to 10 in 2018, a clear sign of progress under the ambitious Vision 2030 initiative. With a goal to make 70% of payments non-cash by the year 2025, Drury emphasized the rapid evolution of the market, the significant positive regulatory evolution, and the imperative for businesses to adapt with increased agility. 

He noted that the granting of 30 digital and 3 digital banking licenses is a testament to the market's advancement in the Kingdom and highlighted the wealth of opportunities that are emerging, pointing out that these include an expansion of the addressable market and enhanced inclusivity, which are expected to lead to an improved customer experience and a wider array of products and services, ultimately fostering accelerated business growth. 

He underscored the importance of coexistence, emphasizing its beneficial nature and advocating for traditional financial institutions to embrace collaboration with fintech companies. He encouraged mutual learning and joint efforts as a way to enhance the overall financial ecosystem.