Riyadh – Mubasher: The global meeting point for the fintech industry has launched in Saudi Arabia for the first time under the name 24 Fintech and will remain for three days from 3 to 5 September 2024 at the Riyadh Front Exhibition & Conference Centre (RFECC).
Debuting this annual event in the capital Riyadh cements Saudi Arabia’s position as a major fintech hub while being designed as one of the premier annual fintech events across Asia, Europe, and North Africa.
The launch edition is co-organised by Fintech Saudi and Tahaluf while being hosted by the Financial Sector Development Program (FSDP), the Saudi Central Bank (SAMA), the Capital Market Authority (CMA), and the Insurance Authority (IA).
It is expected to attract more than 26,000 attendees, 300 exhibitors, and 200 investors, in addition to high-level officials and leaders from local, regional, and global regulatory authorities. The new 24 Fintech event is featuring 175 hours of expert-led content with an objective to rival some of the best fintech gatherings from across the world.
Comments by Saudi Top Officials
Four top officials from the entities hosting and organising 24 Fintech 2024 gave remarks of the industry and the sector, the participation, the Kingdom’s vision, and more.
Mohammed ElKuwaiz, Chairman of the CMA, said: “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.”
ElKuwaiz added: “The Saudi Capital Market Authority'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 reaffirms our commitment to creating a vibrant, transparent, and resilient financial ecosystem that meets the highest international standards."
Meanwhile, the Governor of SAMA, Ayman Al Sayari, noted: “Financial innovation and fintech enablement is pivotal to the ongoing transformation of Saudi Arabia’s economy.”
Al Sayari highlighted that the participation of SAMA 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.”
From his part, Abdulaziz AlBoug, Chairman of Saudi Arabia’s Insurance Authority, said: "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.”
AlBoug concluded: “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."
Furthermore, Annabelle Mander, Senior Vice President at Tahaluf, said: “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 13.30 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.”
The three-day event aims at bringing together regulators, policymakers, investors, technologists, and academics. It further provides a platform for global industry stakeholders to shape, foster, and spur collaborative fintech transformation.
There will be a Startup and Investors’ Zone under the name Fintech Fusion Hub at 24 Fintech 2024 to showcase 80 innovative startups, with the selected emerging businesses and investors collaborating across a thought-provoking agenda on the Fintech Fusion stage with AI-enabled matchmaking and access to expert-led mentorship.
Moreover, the 24° Trends Stage will deep dive into the trends and technologies that reshape finance while the Futures Forum Stage will host academic discussions and talent development.
It is worth noting that Tahaluf is a strategic collaborative venture between Informa PLC, the Saudi Federation for Cyber Security, Programming and Drones (SAFCSP), and the Events Investment Fund (EIF).
Earlier, Checkout.com platform announced it will be entering into a strategic partnership with The Company for Cooperative Insurance (Tawuniya) at the event.
Meanwhile, Gulf International Bank (GIB) - Saudi Arabia is being the Silver Sponsor of the three-day summit.
