Riyadh is set to host the inaugural 24 Fintech conference from Tuesday, September 3, 2024, at the Riyadh Front Exhibition and Conference Center, marking a significant step in Saudi Arabia’s ambition to become a global financial technology hub. The three-day event, hosted by the Financial Sector Development Program, the Saudi Central Bank (SAMA), the Capital Market Authority (CMA), and the Insurance Authority (IA), aims to strengthen the global financial system by fostering innovation and collaboration.
Context and Background
The 24 Fintech conference is a key initiative under Saudi Vision 2030, which seeks to diversify the economy and establish the Kingdom as a leader in financial technology. Hosted by the Financial Sector Development Program, SAMA, the CMA, and the IA, the event reflects a coordinated national effort to drive digital transformation in finance.
Jointly 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 is set to become an annual fixture. It aims to attract over 26,000 participants, 300 exhibitors, and 350 investors, positioning itself as one of the largest fintech gatherings across Asia, Europe, and North Africa.
Key Details
The conference will feature 175 hours of specialized content curated by an expert panel, covering topics from digital payments to regulatory frameworks. It will host regulatory bodies, policymakers, investors, technology experts, and academics, providing a platform for global stakeholders to collaborate on advancing the fintech industry.
Ayman Al-Sayari, Governor of SAMA, emphasized that empowering financial innovation is fundamental to Saudi Arabia’s economic transformation. He noted that SAMA’s participation underscores its commitment to adopting advanced solutions that add economic value and enhance competitiveness while maintaining financial stability.
Mohammed bin Abdullah El-Kuwaiz, Chairman of the CMA, stated that the fintech sector is a key driver in enhancing the efficiency of financial products and services, aligning with the Kingdom’s developmental goals. He reaffirmed the CMA’s commitment to establishing a dynamic, transparent, and robust financial system that meets international standards.
Abdulaziz Al-Boug, Chairman of the IA Board of Directors, highlighted the importance of digital transformation in the insurance sector. He said the conference will facilitate the integration of technology to enhance digitalization, improve service quality, and ensure accessibility for all segments of society, contributing to sustainable growth and Vision 2030 objectives.
Faisal Al-Khamisi, Chairman of the SAFCSP Board of Directors and partner of Tahaluf, stressed the conference’s role in supporting entrepreneurs and startups. He noted that this support is vital for building a professional national workforce and elevating the Kingdom to the ranks of advanced nations in fintech knowledge, aligning with Vision 2030’s goals of fostering innovation and empowering youth.
Implications and Impact
The 24 Fintech conference is poised to significantly impact the regional and global fintech landscape. By bringing together key stakeholders, it aims to drive collective transformation, foster innovation, and create diverse financing and investment opportunities. The event underscores Saudi Arabia’s commitment to enhancing its financial market’s competitiveness and resilience.
With its ambitious scale and comprehensive agenda, the conference positions Riyadh as a major competitor to established fintech hubs worldwide. It provides a unique platform for international collaboration, knowledge exchange, and partnership building, which is expected to accelerate the adoption of financial technologies across the Middle East and beyond.
Moreover, the conference aligns with Saudi Arabia’s broader efforts to diversify its economy away from oil, promote entrepreneurship, and develop a knowledge-based economy. By empowering startups and fostering a skilled workforce, it contributes to the Kingdom’s long-term economic sustainability and global influence.
Vision 2030 Alignment
The 24 Fintech conference is a direct manifestation of Saudi Vision 2030’s objectives to transform the financial sector, enhance digital infrastructure, and create a vibrant ecosystem for innovation. It reflects the Kingdom’s dedication to building a resilient, diversified economy and solidifying its role as a global leader in financial technology. As the event convenes global experts and decision-makers, it propels Saudi Arabia toward a future where technology and finance converge to drive sustainable growth and prosperity.
20 Questions
Q1. What is the 24 Fintech conference?
A1. The 24 Fintech conference is the first edition of the International Conference on Financial Technology, hosted in Riyadh from September 3 to 5, 2024, aimed at strengthening the global financial system and positioning Saudi Arabia as a fintech hub.
Q2. Where is the 24 Fintech conference being held?
A2. It is being held at the Riyadh Front Exhibition and Conference Center in Riyadh, Saudi Arabia, providing a state-of-the-art venue for global participants to engage in discussions and exhibitions.
Q3. Who is hosting the 24 Fintech conference?
A3. The conference is hosted by the Financial Sector Development Program, the Saudi Central Bank (SAMA), the Capital Market Authority (CMA), and the Insurance Authority (IA), demonstrating a unified national effort.
Q4. Who is organizing the 24 Fintech conference?
A4. It is jointly 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).
Q5. How many participants are expected at the 24 Fintech conference?
A5. The conference aims to attract over 26,000 participants, 300 exhibitors, and 350 investors, making it one of the largest fintech gatherings in Asia, Europe, and North Africa.
Q6. What is the duration of the 24 Fintech conference?
A6. The conference spans three days, from September 3 to 5, 2024, offering 175 hours of specialized content and numerous networking opportunities for attendees.
Q7. What is the purpose of the 24 Fintech conference?
A7. It aims to strengthen the global financial system by fostering innovation, collaboration, and investment in financial technology, while supporting Saudi Arabia’s economic diversification goals under Vision 2030.
Q8. Who is Ayman Al-Sayari?
A8. Ayman Al-Sayari is the Governor of the Saudi Central Bank (SAMA). He emphasized that empowering financial innovation is fundamental to Saudi Arabia’s economic transformation and financial stability.
Q9. What did the CMA Chairman say about the conference?
A9. Mohammed bin Abdullah El-Kuwaiz, Chairman of the CMA, stated that the fintech sector drives efficiency in financial products and services, and the conference reaffirms the CMA’s commitment to a dynamic, transparent financial system.
Q10. What is the role of the Insurance Authority in the conference?
A10. The Insurance Authority, led by Abdulaziz Al-Boug, supports the conference to promote digital transformation in insurance, enhance service quality, and ensure accessibility, contributing to sustainable growth and Vision 2030.
Q11. How does the conference support entrepreneurs?
A11. Faisal Al-Khamisi highlighted that the conference supports entrepreneurs and startups by providing a platform for knowledge exchange, networking, and access to investors, helping build a skilled national workforce.
Q12. What is Fintech Saudi’s role?
A12. Fintech Saudi is a joint organizer of the conference, working to foster a thriving fintech ecosystem in Saudi Arabia and support the objectives of the Financial Sector Development Program.
Q13. What is Tahaluf?
A13. Tahaluf is a joint venture between Informa PLC, the Saudi Federation for Cyber Security, Programming and Drones (SAFCSP), and the Events Investment Fund (NDF), specializing in organizing large-scale events.
Q14. How does the conference align with Vision 2030?
A14. It aligns with Vision 2030 by promoting financial sector development, digital transformation, entrepreneurship, and economic diversification, helping Saudi Arabia become a global fintech leader.
Q15. What topics will be covered at the conference?
A15. Topics include digital payments, regulatory frameworks, fintech innovations, insurance technology, investment opportunities, and the future of finance, delivered through panels, workshops, and presentations.
Q16. Will the conference become an annual event?
A16. Yes, the 24 Fintech conference is set to become an annual event, establishing Riyadh as a recurring global meeting point for fintech leaders and innovators.
Q17. What is the significance of the conference for Saudi Arabia?
A17. It showcases Saudi Arabia’s commitment to financial innovation and economic transformation, enhances its global standing, and attracts investment and expertise to support Vision 2030 objectives.
Q18. How does the conference enhance the financial sector?
A18. By bringing together regulators, investors, and innovators, it fosters collaboration, drives adoption of advanced technologies, and improves the efficiency and competitiveness of financial services.
Q19. What opportunities does the conference offer for investors?
A19. Investors can explore diverse financing opportunities, connect with startups and established firms, and gain insights into emerging trends, facilitating strategic investments in the growing fintech sector.
Q20. What is the expected impact of the conference on the global financial system?
A20. It aims to strengthen the global financial system by promoting innovation, collaboration, and regulatory best practices, ultimately enhancing stability, inclusivity, and efficiency in financial markets worldwide.
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