RIYADH, RIYADH, SAUDI ARABIA, September 23, 2024 /EINPresswire.com/ — The inaugural edition of 24 Fintech in Saudi Arabia officially cemented its place as the world’s largest fintech summit and exhibition, with resounding success and global impact, and further strengthened the Kingdom’s status as a global fintech hub.
Held at the Riyadh Front Exhibition and Conference Centre from 3-5 September 2024, the event attracted 36,960 attendees and was marked by groundbreaking collaborations, policy unveilings and multi-million dollar deals that underscore Saudi Arabia’s leadership in fintech.
The event was organized by the Saudi Arabian Financial Sector Development Program (FSDP), the Saudi Central Bank (SAMA), the Capital Market Authority (CMA), and the Insurance Authority (IA) and was co-hosted by Fintech Saudi and Tahaluf. The inaugural edition was a resounding success, attracting major fintech players from around the world, offering a myriad of business, networking and knowledge sharing opportunities across 40,000 square meters of exhibition space and 175 hours of expert content sessions.
Leading figures in the fintech sector from the Middle East, Africa, Europe and Asia shared their insights on the conference stages alongside industry leaders such as Visa, Ant International, Monzo, American Express, Wise, Revolut, Klarna, HSBC, Citi, JP Morgan and the monetary authorities of Singapore and Hong Kong.
The event provided valuable insights into the industry vision and forecasts in the region, particularly in Saudi Arabia, with policymakers identifying ambitions and challenges.
Growth announcements came thick and fast at the event, beginning with the opening remarks by HE Mohammed Al-Jadaan, Saudi Arabia’s Minister of Finance and Chairman of the Financial Sector Development Program Committee. He highlighted Saudi Arabia’s digital transformation and outlined the Kingdom’s fintech strategy, with a goal of having 525 fintech companies registered in the Kingdom by 2030.
One of the highlights of the event was the launch of a SAR 800 million (USD 213 million) venture capital fund, initiated by 1957 Ventures and backed by Riyad Bank. The initiative will focus on building and scaling fintech companies in Saudi Arabia, which captured 58% of all fintech venture capital in the Middle East and North Africa in 2023, with the market expected to reach USD 2.4 billion by 2029.
The pace of transformational announcements continued, including the acquisition of Tweeq, a digital wallet licensed by Saudi Arabia-based SAMA, by online payment giant Tabby. This was followed by a strategic agreement between SAMA and Samsung to roll out Samsung Pay across the Kingdom in Q4 2024, as part of Saudi Arabia’s broader initiative to develop a cashless society.
Investors and startups also celebrated their success on-site. The Fintech Fusion Hub brought together 80 of the most innovative startups and over 350 investors, with a focus on AI-powered matchmaking and mentoring. The Venturescape investor zone attracted 550 global investors, 40% of whom came from outside Saudi Arabia. BlackRock, JP Morgan, UBS and SC Ventures were among the prestigious institutions involved. The inaugural Fintech Forge pitch competition, with a prize of US$250,000, culminated in Ejari, a Saudi real estate fintech company, winning the 24th Fintech Prize and a cash prize of US$100,000 for its innovative rent-now, pay-later solution.
While celebrating the inaugural success of 24 Fintech, organiser Tahaluf is already focused on continuing the unmatched start record with plans for the 2025 edition.
Annabelle Mander, Senior Vice President of Tahaluf, highlighted the momentum of the event and its future potential. “We are already planning for the 2025 edition, which will highlight the transformative developments in fintech and Saudi Arabia’s leadership in this space, fully aligned with Vision 2030,” said Mander. “This is just the beginning of this summit and exhibition, which plays a key role in the transformation of fintech and financial services in Saudi Arabia, the region and around the world.”
Reflecting on the success of the event, Mander added: “This impressive start shows that this is the right summit and exhibition, in the right place at the right time. With strong government support and a region teeming with a young, tech-savvy population eager to embrace change, this event will only grow from strength to strength.”
Pragati Malik
MCS Action FZ LLC
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