Saudi Arabia fast-tracks shift to cashless economy on back of fintech boom

According to a recent Arab News article, Saudi Arabia is fast-tracking its transformation into a cashless society, fueled by a booming fintech sector, growing consumer adoption of digital services, and a proactive regulatory approach.

From Riyadh’s tech districts to small shops in remote areas, Saudi Arabia is rapidly replacing coins and notes with digital payments. This shift supports the goals of Vision 2030, leveraging a young, digitally connected population to build a modern, financially inclusive economy.

“The branch-based and cash-based banking model is transforming into a world of mobile banking, artificial intelligence-enabled services, open banking, and digital financing solutions,” Khalid Al-Sharif, CEO of Abdul Latif Jameel Finance Saudi Arabia, told Arab News, adding: “Saudi Arabia’s shift to a cashless economy offers a significant opportunity for financial institutions to rethink and embrace digital-first business models to remain competitive.”