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). This event emphasizes Saudi Arabia's intention to cement its position as a major fintech hub, setting the stage for financial technology innovation across various continents.

Debuting this annual event in the capital Riyadh is viewed as a major milestone for the country's fintech aspirations, designed as one of the premier annual fintech events across Asia, Europe, and North Africa. The gathering is expected to attract over 26,000 attendees, 300 exhibitors, and 200 investors, and features 175 hours of expert-led content, setting a global benchmark.

Hosted by key financial institutions such as the Financial Sector Development Program (FSDP), the Saudi Central Bank (SAMA), the Capital Market Authority (CMA), and the Insurance Authority (IA), the event focuses on high-level engagement through extensive collaboration with global regulators, industry leaders, and financial innovators.

Mohammed El Kuweiz, Chairman of the CMA, emphasized the role of the fintech sector as a crucial driver for enhancing and developing financial products and services. He stated, 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.

Ayman Al-Sayari, Governor of SAMA, underscored the importance of financial innovation and fintech enablement to Saudi Arabia's economic transformation. He mentioned that the event highlights SAMA's commitment to adopting advanced solutions to boost economic value, competitiveness, and financial sector resilience, essential for any economic transformation.

Additionally, Abdulaziz AlBoug, Chairman of Saudi Arabia's Insurance Authority, emphasized the event's role in promoting technological advancements and innovation within the insurance sector. According to him, This event will facilitate the integration of innovative technologies, enhancing the quality and reach of insurance services across the Kingdom.

The summit is designed to foster collaboration through various components such as the Startup and Investors' Zone, known as Fintech Fusion Hub, which will showcase 80 innovative startups, with selected businesses and investors collaborating across a thought-provoking agenda. The event also features stages dedicated to trends, academic discussions, and talent development.

Annabelle Mander, Senior Vice President at Tahaluf, highlighted the alignment of 24 Fintech with Saudi Vision 2030's goals, including the establishment of 525 fintech companies, creation of 18,000 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, Mander said.

Nezar Al-Haidar, CEO of Fintech Saudi, described the event as a pivotal moment for advancing the Saudi fintech industry. He stated, 24 Fintech is an important milestone in advancing the Saudi fintech industry and aligns with our vision to position the Kingdom as a leading global fintech hub.

The three-day conference also stands out for its focus on investment opportunities, with components like Venturescape and pitch competitions designed to stimulate capital flow into promising startups. Fintech solutions have proven critical in addressing infrastructure pain points in various regions. Philip Bahoshy, CEO of venture data platform MAGNiTT, noted the potential of fintech solutions to disrupt traditional money transfer and payment systems, fostering financial growth both locally and globally.

Dialogue and collaboration between regulators, founders, and corporates are essential for achieving product-market fit, attracting capital, and contributing to broader economic goals such as employment and GDP growth, Bahoshy stressed. Platforms like regulatory sandboxes are crucial for finding solutions to everyday consumer challenges while allowing for regulatory frameworks to adapt to the evolving financial services sector.

Moreover, Saudi Arabia's larger population compared to other Gulf Cooperation Council countries makes it an attractive market for scalable fintech solutions. A flexible and dynamic regulatory environment that listens to founders and the market will drive more companies to build their businesses in the Kingdom, potentially setting a gold standard for other countries in the region.

Lastly, tackling areas such as governance, data privacy, cybersecurity, and consumer protection is paramount to supporting the rapid growth of fintech, ensuring the sector's robust frameworks for security and regulation.