Riyadh to Host 24 Fintech Conference in September

Riyadh will host the inaugural 24 Fintech Conference from September 3 to 5, 2024, at the Riyadh Front Exhibition & Conference Center, according to an official announcement by the Saudi Press Agency (SPA). The event, the first edition of an international conference dedicated to the financial technology sector, is hosted by the Financial Sector Development Program, the Saudi Central Bank (SAMA), the Capital Market Authority, and the Insurance Authority. It is organized by Fintech Saudi and Tahaluf, a joint venture between the Saudi Federation for Cybersecurity, Programming and Drones, Informa PLC, and the Events Investment Fund.

Context and Background

The 24 Fintech Conference emerges as Saudi Arabia accelerates its efforts to become a leading financial technology hub in the Middle East and North Africa (MENA) region. This initiative aligns with the Financial Sector Development Program, a key pillar of Saudi Vision 2030, which aims to diversify the economy and enhance the financial sector’s contribution to GDP. The conference will bring together regulators, policymakers, investors, technology experts, entrepreneurs, and academics to foster collaboration and innovation in financial technology.

By hosting this global event, Riyadh reinforces its position as a center for financial innovation, building on previous successes such as the Fintech Saudi initiative and the growing number of fintech startups in the Kingdom. The conference also supports the ambitions of Saudi youth and entrepreneurs, providing a platform to showcase their innovations to a global audience.

Key Details

The 24 Fintech Conference will focus on specialized topics essential for the development of the global banking and financial services sector. These include artificial intelligence (AI), machine learning in financial operations, integrated finance, the advancement of open banking services, and green finance. These themes reflect the cutting-edge trends shaping the future of finance and underscore Saudi Arabia’s commitment to embracing technological advancements.

A highlight of the conference is the “FinTech Innovation Center,” which will feature the best 80 modern and innovative startups and more than 200 investors. This dedicated space is designed to support startups and investors, facilitating networking, mentorship, and investment opportunities. The center exemplifies the conference’s goal to make a significant mark in the financial technology sector by nurturing emerging talent and fostering entrepreneurship.

Implications and Impact

The 24 Fintech Conference is expected to have far-reaching implications for both the regional and international financial technology landscape. By convening key stakeholders, it will catalyze partnerships and drive discussions on regulatory frameworks, investment strategies, and technological integration. For Saudi Arabia, this event is a strategic step toward enhancing the prosperity of its entrepreneurial ecosystem and supporting startups, in line with the goals of Saudi Vision 2030.

Internationally, the conference positions Riyadh as a convener of global fintech leaders, facilitating knowledge exchange and cooperation. It also highlights Saudi Arabia’s role in shaping the future of finance, particularly in areas like AI, open banking, and green finance, which are critical for sustainable economic growth. The presence of over 200 investors signals strong interest in the Kingdom’s fintech potential, which could lead to increased foreign direct investment and job creation.

Vision 2030 Alignment

The 24 Fintech Conference directly supports Saudi Vision 2030’s objectives of economic diversification, private sector growth, and the development of a knowledge-based economy. By fostering innovation and entrepreneurship in financial technology, the event contributes to the Kingdom’s efforts to become one of the booming financial technology centers in the MENA region. It also underscores Saudi Arabia’s commitment to digital transformation and its leadership in adopting emerging technologies, aligning with the Vision’s focus on a vibrant society and a thriving economy.

20 Questions

Q1. When will the 24 Fintech Conference take place?

A1. The conference will take place from September 3 to 5, 2024.

Q2. Where will the conference be held?

A2. It will be held at the Riyadh Front Exhibition & Conference Center in Riyadh, Saudi Arabia.

Q3. Who is hosting the 24 Fintech Conference?

A3. It is hosted by the Financial Sector Development Program, the Saudi Central Bank (SAMA), the Capital Market Authority, and the Insurance Authority.

Q4. Who is organizing the conference?

A4. It is organized by Fintech Saudi and Tahaluf, a joint project between the Saudi Federation for Cybersecurity, Programming and Drones, Informa PLC, and the Events Investment Fund.

Q5. What is the main focus of the conference?

A5. The conference focuses on supporting the financial technology community and exploring topics like AI, machine learning, integrated finance, open banking, and green finance.

Q6. What is the FinTech Innovation Center?

A6. It is a dedicated space at the conference featuring 80 innovative startups and over 200 investors to support entrepreneurship and investment.

Q7. How does the conference align with Saudi Vision 2030?

A7. It supports economic diversification, entrepreneurship, and the goal of making Saudi Arabia a leading fintech hub in the MENA region.

Q8. Who can attend the conference?

A8. Regulators, policymakers, investors, technology experts, entrepreneurs, and academics are expected to attend.

Q9. What is the significance of the conference for Saudi Arabia?

A9. It reinforces Saudi Arabia’s position as a center for financial innovation and supports the growth of its fintech ecosystem.

Q10. What topics will be discussed at the conference?

A10. Topics include artificial intelligence, machine learning, integrated finance, open banking services, and green finance.

Q11. How many startups will be featured at the FinTech Innovation Center?

A11. The center will feature the best 80 modern and innovative startups.

Q12. How many investors are expected at the conference?

A12. More than 200 investors are expected to participate.

Q13. What is Fintech Saudi?

A13. Fintech Saudi is an initiative by the Saudi Central Bank to support the development of the fintech ecosystem in the Kingdom.

Q14. What is Tahaluf?

A14. Tahaluf is a joint venture between the Saudi Federation for Cybersecurity, Programming and Drones, Informa PLC, and the Events Investment Fund.

Q15. What is the Financial Sector Development Program?

A15. It is a program under Saudi Vision 2030 aimed at developing the financial sector and diversifying the economy.

Q16. Why is the conference important for the MENA region?

A16. It positions Riyadh as a fintech hub and fosters regional collaboration and investment in financial technology.

Q17. What is open banking?

A17. Open banking is a system that allows third-party developers to build applications and services around financial institutions using open APIs.

Q18. What is green finance?

A18. Green finance refers to financial investments flowing into sustainable development projects and initiatives that support environmental sustainability.

Q19. Will the conference be an annual event?

A19. The announcement indicates this is the first edition, with potential for future editions based on its success.

Q20. How can interested parties participate?

A20. Interested parties can likely register through the official conference website or contact the organizers for more information.

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