Saudi Arabia Dominates MENA Fintech With Investments Surpassing SAR 800 Million

The 24 Fintech Conference continued its second day at the Riyadh Front Exhibition and Convention Center. Emad Kashgari, CEO of 1957 Ventures, delivered a keynote speech highlighting Saudi Arabia's leadership in financial technology within the Middle East and North Africa.

Kashgari revealed that Saudi Arabia accounted for 58% of venture capital investments in the region in 2023. He also announced that the 1957 Ventures investment fund had surpassed SAR800 million. This significant milestone underscores the Kingdom's growing influence in the fintech sector.

The event is hosted by the Financial Sector Development Program, the Saudi Central Bank (SAMA), the Capital Market Authority, and the Insurance Authority. It is organized by Fintech Saudi and Tahaluf, a joint venture between the Saudi Federation for Cybersecurity, Programming and Drones, Informa Global, and the Investment Events Fund.

During the conference, it was announced that solutions by stc has joined the Makkan program as a partner. This partnership aims to provide strategic management services to empower entrepreneurs and startups in fintech by supporting technology, cloud computing, and cybersecurity.

SAMA reached a partnership with Samsung to introduce Samsung Pay in Saudi Arabia in Q4 of this year. This initiative aligns with the Financial Sector Development Program's goals under Saudi Vision 2030 to enhance the digital payments ecosystem.

Key Sessions and Participants

The second day featured sessions on various topics including the future of financial technology, banking services, and the transition from traditional to digital banking. These discussions highlighted fintech growth in Saudi Arabia.

Notable participants included Deputy Governor for Financial Innovation at SAMA Yazeed Al-Nafjan, STC Bank CEO Nizar Al-Tuwaijri, and Endeavor Executive Director Lateefa Alwaalan. Their insights provided valuable perspectives on industry trends and developments.

The conference continues to be a pivotal platform for discussing advancements in financial technology. It brings together key stakeholders to explore opportunities for innovation and collaboration within the sector.

With inputs from SPA