ICD – Fintech in KSA Insight Report, 2023

The fintech industry is experiencing rapid growth due to the increasing adoption of digital banking and payment systems. This growth is driven by the advancement of technology and the growing demand for convenient financial services. It is estimated that by 2024, there will be 2.5 billion users of digital banking and payment systems worldwide. This surge can be attributed to the availability of mobile banking apps and the popularity of digital payment methods such as Apple Pay and PayPal. Furthermore, alternative lending platforms like peer-to-peer lending and crowdfunding are also on the rise. These platforms offer alternative lending options for individuals and small businesses and are projected to reach a market size of $566 billion by 2024. These developments in the fintech industry have the potential to disrupt traditional lending models.