A convergence of global and local factors have turned Saudi Arabia into a market ripe for FinTech innovation. FinTech is growing globally and the opportunity for digital financial services in MENA is particularly strong. As such, economies that are able to capture information regarding their FinTech sectors, as well as analyze and diagnose their challenges, will be able to capitalize on new opportunities for FinTech innovation. The COVID-19 pandemic has created a two-fold opportunity for FinTech. First, the pandemic has driven digital adoption more so than public policy or marketing had prior to 2020. Second, and more specific to Saudi Arabia, the pandemic undoubtedly accelerated the urgency of oil-rich countries to diversify their economies in response to falling petroleum prices. In March 2020, the price of oil dropped by 24%, the sharpest decline since 1991.1 Consisting of more than two-thirds of Saudi Arabia’s exports, petroleum is a critical component of the Saudi economy. A gradual price decline of petroleum since 2014 fueled by the global energy transition away from fossil fuels is a major driver of Saudi Arabia’s push for economic diversification.
