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Saudi Central Bank Governor Ayman Al-Sayari used his September 15 keynote at Money20/20 Middle East in Riyadh to describe growth in the Kingdom’s fintech sector and outline priorities for innovation, regulation and financial stability. He cited 371 operating fintech companies, electronic payments accounting for 85% of retail payments in 2025, and more than SAR 30 billion in cumulative fintech investment by mid-2026. His remarks did not announce a new policy or timetable for regulating stablecoins or virtual assets.
Saudi Central Bank Governor Ayman Al-Sayari said Saudi Arabia’s fintech sector had continued to expand as he set out the regulator’s priorities for innovation, financial stability and trust in a keynote at Money20/20 Middle East in Riyadh on September 15. He cited growth in fintech companies, electronic payments and investment, while saying that emerging technologies and digital assets require a balanced, cautious regulatory approach.
Al-Sayari said the Kingdom had 371 operating fintech companies by the end of August 2026. He also reported that electronic payments accounted for 85% of total retail payments in 2025, and that open-banking services had moved from the regulatory sandbox to commercial licensing, with more than 337,000 connected accounts.
Cumulative investment in Saudi fintech exceeded SAR 30 billion by the end of the first half of 2026, according to the governor. He described the figure as covering venture capital and strategic funding. The speech did not provide a breakdown of the investment or specify how much was raised during the period, so the amount is best read as a cumulative total rather than a measure of new funding alone.
Al-Sayari credited the sector’s development to a regulatory approach that combines licensing routes, supervisory tools and shared infrastructure. He said the Saudi Central Bank, known as SAMA, aimed to lower barriers to entry and address industry challenges while preserving financial stability. He also highlighted three priorities: developing accessible common infrastructure, speeding the route from product development to market, and maintaining a stable and inclusive financial system.
Growth Meets Regulatory Guardrails
The figures offer a snapshot of the scale Saudi officials say the fintech ecosystem has reached, spanning licensed businesses, payment use, open-banking adoption and investment. For companies and investors, Al-Sayari’s remarks signal that SAMA wants to support new business models while keeping regulatory oversight and financial stability central to that growth.
The speech also points to a policy challenge for financial authorities: technologies such as artificial intelligence and digital assets may change how financial services are delivered, but the governor argued that speed and scale are not the only measures of progress. He emphasized trust and accountability as conditions for innovation, particularly as financial services become more data-driven and cross-border.
For readers, the distinction between reported sector growth and a specific policy change matters. The address described priorities and ongoing work, but did not announce a new rule, licensing scheme or implementation date. It therefore provides a view of SAMA’s stated direction rather than evidence of a new regulatory decision taking effect.
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From Sandbox to Commercial Services
Money20/20 Middle East held its second gathering in Riyadh in 2026, according to Al-Sayari’s speech. He compared the sector with the previous year’s event and said it had developed into a more mature ecosystem with a wider range of products. He situated that expansion within Saudi Arabia’s Vision 2030 initiatives, which he described as supporting the Kingdom’s ambition to become a fintech hub.
One specific development he identified was open banking’s move beyond the regulatory sandbox phase to commercial licensing. Sandboxes allow regulators and firms to test services under supervision; commercial licensing marks a step toward offering eligible services in the market. The governor’s account gives the number of connected accounts, but does not identify the providers, services or customer activity behind that total.
On digital assets, Al-Sayari said SAMA had deepened engagement with global regulators on stablecoins and virtual assets as it assesses risks and develops safeguards. He did not describe the outcome of those discussions. His comments framed the work as ongoing risk assessment, not as an announcement that Saudi Arabia had approved or prohibited a particular asset or service.
“Progress will need to be measured not solely by speed or scale, but by the trust we build and preserve in the financial system of the future.”
— Ayman Al-Sayari, governor of the Saudi Central Bank, in his Money20/20 Middle East keynote
Policy Details Remain Undisclosed
The speech did not specify what new safeguards SAMA may adopt for stablecoins or virtual assets, when any decisions might be made, or whether the regulator plans new rules. It also did not give further details on how its stated priorities—such as faster time-to-market or shared infrastructure—will be implemented.
The reported sector statistics came from the governor’s address and were not accompanied in the speech by supporting methodology, comparisons with earlier periods or independent verification. In particular, the SAR 30 billion figure is cumulative through the first half of 2026, and the speech does not separate venture capital from strategic funding or state how much of the total was added during that half-year.
The Bank for International Settlements published the address and noted that the views expressed were those of the speaker and did not necessarily reflect the BIS’s views. No further policy announcement or event outcome is included in the source material.
Watch for SAMA’s Next Steps
The next substantive development will depend on whether SAMA turns the priorities described by Al-Sayari into specific regulations, licensing changes or infrastructure initiatives. His speech gives no date for those steps. Any future announcement on digital assets would clarify how the central bank’s risk assessment and discussions with international regulators translate into requirements for firms.
Until then, the keynote is best understood as an account of the regulator’s stated approach and a set of growth figures attributed to its governor. Further data or formal SAMA announcements would be needed to establish how the fintech sector’s reported expansion compares over time and what rules, if any, will change.
Key Questions
What was the main news from the Money20/20 Middle East keynote?
Saudi Central Bank Governor Ayman Al-Sayari described reported growth in Saudi fintech and outlined SAMA’s focus on supporting innovation while maintaining financial stability and trust. The speech did not announce a new regulation.
How many fintech companies did Al-Sayari say were operating in Saudi Arabia?
He said the Kingdom had 371 operating fintech companies by the end of August 2026. The speech did not include a list or independent verification of the companies.
What did the speech say about electronic payments?
Al-Sayari said electronic payments represented 85% of total retail payments in 2025. That statistic refers to retail payments in that year.
Did SAMA announce new stablecoin rules?
No. Al-Sayari said SAMA was engaging with global regulators on stablecoins and virtual assets while assessing risks and developing safeguards. He did not announce rules, approvals or a timetable.
When was the keynote delivered and published?
The speech was delivered in Riyadh on September 15, 2026, and the Bank for International Settlements published it on October 5, 2026.
Source: primary
