Over SAR800 Million Investment Announced at 24 Fintech

Riyadh, September 4, 2024 — The 24 Fintech Conference, hosted at the Riyadh Front Exhibition and Convention Center, announced over SAR800 million in investment commitments during its second day, underscoring Saudi Arabia’s growing leadership in financial technology across the Middle East and North Africa. The event, hosted by the Financial Sector Development Program, the Saudi Central Bank (SAMA), the Capital Market Authority, and the Insurance Authority, and organized by Fintech Saudi, Tahaluf—a joint venture between the Saudi Federation for Cybersecurity, Programming and Drones, Informa Global, and the Investment Events Fund—highlighted the Kingdom’s rapidly expanding fintech ecosystem.

Context and Background

Saudi Arabia has been intensifying efforts to diversify its economy and establish itself as a regional hub for financial innovation. The 24 Fintech Conference serves as a platform for industry leaders, investors, and policymakers to discuss the future of finance and showcase cutting-edge solutions. The event aligns with the Financial Sector Development Program, a key initiative under Saudi Vision 2030, which aims to create a vibrant financial sector and increase the contribution of digital payments to the economy.

Key Announcements and Investments

In a keynote speech, Emad Kashgari, CEO of 1957 Ventures, highlighted Saudi Arabia’s leading role in fintech, revealing that the Kingdom accounted for 58% of venture capital investments in the region in 2023. He also announced that 1957 Ventures’ investment fund had surpassed SAR800 million, a significant milestone that reflects growing investor confidence in Saudi fintech startups. Additionally, solutions by stc joined the Makkan program as a partner to provide strategic management services, supporting entrepreneurs and startups in technology, cloud computing, and cybersecurity.

The second day featured sessions on the future of financial technology, the evolution from traditional to digital banking, and the growth of fintech in Saudi Arabia. Participants included Yazeed Al-Nafjan, Deputy Governor for Financial Innovation at SAMA; Nizar Al-Tuwaijri, CEO of STC Bank; and Lateefa Alwaalan, Executive Director of Endeavor.

A notable partnership between SAMA and Samsung was announced to introduce Samsung Pay in the Kingdom in the fourth quarter of this year, a move that aligns with the Financial Sector Development Program’s goals to bolster the digital payments ecosystem.

Implications and Impact

The announcements at the 24 Fintech Conference signal Saudi Arabia’s commitment to fostering a robust fintech ecosystem that attracts global investment and talent. The SAR800 million investment milestone and the Samsung Pay partnership are expected to accelerate digital transformation in the financial sector, enhance financial inclusion, and create new opportunities for startups and consumers alike. This progress reinforces Saudi Arabia’s position as a regional leader in financial technology and innovation.

Vision 2030 Alignment

These developments are directly aligned with Saudi Vision 2030, which seeks to diversify the economy, empower the private sector, and develop a sophisticated financial infrastructure. By nurturing fintech innovation and increasing digital payment adoption, the Kingdom is advancing its goals of economic resilience and global competitiveness, further establishing itself as a hub for technology and finance in the Middle East.

20 Questions

Q1. What was announced at the 24 Fintech Conference regarding investment?

A1. Over SAR800 million in investment was announced, primarily through 1957 Ventures, highlighting Saudi Arabia’s growing fintech sector.

Q2. Who hosted the 24 Fintech Conference?

A2. The conference was hosted by the Financial Sector Development Program, SAMA, the Capital Market Authority, and the Insurance Authority.

Q3. What did Emad Kashgari discuss in his keynote?

A3. He highlighted Saudi Arabia’s leading role in fintech and announced that 1957 Ventures’ fund surpassed SAR800 million.

Q4. What percentage of regional venture capital did Saudi Arabia account for in 2023?

A4. Saudi Arabia accounted for 58% of venture capital investments in the MENA region in 2023.

Q5. What is the Makkan program?

A5. The Makkan program aims to empower entrepreneurs and startups in fintech by supporting technology, cloud computing, and cybersecurity.

Q6. Which company joined the Makkan program as a partner?

A6. Solutions by stc joined as a partner to provide strategic management services.

Q7. What partnership did SAMA announce with Samsung?

A7. SAMA partnered with Samsung to introduce Samsung Pay in Saudi Arabia in Q4 2024.

Q8. How does Samsung Pay align with Vision 2030?

A8. It supports the Financial Sector Development Program’s goal to enhance the digital payments ecosystem.

Q9. Who were some key participants on the second day?

A9. Yazeed Al-Nafjan from SAMA, Nizar Al-Tuwaijri from STC Bank, and Lateefa Alwaalan from Endeavor.

Q10. What topics were covered in the sessions?

A10. Sessions covered the future of fintech, digital banking evolution, and fintech growth in Saudi Arabia.

Q11. Where was the conference held?

A11. It was held at the Riyadh Front Exhibition and Convention Center.

Q12. What organizations organized the event?

A12. Fintech Saudi, Tahaluf, and the Investment Events Fund organized it.

Q13. What is Tahaluf?

A13. Tahaluf is a joint venture between the Saudi Federation for Cybersecurity, Programming and Drones and Informa Global.

Q14. Why is the 24 Fintech Conference significant?

A14. It showcases Saudi Arabia’s commitment to becoming a regional fintech hub and attracting investment.

Q15. How does the investment impact Saudi startups?

A15. It provides crucial funding and support, fostering innovation and growth in the fintech sector.

Q16. What is the Financial Sector Development Program?

A16. It is a key initiative under Vision 2030 aimed at developing a diversified and effective financial sector.

Q17. What role does SAMA play in fintech?

A17. SAMA regulates and promotes financial innovation, as seen in its partnership with Samsung.

Q18. What benefits will Samsung Pay bring?

A18. It will offer secure and convenient digital payment options, boosting cashless transactions.

Q19. How does this event support Vision 2030?

A19. It advances economic diversification and digital transformation, core goals of Vision 2030.

Q20. What can be expected next for Saudi fintech?

A20. Continued growth, innovation, and increased global partnerships, further solidifying Saudi Arabia’s leadership.

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