'24 Fintech' Conference In Riyadh: A New Era For Global Financial Systems

The inaugural International Conference on Financial Technology, "24 Fintech," will begin on Tuesday, aiming to position Saudi Arabia as a leading financial technology hub. The three-day event at Riyadh Front Exhibition and Conference Center is hosted by the Financial Sector Development Program, the Saudi Central Bank (SAMA), the Capital Market Authority (CMA), and the Insurance Authority (IA).

Governor of SAMA, Ayman Al-Sayari, stressed that fostering financial innovation and fintech is crucial for Saudi Arabia's economic transformation. He stated that SAMA's involvement in "24 Fintech" highlights its dedication to adopting cutting-edge solutions to boost economic value and competitiveness while ensuring financial sector stability.

The conference is organized by "Fintech Saudi" and "Tahaluf," a joint venture between Informa PLC, the Saudi Federation for Cyber Security, Programming and Drones (SAFCSP), and the Events Investment Fund (NDF). It aims to attract over 26,000 participants, 300 exhibitors, and 350 investors, making it one of the largest fintech gatherings across Asia, Europe, and North Africa.

Chairman of CMA, Mohammed bin Abdullah El-Kuwaiz, highlighted that the financial technology sector plays a vital role in enhancing financial products and services. He noted that hosting "24 Fintech" aligns with the Kingdom's developmental goals by fostering innovation and creating diverse financing opportunities.

Abdulaziz Al-Boug, Chairman of the IA Board of Directors, emphasized that hosting "24 Fintech" reflects the authority's commitment to digital transformation in the insurance sector. He stated that integrating technology will improve service quality and accessibility across Saudi Arabia, contributing to sustainable growth in line with Saudi Vision 2030.

The conference will feature 175 hours of specialized content curated by an expert panel. It will bring together regulatory bodies, policymakers, investors, technology experts, and academics to collaborate on advancing the financial technology industry globally.

Supporting Entrepreneurs

Faisal Al-Khamisi, Chairman of SAFCSP Board of Directors and partner of Tahaluf, underscored the importance of supporting entrepreneurs and startups in fintech. He mentioned that this support is essential for building a skilled national workforce based on global best practices, aligning with Saudi Vision 2030's goals of fostering innovation and entrepreneurship.

"This summit will facilitate the integration of technology and innovation to enhance the digitalization of insurance," said Al-Boug. "It will improve service quality and ensure accessibility for all segments of society across the Kingdom."

The event offers an exceptional platform for global stakeholders in fintech to drive collective transformation within the industry. It aims to become an annual event competing with leading fintech conferences worldwide.

The conference underscores Saudi Arabia's commitment to becoming a major player in financial technology by bringing together key stakeholders to foster innovation and development within the sector.

With inputs from SPA