#Saudi Arabia #Riyadh #Fintech #Digital Zone

Saudi Arabia's Emerging Fintech Landscape

In a significant development within the Arab world, Saudi Arabia's National FinTech Strategy is propelling the Kingdom forward, establishing it as the premier hub for fintech in the Middle East. Recent projections indicate that the fintech market here is set to escalate from $64 billion in 2024 to over $87 billion by 2029. The surge is fueled by an increasing number of active fintech companies, with over 200 currently operating, paving the way for regional innovators to thrive.

One of the latest entrants into this burgeoning market is Digital Zone, hailed as Iraq's fastest-growing digital commerce startup. Since its inception in 2020, Digital Zone has made remarkable strides, catering to over five million active users and processing over 41 million orders. Notably, its mini-apps—Ticket Zone, designed for event bookings, and Rahal, which focuses on travel services—have become household names in Iraq.

A Standout in Iraq's Startup Scene

Despite Iraq's entrepreneurial ecosystem being in its early development stages, characterized by limited access to venture capital and a nascent startup community, Digital Zone stands out as a beacon of success. It has become one of the first Iraqi platforms to gain national prominence and now is one of the pioneering companies exploring regional expansion into Saudi Arabia.

According to Saif Al-Mufti, Founder and CEO of Digital Zone, “Saudi Arabia’s fintech trajectory is unmatched in the region. For Digital Zone, connecting with this ecosystem is a natural step. We’ve built a platform that empowers millions of users and thousands of merchants in Iraq, and we see the Kingdom as a vital partner in scaling that vision across borders.” This statement underscores the ambitious outlook for Digital Zone as it seeks to leverage the opportunities within the vibrant Saudi fintech landscape.

Strategic Collaboration and the Bridge Baghdad Program

Digital Zone's entry into Saudi Arabia is strategically marked by its sponsorship of Bridge Baghdad, a program orchestrated by Value Makers Studio (VMS) and KAPITA Business Hub, receiving backing from Orange Corners Baghdad. This essential program was hosted at the Center of Digital Entrepreneurship (CODE HQ) in Riyadh from September 13 to 15, facilitating engagement between over 30 Iraqi startups and key stakeholders in the Saudi market, including investors and regulators. This initiative is instrumental in nurturing cross-border collaborations and fostering innovation within the fintech sector.

Overview of Digital Zone

Founded in 2020 in Baghdad, Digital Zone is at the forefront of Iraq's digital economy, providing a seamless platform for a variety of digital goods and services. Offering mobile top-ups, internet subscriptions, gaming credits, and gift cards, the company also boasts innovative applications like Ticket Zone and Rahal, enhancing user experience in booking events and travel respectively. In 2022, the company aligned with Qi Group, a strategic move that significantly accelerated its growth trajectory. Bringing to life its vision of becoming a regional hub for digital goods and services, Digital Zone is on a path to expanding its influence even further.

For those seeking more insights about Digital Zone, visit their official website.

In the rapidly evolving landscape of fintech, Saudi Arabia’s strategic plans and partnerships like the one with Digital Zone illustrate a promising synergy that could reshape the region's digital commerce ecosystem for years to come.