Saudi Arabia's electronic payment system has become one of the world's most digitally advanced, Saudi Central Bank Governor Ayman Al-Sayari said at the Money 20/20 Middle East fintech conference, Arabic language Argaam reported on September 15.

The number of fintech companies in Saudi Arabia has tripled since 2022, reflecting global investor confidence in the kingdom as a safe destination that strengthens payment infrastructure.

Al-Sayari said the central bank invests in developing financial technology sector infrastructure domestically whilst drafting fundamental legislation for Saudi Arabia's fintech development.

The governor said the bank's responsibility extends beyond supervision to focus on creating an environment that promotes innovation whilst ensuring stability and supporting the fintech ecosystem through market opportunities, shared infrastructure and clear regulatory frameworks.

The strong regulatory framework allows consumer protection whilst encouraging development and application of new technologies, he said.

A draft framework launched this year for payment system development will support financial sector expansion and enable monitoring of vulnerabilities to ensure financial stability.

The cheque clearance system is also being developed through adopting new standards via the Saudi Central Bank's clearing system.

Al-Sayari announced the launch of a platform for digital central bank services to improve investor experience, facilitate systems and ensure licences and approvals are processed with high efficiency.