The inaugural three-day 24 Fintech summit and exhibition is gearing up to open its doors at the Riyadh Front Exhibition & Conference Centre for the first time this week, hoping to bolster Saudi Arabia’s position as a major fintech hub.
Designed to be one of Asia, Europe, and North Africa’s premier annual fintech events, 24 Fintech is hosted by Saudi Arabia’s Financial Sector Development Program (FSDP), the Saudi Central Bank, the Capital Market Authority (CMA), and the Insurance Authority.
Featuring 175 hours of expert-led content, the conference aims to rival some of the world’s best fintech gatherings and expects to attract over 26,000 attendees, 300 exhibitors, and 200 investors.
Co-organised by Fintech Saudi and Tahaluf, a strategic collaborative venture between Informa PLC, the Saudi Federation for Cybersecurity, Programming and Drones (SAFCSP), and the Events Investment Fund, 24 Fintech will unite regulators, policymakers, investors, technologists, and academics, and provide a platform for global industry stakeholders to shape, foster, and spur collaborative fintech transformation.
“The fintech sector is a crucial driver for enhancing and developing the efficiency of financial products and services, aligning with the current technological revolution and serving the Kingdom’s developmental and economic goals,” said Mohammed ElKuwaiz, chairman of Saudi Arabia’s CMA. “The Saudi CMA’s co-hosting of the 24 Fintech summit will bring together key stakeholders to foster innovation and development and create diverse financing and investment opportunities. Our involvement also reaffirms our commitment to creating a vibrant, transparent, and resilient financial ecosystem that meets the highest international standards.”
Backing innovation and digitalisation
“Financial innovation and fintech enablement is pivotal to the ongoing transformation of Saudi Arabia’s economy,” added Ayman Al Sayari, governor of Saudi Central Bank. “The Saudi Central Bank’s participation in co-hosting the 24 Fintech conference underscores its commitment to adopting advanced and innovative solutions, bringing added value to the economy in a manner that encourages competitiveness in Saudi Arabia’s financial market while maintaining the stability and resilience of the financial sector as key enablers for the success of any economic transformation.”
The event’s format has been designed to enhance the experience of investors, startup entrepreneurs and academia alike. 24 Fintech will run a Startup and Investors’ Zone known as the ‘Fintech Fusion Hub’ to convene 80 of the most exciting and innovative startups and over 200 investors. Selected startups and investors will collaborate across a thought-provoking agenda on the Fintech Fusion stage, with AI-enabled matchmaking and access to expert-led mentorship.
Abdulaziz AlBoug, chairman of the Insurance Authority, also said: “The Insurance Authority is excited to back the inaugural edition of 24 Fintech, recognising the crucial role of digital transformation in the evolution of the insurance sector. This event will facilitate the integration of innovative technologies, enhancing the quality and reach of insurance services across the Kingdom.
“By promoting technological advancements and encouraging innovation, we aim to ensure sector stability, policyholder protection, and sustainable growth. The summit will be instrumental in driving the digitalisation of insurance, supporting our mission to lead in enabling technology and contributing to the goals of the Kingdom’s Vision 2030.”
Supporting the Vision 2030
The ’24° Trends’ stage will dive into the trends and technologies reshaping finance while the ‘Futures Forum’ stage will host academic discussions and talent development. Meanwhile, ‘Fintech Fusion’ will be where founders and investors can share experiences and explore opportunities.
“Saudi Arabia’s Vision 2030 makes clear its goals for fintech leadership. It envisages the establishment of at least 525 fintech companies, the creation of 18,000 fintech-related jobs, and a GDP contribution of SAR 13.3 billion by 2030. These objectives signify the country’s unwavering commitment to the growth of its fintech infrastructure, and 24 Fintech will be a pivotal platform that will contribute to this economic growth through strategic collaborations and a strong government-backed support system,” concluded Annabelle Mander, SVP of Tahaluf.
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