UK-based NayaOne enters Saudi fintech market
Riyadh – NayaOne, a UK-based vendor delivery infrastructure (VDI) platform, has marked its entry into Saudi Arabia with support from AstroLabs, according to a press release.
NayaOne launched the Kingdom's first fully Saudi-hosted platform, allowing banks, insurers, and fintechs to design, test, and introduce products in weeks.
This supports the Saudi Vision 2030's goal of creating a digitally advanced and inclusive financial ecosystem.
Backed by the UK's Department for Business and Trade (DBT), this launch provides Saudi institutions access to the local tech ecosystem as well as the wider NayaOne ecosystem globally.
This expansion marks a milestone in UK-Saudi fintech collaboration, bridging British innovation with Saudi market momentum.
Karan Jain, Founder and CEO of NayaOne, commented: 'Hosting our platform inside the Kingdom removes data-sovereignty friction and lets institutions move from idea to execution in weeks.'
Baroness Gustafsson, UK Minister for Investment, said: 'The UK is home to some of the best tech businesses in the world, so I'm delighted that NayaOne will help boost financial innovation in KSA, reflecting the strength of UK-Saudi collaboration in digital and financial innovation.
Gustafsson added: 'Our upcoming modern Industrial Strategy will be international from the start, working and deepening our partnerships with countries like Saudi Arabia to support our economic growth.'
Commenting on NayaOne's expansion, Alex Nicholls, Director of Expansion at AstroLabs, mentioned: 'NayaOne's expansion will accelerate the development of a new subset of products that meet the demands of a fast-moving market and support financial inclusion.'
Nicholls noted: 'With its newly launched hub in Riyadh, NayaOne is uniquely positioned to deliver a greater impact by fostering closer partnerships with leading FIs and fintech innovators in Saudi Arabia, making it a powerful catalyst for innovation within the local financial services and banking sector.'
Saudi Arabia's fintech market recorded remarkable growth over recent years, supported by government initiatives, regulatory support, and increasing needs for financial services. Hence, fintech is expected to reach a market value of $87 billion in 2029, up from $64 billion in 2024.
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