The inaugural 24 Fintech summit and exhibition has officially opened its doors at the Riyadh Front Exhibition & Conference Centre. This three-day event, designed to position Saudi Arabia as a major fintech hub, is expected to attract over 26,000 attendees, 300 exhibitors, and 200 investors. Hosted by Saudi Arabia’s Financial Sector Development Program (FSDP), the Saudi Central Bank, the Capital Market Authority (CMA), and the Insurance Authority, the event aims to foster innovation and collaboration in the fintech sector, aligning with the Kingdom’s Vision 2030.
A Platform for Innovation and Collaboration
The 24 Fintech event is set to become one of the premier annual fintech gatherings in Asia, Europe, and North Africa. It features 175 hours of expert-led content, providing a platform for regulators, policymakers, investors, technologists, and academics to shape the future of fintech. The event is co-organized by Fintech Saudi and Tahaluf, a strategic venture between Informa PLC, the Saudi Federation for Cybersecurity, Programming and Drones (SAFCSP), and the Events Investment Fund.
The summit aims to enhance the experience of investors, startup entrepreneurs, and academia through various initiatives. One such initiative is the Fintech Fusion Hub, which will convene 80 of the most innovative startups and over 200 investors. This zone will facilitate collaboration through AI-enabled matchmaking and expert-led mentorship, fostering a vibrant ecosystem for fintech innovation.
The event also highlights the importance of financial innovation and fintech enablement in transforming Saudi Arabia’s economy. By adopting advanced and innovative solutions, the Saudi Central Bank aims to bring added value to the economy, encouraging competitiveness in the financial market while maintaining stability and resilience.
Saudi Arabia’s Vision 2030 and Fintech Growth
Saudi Arabia’s fintech sector is experiencing remarkable growth, driven by robust government support and the digitalization of the banking and finance sectors. The kingdom’s fintech industry is projected to grow from $64 billion in 2024 to $87 billion by 2029, with the number of fintech companies surging from 89 in 2022 to 200 in 2023. The 24 Fintech event aligns with Saudi Arabia’s Vision 2030, aiming to elevate the country as a global fintech powerhouse.
The event will feature high-profile speakers and sponsors, including Visa, J.P. Morgan Payments, and Mozn. These industry leaders will discuss top trends such as artificial intelligence and machine learning, exploring their potential to revolutionize financial services. The event’s format is designed to foster innovation, collaboration, and networking among industry leaders, positioning Saudi Arabia at the forefront of fintech innovation.
The Saudi Central Bank’s participation in co-hosting the event underscores its commitment to adopting advanced solutions and fostering a competitive financial market. The event’s success is expected to contribute significantly to the kingdom’s economic growth, supporting the broader goals of Vision 2030.
Future Prospects and Challenges
Looking ahead, the 24 Fintech event aims to continue its momentum and address the challenges associated with rapid growth in the fintech sector. One of the key challenges is ensuring a balance between innovation and regulation. While fostering innovation is crucial, maintaining a stable and resilient financial ecosystem is equally important.
The event also aims to expand its reach and impact by fostering collaborations with international fintech institutions. These collaborations will provide Saudi fintech companies with more opportunities to showcase their innovations on the global stage. The event’s organizers are committed to creating a supportive environment for fintech startups, providing them with the resources and mentorship needed to succeed.
Another challenge is building a robust infrastructure to support the growing fintech industry. This includes developing state-of-the-art facilities, providing training programs for aspiring fintech professionals, and creating a conducive environment for innovation. The 24 Fintech event is a significant step towards addressing these challenges and ensuring the sustainable growth of Saudi Arabia’s fintech sector.
