The opening of the first 24 Fintech event in Riyadh, Saudi Arabia, marked a significant milestone in the Kingdom’s journey towards becoming a global fintech hub. The event brought together leaders, innovators, and stakeholders from across the financial technology sector to discuss the latest trends, challenges, and opportunities in fintech.
Day one at the inaugural 24 Fintech event was packed full of unique industry insight, experienced speakers, and strategic announcements. Unfortunately, with so much going on, there’s only so much each individual can attend and see first-hand at the event.
So while I’m here in Riyadh, I’ll be sharing my pick of the insights, collaborations, and panel discussions available to visit.
Take your pick
As time progresses, the role of the central banks is becoming a hotter point of discussion regarding the evolution of fintech. This theme continued here, and I made sure to earmark a morning speech from Ayman Al-Sayari, governor of the Central Bank of Turkey, who emphasised the importance of central banks in guiding the safe and effective integration of fintech innovations into the broader financial ecosystem. He also underscored the pivotal role of regulatory bodies in maintaining financial stability while fostering innovation.
In the afternoon, Carolina Arabelaez, private growth leader at Deloitte, also took to the stage to share key insights from the Deloitte Technology Fast 50 Middle East & Cyprus programme, including ecosystem growth, increased involvement of women in tech, and a focus on sustainability.
Later, Tawuniya, a Saudi Arabia-based insurance company, unveiled its strategic vision for the digital era, which includes diversifying its revenue streams beyond traditional insurance. Abdullah Alsharqi, chief transformation and technology officer at Tawuniya, outlined plans to venture into healthcare, automotive services, and financial investments, leveraging fintech to enhance service delivery and customer engagement.
Announced at 24 Fintech
Partnerships also became a central theme of the event’s first day, with several key agreements signed.
Barq, a Saudi Arabian digital logistics platform, entered into multiple partnerships aimed at enhancing its digital infrastructure and expanding its service offerings. These collaborations are expected to bolster the platform’s capabilities and contribute to the broader digital economy in Saudi Arabia.
Tarabut Gateway, the open banking platform for the MENA region, revealed its acquisition of the UK-based fintech firm Vyne. The integration of Vyne’s advanced account-to-account payment technology into Tarabut’s platform is expected to enhance the efficiency and cost-effectiveness of financial transactions across the region.
Overall, the first day of the 24Fintech event highlighted Saudi Arabia’s rapid progress in the fintech sector, driven by strategic investments, innovation, and a supportive regulatory environment.
The event served as a platform for key stakeholders to share insights, forge partnerships, and set the stage for future developments in the industry, aligning with the broader goals of Vision 2030 to diversify the Kingdom’s economy and position it as a leader in digital transformation.
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