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The agreement was signed by Dr Abdullah Ali Aldubaikhi, assistant minister for business development at the Ministry of Investment of the Kingdom of Saudi Arabia, and Dr Subho Ray, president of the Internet and Mobile Association of India, according to reports from Business Today and The Economic Times. Under its terms the two organisations will pursue joint efforts in ecosystem development, innovation exchange, market access programmes and cross-border engagement with a particular emphasis on high-potential fintech firms and startups from each country. The partnership is designed to connect companies, investors and institutions through structured activities that include matchmaking events, delegations and workshops, the signatories indicated in announcements following the ceremony.
India’s Ministry of Commerce and Industry data placed bilateral merchandise trade at 41.88 billion dollars in fiscal 2024-25, with Saudi exports to India dominated by energy products while Indian shipments included foodstuffs, machinery and technology services. A Tracxn Geo Annual India FinTech Report found that the Indian fintech sector raised 2.4 billion dollars in funding during 2025, securing third place globally behind the United States and United Kingdom while early-stage investment in the segment climbed 78 percent year on year. Saudi Arabia’s Vision 2030 strategy has identified fintech and digital innovation as central pillars of economic diversification, creating a policy environment that aligns with the objectives of the new memorandum.
Dr Abdullah Ali Aldubaikhi said the agreement would help translate the growing economic and strategic engagement between the two countries into practical opportunities. “Saudi Arabia is building a globally connected investment and innovation ecosystem, and India is an important partner with significant strengths in technology, entrepreneurship and digital financial services. Through this cooperation with IAMAI, we look forward to strengthening connections between our two ecosystems and creating practical opportunities for companies, startups and investors. The objective is to translate these connections into investment, market access, strategic partnerships and long-term collaboration between Saudi Arabia and India,” he stated. The assistant minister’s remarks underscored the intent to move beyond broad diplomatic ties toward concrete business outcomes in the technology sector.
The three-year framework, which may be renewed by mutual agreement, will support identification of promising startups seeking entry into the counterpart market as well as investor-startup matchmaking and knowledge-exchange sessions, according to details released by the organisations. Cumulative Indian investment in Saudi Arabia had reached approximately 3 billion dollars by 2023 across sectors including information technology, telecommunications and financial services, a pattern the memorandum aims to accelerate in the fintech domain. Saudi authorities have meanwhile expanded regulatory tools such as fintech sandboxes to attract international innovators, providing an operational backdrop for the collaboration.
Officials from both sides expect the pact to generate follow-on initiatives including joint roundtables and market-access programmes that lower barriers for fintech companies navigating regulatory and commercial environments in each jurisdiction. The timing coincides with sustained momentum in India’s digital payments and lending sectors, which have produced multiple unicorns in recent years, while Saudi Arabia continues to integrate fintech solutions into its broader financial modernisation drive. Further implementation steps will be coordinated between IAMAI and the ministry in the coming months.
