Saudi Arabia is becoming increasingly attractive to Swiss companies, not least due to the ongoing reforms aimed at diversifying the economy and reducing dependence on oil.

What does this mean for Switzerland? The economic exchange with Switzerland is growing significantly. In 2023, the trade volume between the two countries amounted to 6,8 billion francs, up from 5,6 billion francs in 2022.

Fintech in Saudi Arabia: An Emerging Market

This presents numerous business opportunities for Swiss companies, particularly in sectors such as infrastructure, healthcare, and ICT. The Saudi government has also implemented measures to facilitate international trade, such as simplifying visa regulations and customs procedures.

The Fintech sector in Saudi Arabia is currently experiencing a remarkable boom, comparable to that in the United Arab Emirates (UAE). The Fintech market in the UAE is characterized by strong digital infrastructures, government-supported incubators, and a tech-savvy population. A similar situation is emerging in Saudi Arabia.

As a core component of the country’s Vision 2030, Saudi Arabia aims to establish at least 525 Fintech companies and create 18'000 jobs in the sector by 2030. Supported by a progressive regulatory environment and extensive investments, the Fintech sector offers tremendous growth opportunities, attracting both local and international players.

Showcasing Switzerland's Innovative Power in Fintech

How can Swiss companies leverage this potential? Switzerland Global Enterprise, the official Swiss export promotion organization, is hosting the Saudi-Swiss Fintech Forum in Riyadh from November 24 to 25, together with «Fintech Saudi,» the official Saudi organization, and the Swiss Embassy in Riyadh.

«The Saudi-Swiss Fintech Forum was launched to showcase Switzerland's innovative strength in Fintech while exploring the growing opportunities in the Saudi market,» says Suhail El Obeid, Senior Consultant for the Middle East. «The main goal is to generate business for Swiss Fintech companies.»

This includes fostering long-term partnerships between Swiss and Saudi Fintech firms. The forum offers Swiss Fintech companies — including start-ups — the opportunity to connect with decision-makers and industry experts from Saudi Arabia and explore potential business opportunities. «A particular focus is on ensuring that participants can present their products and services to potential customers, partners, and investors,» says El Obeid.

More Than Twice the Expected Registrations

Since the announcement of the event, Switzerland Global Enterprise has observed surprisingly high interest from Swiss companies. «When we first considered the forum a few months ago, we hoped to attract 12 to 15 participants. Today, after only a short recruitment period, we are already at over 30 participants — and the number is still growing,» says El Obeid.

Participants will include both established companies and start-ups. Some Swiss Fintech firms from Dubai have also signed up, as Saudi Arabia is drawing significant attention from there as well.

Swiss Embassy: «Opportunities on all sides»

Much to the delight of Yasmine Chatila-Zwahlen, Swiss Ambassador in Riyadh. «Switzerland, with its long history as a financial center, brings in-depth knowledge of banking and wealth management. Saudi Arabia is at the forefront of change and is actively promoting a digital economy that accelerates innovation through Vision 2030. This complementarity offers opportunities on all sides,» she tells finews.ch.

«The Saudi Swiss Fintech Forum explores new ideas, challenges conventional approaches and forges connections that cross borders. Fintech serves not only companies, but also the lives of individuals. I am thinking particularly of women: They can and will play an important role in the future of finance.» Fintech has immense potential to promote financial inclusion by making financial services more accessible, affordable and convenient, especially for underserved communities, so the ambassador.