Attracting over 37,000 attendees, the inaugural FinTech 24 conference came to an end in Riyadh on Wednesday. The Financial Sector Development Program, Capital Market Authority, Insurance Authority, and Saudi Central Bank (SAMA) served as the event's hosts. Fintech Saudi and Alliance, a partnership between Informa Global, the Investment Events Fund, the Federation for Cybersecurity, Programming and Drones, and Fintech Saudi, jointly organized the event.
Reiterating Saudi Arabia's position as a regional leader in fintech, Dr. Khalid Al-Dhaher, Deputy Governor of SAMA for Supervision and Technology, emphasized the conference's role as a crucial platform for policy makers, industry leaders, international experts, and regulators to advance the financial technology ecosystem.
A number of significant agreements were inked, such as one that will enable Fintech Saudi and SIMAH Credit Rating Agency to offer financial companies discounted services; another that will establish a fintech support center at King Fahd University of Petroleum and Minerals; and still another that will work with the Singapore Fintech Association to advance financial technology systems in both countries.
Important subjects covered in the conference sessions were fostering digital identity trust, using technology to improve financial stability, expanding fintech into new industries, updating insurance technology regulations, and growing wealth and financial markets.
Notable announcements included the establishment of a new SR800 million investment fund by 1957 Ventures, a deal between SAMA and Samsung to implement Samsung Pay in Saudi Arabia by Q4 2024, and Tabby's acquisition of Tuwaiq to broaden its portfolio of financial services.
