Electronic security supports e-commerce growth in KSA: American Express

Fahad Al Guthami, CEO of American Express Saudi Arabia

The regulation of e-commerce and the strong electronic security pushed the e-commerce growth rate higher in Saudi Arabia, Al Eqtisadiah newspaper reported, citing Fahad Al Guthami, CEO of American Express Saudi Arabia.

He added that the company recorded a 62% rise in local e-commerce sales during 2023, noting that the number of e-commerce transactions also leapt by 41% during the same year.

Digital transformation opened the way for medium and small-sized enterprises as well as emerging companies to keep pace with this development, Al Guthami said.

He noted that Saudi Arabia is moving quickly and firmly towards enabling the digital economy, as the government is making great efforts to develop digital infrastructure, facilitate access to digital technology and smart devices, as well as integrate digital education. This helped build a digitally competent and financially aware society.

The financial sector in Saudi Arabia is witnessing rapid growth and remarkable development, Al Guthami said. He added that several factors boosted the growth of the financing sector, including the strong increase in the Kingdom's e-commerce transactions. This was due to the policies and laws that helped regulate financial transactions, ensure information security, and protect financing and credit card customers from hacking.