24 Fintech Conference Concludes with Global Impact

Riyadh, September 6, 2024 — The inaugural 24 Fintech Conference concluded on Thursday in Riyadh, drawing over 37,000 attendees and solidifying the Kingdom’s position as a rising global hub for financial technology. Hosted by the Financial Sector Development Program, the Saudi Central Bank (SAMA), the Capital Market Authority (CMA), and the Insurance Authority (IA), the event brought together policymakers, industry leaders, and international innovators to shape the future of finance. Co-organized by Fintech Saudi and Tahaluf—a joint venture between Informa PLC, the Saudi Federation for Cyber Security, Programming and Drones (SAFCSP), and the Events Investment Fund (NDF)—the conference showcased Saudi Arabia’s commitment to advancing its fintech ecosystem under Vision 2030.

Context and Background

The 24 Fintech Conference is part of Saudi Arabia’s broader strategy to diversify its economy and establish itself as a leader in digital finance. The Financial Sector Development Program, a key initiative under Vision 2030, aims to create a vibrant financial sector that supports economic growth and innovation. By hosting one of the world’s largest fintech gatherings, the Kingdom reinforced its dedication to fostering collaboration between local and international stakeholders. The event also highlighted the role of regulatory bodies like SAMA and CMA in creating a conducive environment for fintech startups and investments.

Key Details

During the closing remarks, Dr. Khaled Al-Dhaher, SAMA Vice Governor for Supervision and Technology, emphasized the conference’s significance as a platform for dialogue among policymakers, industry leaders, and regulators. He noted that the event underscored Saudi Arabia’s role as a regional fintech hub and its contribution to enhancing the fintech ecosystem. Annabelle Mander, Tahaluf Senior Vice President, revealed that the conference attracted more than 10,000 foreign registrants and featured 350 speakers, including 252 international experts. Additionally, 500 investors participated through the Venturescape initiative, which aims to empower local startups.

Several major announcements were made on the final day. 1957 Ventures investment fund surpassed SAR800 million, signaling strong investor confidence. SAMA announced a partnership with Samsung to introduce Samsung Pay in the Kingdom during the fourth quarter of 2024, further bolstering digital payments infrastructure. Tabby also acquired Tweeq, expanding its financial services offerings.

Implications and Impact

The success of the 24 Fintech Conference has far-reaching implications for Saudi Arabia and the global fintech landscape. It positions the Kingdom as a magnet for foreign investment and talent, driving economic diversification and technological advancement. The introduction of Samsung Pay and Tabby’s acquisition of Tweeq demonstrate tangible progress in enhancing the digital payments ecosystem, which is crucial for a cashless society. These developments not only benefit consumers but also attract international players looking to enter the Saudi market. The conference’s global participation highlights Saudi Arabia’s growing influence in shaping the future of finance.

Vision 2030 Alignment

The 24 Fintech Conference aligns seamlessly with Vision 2030’s objectives to transform Saudi Arabia into a diversified, innovation-driven economy. By fostering a robust fintech sector, the Kingdom is creating new opportunities for entrepreneurship, job creation, and financial inclusion. The partnerships and investments announced during the event are concrete steps toward achieving the Vision’s goal of a vibrant financial sector. As Saudi Arabia continues to host such global gatherings, it reaffirms its commitment to leading the region’s digital transformation and contributing to the global financial community.

20 Questions

Q1. What was the 24 Fintech Conference?

A1. The 24 Fintech Conference was an inaugural event held in Riyadh from September 3-6, 2024, bringing together global fintech leaders to discuss and shape the future of financial technology, hosted by Saudi regulatory bodies and co-organized by Fintech Saudi and Tahaluf.

Q2. Who hosted the 24 Fintech Conference?

A2. The conference was hosted by the Financial Sector Development Program, the Saudi Central Bank (SAMA), the Capital Market Authority (CMA), and the Insurance Authority (IA), demonstrating strong governmental support for fintech innovation.

Q3. How many attendees participated in the conference?

A3. The conference drew over 37,000 attendees, including more than 10,000 foreign registrants, highlighting its global appeal and Saudi Arabia’s growing prominence as a fintech hub.

Q4. What is the significance of the conference for Saudi Arabia?

A4. It reinforces Saudi Arabia’s position as a regional fintech hub, supports Vision 2030’s economic diversification goals, and attracts international investment and talent to the Kingdom’s financial sector.

Q5. Who delivered the closing remarks?

A5. Dr. Khaled Al-Dhaher, SAMA Vice Governor for Supervision and Technology, delivered the closing remarks, emphasizing the conference’s role in fostering dialogue among policymakers and industry leaders.

Q6. What major partnership was announced by SAMA?

A6. SAMA announced a partnership with Samsung to introduce Samsung Pay in Saudi Arabia during the fourth quarter of 2024, enhancing the country’s digital payments infrastructure.

Q7. What is the 1957 Ventures investment fund?

A7. 1957 Ventures is an investment fund that surpassed SAR800 million during the conference, aiming to support local startups and foster innovation in Saudi Arabia’s fintech ecosystem.

Q8. What acquisition did Tabby make?

A8. Tabby acquired Tweeq, a move that expands its range of financial services and strengthens its position in the Saudi fintech market.

Q9. How many speakers featured at the conference?

A9. The conference featured 350 speakers, including 252 international experts, providing diverse perspectives on fintech trends and innovations.

Q10. What is Venturescape?

A10. Venturescape is an initiative at the conference that hosted 500 investors to empower local startups in Saudi Arabia, facilitating funding and mentorship opportunities.

Q11. What is Tahaluf’s role in the conference?

A11. Tahaluf, a joint venture between Informa PLC, SAFCSP, and NDF, co-organized the conference, leveraging its expertise to create a world-class event that showcases Saudi Arabia’s fintech potential.

Q12. How does the conference align with Vision 2030?

A12. It aligns with Vision 2030 by promoting economic diversification, fostering innovation, and enhancing the financial sector, key pillars of the Kingdom’s long-term development strategy.

Q13. What was the international participation like?

A13. Over 10,000 foreign registrants and 252 international speakers participated, reflecting the conference’s global reach and Saudi Arabia’s attractiveness as a fintech destination.

Q14. What are the benefits of Samsung Pay for Saudi Arabia?

A14. Samsung Pay will enhance digital payment options, promote a cashless society, and support the growth of e-commerce and financial inclusion in the Kingdom.

Q15. How does this conference impact local startups?

A15. Through initiatives like Venturescape and funds like 1957 Ventures, local startups gain access to investors, mentorship, and resources, accelerating their growth and contributing to job creation.

Q16. What regulatory bodies were involved?

A16. SAMA, CMA, and IA were involved, ensuring a supportive regulatory framework that encourages innovation while maintaining financial stability.

Q17. What is the significance of Tabby’s acquisition of Tweeq?

A17. It consolidates Tabby’s position in the fintech market, expands its service offerings, and demonstrates the vibrancy of Saudi Arabia’s startup ecosystem.

Q18. How does the conference contribute to Saudi Arabia’s global role?

A18. It showcases Saudi Arabia as a leader in fintech, attracts international partnerships, and positions the Kingdom as a key player in shaping the global financial technology landscape.

Q19. What future events can be expected?

A19. Given the success of the inaugural conference, future editions are likely to expand, further cementing Saudi Arabia’s status as a premier destination for fintech events and innovation.

Q20. How can international companies participate?

A20. International companies can engage by partnering with Saudi entities, investing in local startups, or participating in future conferences to tap into the Kingdom’s growing fintech market.

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