The first edition of the FinTech 24 conference in Riyadh concluded, attracting over 37,000 visitors. Hosted by various financial authorities in Saudi Arabia and organized by Fintech Saudi and Alliance, the event was seen as a critical platform for policymakers, industry leaders, international experts, and regulators to further develop the financial technology ecosystem. Annabelle Mander, Senior Vice President of Alliance, highlighted the global reach of the conference, with more than 10,000 registrants from outside Saudi Arabia and 350 speakers, including 252 international speakers. FinTech 24 was touted as one of the largest financial technology conferences in the world, hosting 500 investors as part of the Venturescape initiative aimed at supporting local startups.
Numerous key agreements were signed at the conference, including a partnership between Fintech Saudi and SIMAH Credit Rating Agency to offer discounted services to financial companies, a collaboration with King Fahd University of Petroleum and Minerals to establish a fintech support center, and a joint effort with the Singapore Fintech Association to enhance financial technology systems in both countries. The conference sessions covered essential topics such as building trust in digital identity, leveraging technology for financial stability, expanding fintech across various sectors, revamping insurance technology policies, and advancing financial markets and wealth tech. Additionally, significant announcements were made during the event, such as the launch of a new SR800 million investment fund by 1957 Ventures, a partnership between SAMA and Samsung to introduce Samsung Pay in Saudi Arabia by Q4 2024, and Tabby’s acquisition of Tuwaiq to broaden its financial services offerings.
The FinTech 24 conference showcased Saudi Arabia’s commitment to becoming a regional leader in fintech, with Deputy Governor of SAMA for Supervision and Technology, Dr. Khalid Al-Dhaher, emphasizing the importance of the event in advancing the financial technology ecosystem. The event’s focus on supporting local startups through initiatives like Venturescape and establishing partnerships with institutions like King Fahd University of Petroleum and Minerals underlined Saudi Arabia’s dedication to fostering innovation in the fintech sector. The participation of international speakers and attendees further highlighted the global interest in Saudi Arabia’s fintech initiatives, positioning the country as a key player in the international financial technology landscape.
Through the agreements signed at the conference, such as the partnership with the Singapore Fintech Association and the establishment of a fintech support center with King Fahd University of Petroleum and Minerals, Saudi Arabia is poised to enhance its financial technology capabilities and collaboration on a global scale. The launch of the new investment fund by 1957 Ventures and the introduction of Samsung Pay in the country by Q4 2024 are significant milestones that will further boost the fintech industry in Saudi Arabia. Additionally, Tabby’s acquisition of Tuwaiq underscores the growing potential for expansion and innovation in the Saudi Arabian financial services sector, signaling a new wave of growth and development in the industry.
Overall, the FinTech 24 conference in Riyadh marked a significant milestone in the advancement of Saudi Arabia’s fintech ecosystem, bringing together key stakeholders, industry leaders, policymakers, and regulators to discuss crucial topics and make important announcements. With a focus on building trust in digital identity, enhancing financial stability through technology, and expanding fintech across sectors, the conference outlined the key priorities and opportunities for growth in the Saudi Arabian fintech landscape. The agreements signed and announcements made at the event demonstrate the country’s readiness to embrace innovation and collaboration in the financial technology sector, paving the way for further advancements and developments in the future.
