Day three of the inaugural 24 Fintech event in Riyadh proved to be a groundbreaking success, solidifying its status as the largest debut fintech exhibition in history.
Organised by Tahaluf in collaboration with Fintech Saudi and major financial institutions such as the Saudi Central Bank (SAMA), the Financial Sector Development Program (FSDP), and the Capital Market Authority (CMA), 24 Fintech attracted over 36,900 visitors across three action-packed days.
And it’s no surprise the event, which showcased over 300 brands, was so popular. Held at the Riyadh Front Exhibition and Conference Centre, the event boasted a vast 40,000 square metres of space, packed with fintech innovation and industry leadership.
Fintech Forge Start-Up Competition
The third day continued to build on the success of the previous days, featuring high-level discussions and presentations from fintech pioneers, innovators, and key industry stakeholders. Among the highlights was the conclusion of a much-anticipated ‘Fintech Forge Start-Up Competition’.
The competition, designed to encourage and support new fintech ideas, saw 24 startups pitch their innovative concepts across three days, eventually whittled down to 12 finalists who competed for a share of a $250,000 prize pool.
Ejari, a Saudi-based rent-now, pay-later real estate platform, claimed the top prize of $100,000. The platform enables customers to rent properties with an option to pay in monthly instalments over six months to a year, offering greater financial flexibility to renters.
Yazeed Al-Shamsi, co-founder and CEO of Ejari, described the prize money as pivotal in accelerating the company’s growth and expanding its customer base. This recognition, Al-Shamsi noted, was a testament to their hard work and the burgeoning fintech ecosystem in Saudi Arabia.
Fostering innovation
Jean Pesme, global director of finance at the World Bank, delivered a keynote address, where he commended Saudi Arabia’s robust fintech landscape. He emphasised the importance of regulatory frameworks and public-private partnerships in creating an environment where fintech can thrive.
Jean Pesme, global director of finance at the World Bank
Pesme also pointed to the significant advancements Saudi Arabia has made in fostering fintech innovation, particularly in regulatory sandboxes, talent development, and entrepreneurship support, which are vital to building a sustainable fintech ecosystem. He also highlighted the Kingdom’s focus on education and talent, particularly for women entrepreneurs, as a significant driver for future success in fintech.
Pesme touched upon cross-border payments, an area of focus for both the World Bank and the G20. He explained that fintech is already making a tangible difference in this sector, reducing costs and improving efficiency.
“The cost of sending remittances from Singapore to India, for example, using digital channels, is already under one per cent. That’s 50 per cent lower than traditional channels. So there’s already an impact on cost immediately,” he added. Pesme’s praise for Saudi Arabia’s fintech efforts underscored the Kingdom’s potential as a future global leader in the industry.
Leveraging BNPL
In another compelling session, Hosam Arab, co-founder and CEO of Tabby, a BNPL platform, discussed the evolving nature of BNPL services.
Hosam Arab, co-founder and CEO of Tabby
He presented new research that challenged misconceptions about the model, saying: “We did the report because there were some misconceptions that some people used BNPL for their excess discretionary spending. But what we saw in our data was the exact opposite. We saw that consumers are starting to use this for their essential spending.
“We are seeing a lot more use of this in healthcare, education and insurance. All key sectors of consumers are shifting from traditional credit services. We are saying essential spending is now two times that of excess discretionary spending.”
Arab highlighted the growing maturity of the product and the way it is transforming consumer spending patterns, with an increasing focus on essential purchases.
Bowing out after a successful three days
24 Fintech’s third and final day successfully underscored the vast potential of Saudi Arabia’s fintech ecosystem but also highlighted the importance of innovation, investment, and collaboration in driving the sector forward.
“This wouldn’t have been possible without the invaluable support from all of our partners who have worked tirelessly to create what is the largest fintech debut event in history,” explained Annabelle Mander, SVP of Tahaluf. “Over the past three days, we have seen multi-million dollar acquisitions, mega venture capital fund investments in the hundreds of millions, and numerous MoUs signed, all designed to drive the Kingdom’s fintech ecosystem further towards becoming one of the healthiest, most robust markets in the world.”
With valuable insights and deals already taking place there, the event is already doing its part to position Saudi Arabia as a leading fintech hub.
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