The first edition of the International Conference on Financial Technology, ’24 Fintech, at the Riyadh Front Exhibition and Conference Center on Tuesday with an address from Finance Minister Mohammed Al-Jadaan, large crowds and a slew of announcements.
The ’24 Fintech Conference billed as Saudi Arabia’s flagship fintech event is ongoing September 3-5, 2024 at the Riyadh Front Exhibition & Conference Center. It follows a recent report from the General Authority for Small and Medium Enterprises (Monsha’at) that the fintech sector since 2018 had attracted $1.84 billion in venture capital investments with 216 Saudi-based startups receiving funding and directly employing more than 6,500 people.
The conference is organized by “Fintech Saudi” and “Tahaluf,” a joint venture between Informa PLC, the Saudi Federation for Cyber Security, Programming and Drones (SAFCSP) and the Events Investment Fund (NDF). It expects to attract over 26,000 participants, 300 exhibitors, and 350 investors and offer 175 hours of specialized content. The ’24 Fintech conference is set to become an annual event and one of the largest financial technology gatherings in Asia, Europe, and North Africa.
On the opening day, Minister of Finance Mohammed Al-Jadaan addressed the conference saying the number of fintech companies in Saudi Arabia had reached 224 by the end of Q2 2024, surpassing the Financial Sector Development Program’s target of 168 companies for the same period. Al-Jadaan added that the value of venture capital investment in Saudi fintech companies amounted to $1.89 billion by the end of Q2 2024 and that Kingdom aims to increase the number of fintech companies to 525 by 2030, contributing $3.5 billion to the economy and creating 18,000 jobs.
Online payments in the retail sector dominated 70% of total payments in 2023, compared to 62% a year earlier, achieving the FSDP 2025 target, the minister said. He noted that the Kingdom seeks to increase this percentage to 80% by 2030.
On the sidelines fintech companies Tabby, Syarah, Malaa, Tamara and others made announcements regarding investments or new offerings.
