Pakistani Fintechs Chase Saudi Arabia’s Vision 2030 Opportunity
▼ Summary
– Pakistani fintech firms are expanding into Saudi Arabia, leveraging opportunities from Vision 2030 and a strengthened bilateral defence pact.
– At the Money 20/20 event in Riyadh, 15 Pakistani companies showcased services, signed deals, and pursued joint ventures to gain market access.
– A notable partnership between Pakistan’s ABHI and Saudi TRAY will introduce Earned Wage Access services to improve workforce retention.
– Saudi Arabia has streamlined registration for Pakistani tech firms, enabling over 100 companies to establish themselves in the Kingdom.
– Pakistani companies view Saudi Arabia as an attractive market due to mega-projects like NEOM, cultural ties, and favorable business facilitation.
A wave of innovation from Pakistan’s financial technology sector is finding fertile ground in Saudi Arabia, propelled by the Kingdom’s ambitious Vision 2030 framework. This strategic expansion is further bolstered by deepening bilateral relations, creating a powerful synergy between Pakistani technological agility and Saudi Arabia’s drive toward a diversified, digital-first economy. Pakistan’s Federal IT Minister, Shaza Fatima Khawaja, has articulated a clear vision to establish the nation as a pivotal regional IT hub, with services extending not only to the Gulf but also to key markets in China and Central Asia.
The recent global Money 20/20 event in Riyadh served as a significant catalyst, providing a platform for 15 Pakistani fintech firms to demonstrate their capabilities on an international stage. These companies engaged in signing concrete business agreements and exploring joint ventures, marking a substantial step beyond mere representation. Fahad Sajjad, CEO of the Pakistan Fintech Network, characterized the event as a definitive launchpad, enabling local firms to gain crucial market access, attract international investment, and build their global reputation.
Concrete partnerships are already materializing from these efforts. A prominent example is the collaboration between Pakistan’s ABHI and the Saudi-based company TRAY. This alliance focuses on introducing Earned Wage Access (EWA) services specifically for Saudi Arabia’s food and beverage sector. According to ABHI CEO Omair Ansari, this initiative is designed to address critical issues like workforce retention by providing employees with greater financial flexibility, thereby directly supporting the human capital development goals embedded within Vision 2030.
The pathway for entry has been significantly smoothed by proactive Saudi governmental support. The Kingdom’s Ministry of Investment has established a dedicated help desk that has already facilitated the registration and establishment of more than 100 Pakistani tech entities. Market analysts observe a rapidly growing appetite across Gulf markets for fintech solutions, digital transformation services, and strategic acquisitions, with Saudi Arabia and the UAE leading the charge.
Looking ahead, the horizon is filled with opportunity. Mega-projects like NEOM are generating unprecedented demand for advanced digital and financial technologies. Pakistani companies are well-positioned to meet this demand, benefiting from cultural affinities, a substantial expatriate community, and increasingly favorable business conditions. This convergence of factors makes the Saudi market not just accessible but highly attractive for Pakistan’s burgeoning fintech and IT export industry.
(Source: MEA Tech Watch)
