The inaugural 24 Fintech Conference commenced today in Riyadh, marking a significant leap forward in Saudi Arabia's ambition to become a global fintech hub. Hosted by the Financial Sector Development Program, the Saudi Central Bank (SAMA), the Capital Market Authority, and the Insurance Authority, and jointly organized by Fintech Saudi and 'Tahaluf,' this three-day event at the Riyadh Front Exhibition and Convention Center signifies the kingdom's commitment to fostering innovation and investment in the financial technology sector.

According to Saudi Finance Minister Mohammed Al-Jadaan, the number of fintech companies in Saudi Arabia surged to 224 by the end of Q2 2024, surpassing the Financial Sector Development Program's target of 168 companies for the same period. Al-Jadaan announced a new target of 525 fintech companies by 2030, reflecting the sector's rapid growth. Investment in Saudi fintech companies reached 7.1 billion riyals ($1.89 billion) by mid-2024.

The 24 Fintech Conference attracted a wide array of high-profile participants, including leading regulatory authorities, policymakers, investors, technologists, and academics. The event features over 175 hours of expert-led content, making it a strong competitor against other major fintech conferences globally. It aims to attract over 26,000 participants, 300 exhibitors, and 350 investors, creating a platform for global collaboration and innovation in financial technology.

SAMA Governor Ayman Al-Sayari emphasized the importance of fintech innovation in the ongoing transformation of Saudi Arabia's economy. The Central Bank's involvement in hosting the 24 Fintech Conference underlines its commitment to adopting cutting-edge financial solutions that add economic value and enhance market competitiveness while ensuring the financial sector's stability and resilience.

Capital Market Authority Chairman Mohammed Al-Kuwaiz highlighted the role of fintech in enhancing and modernizing financial products and services. Al-Kuwaiz noted that algorithm-based trading now accounts for 25% of trading value in Saudi Arabia, compared to 60% globally. He stressed the need for continuous innovation and regulatory development to maintain sector integrity and competitiveness.

Meanwhile, the Insurance Authority's Chairman Abdulaziz Al-Buqu reinforced the significance of digital transformation in accelerating growth and innovation in the insurance sector. The Authority's participation in the 24 Fintech Conference aligns with its commitment to integrating technology to improve service quality and access, contributing to sustainable sector growth in line with Saudi Vision 2030.

Leading Saudi fintech firm Tabby, which operates in digital payments and shopping, showcased its achievements at the conference. The company secured investments totaling 3.75 billion riyals ($1 billion) and processed funding requests worth over 37.5 billion riyals ($10 billion), including 21 billion riyals ($5.6 billion) in 2024 alone. Tabby's General Manager, Abdulaziz Sajaa, announced their plans to go public and to expand into consumer and SMB financing.

Emphasizing the significance of youth in driving digital transformation, Minister of Commerce Dr. Majid Al-Qasabi and Minister of Communications and Information Technology Abdullah Al-Swaha engaged with young Saudi entrepreneurs. They visited billion-dollar fintech companies and startups offering AI-driven financial solutions, reinforcing the government's support for innovative financial solutions and the national economy.

In a notable development, Tabby announced its acquisition of the Saudi digital wallet app Towiq, licensed by SAMA. The acquisition aims to expand Tabby's product portfolio, providing digital spending accounts, cards, and money management tools. Post-acquisition, the focus will be on maintaining Towiq's stability and integrating its services with Tabby's ecosystem, thereby advancing Saudi Arabia's digital economy in alignment with Vision 2030.

The conference also highlighted several future-forward themes, such as the role of AI in financial services, the expansion of digital payment solutions, and the regulatory challenges of fintech innovation. Discussions centered on enhancing investor and customer protection, developing robust digital infrastructures, and fostering global partnerships to drive sectoral growth.

The 24 Fintech Conference represents a milestone in Saudi Arabia's journey towards becoming a global leader in fintech. By bringing together industry leaders, policymakers, and innovators, the event aims to spur economic development, foster cross-border collaborations, and position the kingdom at the forefront of technological advancements in financial services.