Day two of the 24 Fintech event in Riyadh, Saudi Arabia, saw key discussions on the evolving fintech landscape, emphasizing the country’s growing role as a global hub. The day was marked by engaging talks, critical partnerships, and expert insights from international leaders.
Following a successful first day at 24 Fintech, I returned to explore everything else the inaugural industry event had to offer.
Michele Ramanow, co-founder and executive chairman at Clearco
One of my standout moments came from the ‘Fintech Fusion’ stage, as Michele Romanow, co-founder of Clearco and an investor on Dragons’ Den USA, offered potentially crucial advice to fintech entrepreneurs.
Romanow stressed the importance of scalability and strong back-end systems for building successful fintech companies. Reflecting on the competition between traditional banks and fintech firms to innovate, Romanow explained how this race inspired her to create Clearco, which offers a revenue-sharing model for e-commerce funding.
Highlighting a common mistake among founders – relying heavily on equity for capital – she encouraged startups to explore alternative funding avenues. “Building a business is one of the hardest things you will ever do,” Romanow noted, adding that speed is often the only competitive advantage fintechs have.
American Express in Saudi Arabia
Fahad Bin Mubarak Al Guthami, CEO at American Express Saudi Arabia
Later, Fahad Bin Mubarak Al Guthami, CEO of American Express Saudi Arabia, addressed the Executive Summit, focusing on the bank’s approach to integrating fintech solutions while maintaining its core values.
Al Guthami revealed how American Express is aligning its legacy products with evolving customer needs in the Kingdom, particularly in the area of SME lending.
With fintech driving demand for instant financing solutions, American Express aims to expand its SME lending portfolio from six per cent to 20 per cent, thereby contributing to Saudi Arabia’s economic growth. Al Guthami reiterated the bank’s commitment to combining exceptional customer service with cutting-edge digital payment solutions tailored to both consumers and small businesses.
AI, AI, AI…
As expected, artificial intelligence (AI) became a key focus throughout the day. Various panel sessions and speeches referenced how Saudi Arabia’s fintech sector is leveraging AI and big data to transform financial operations.
Panellists discussed the role of AI in advancing smart contracts, biometric security, and voice-enabled payments, all of which are becoming crucial for the future of finance. With cybersecurity being another priority, experts highlighted innovations to protect financial data in a digital-first world, ensuring a secure environment for both consumers and businesses.
In partnership
The event also saw major announcements from 1957 Ventures, a Saudi venture capital firm, which revealed a SR800 million ($216million) fund dedicated to supporting local fintech startups. This aligns with Saudi Arabia’s broader push to establish over 500 fintech companies by 2030 as part of its Vision 2030 initiative.
The increased availability of funding, coupled with a strong regulatory framework, is also expected to foster innovation and accelerate the growth of the fintech ecosystem in the Kingdom.
We also saw Hakbah, a Saudi-based fintech savings platform, unveil a new partnership with Tawuniya, Saudi Arabia’s national insurance company. Through this collaboration, the two entities will look to address a gap in the insurance market with extensive insurance coverage and enhanced financial security.
Overall, day two of 24 Fintech reinforced Saudi Arabia’s commitment to becoming a leading fintech hub. Through a mix of international collaboration, technological innovation, and strategic investment, the Kingdom is certainly positioning itself at the forefront of the global financial technology sector.
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