24 Fintech Event Showcase Saudi Arabia’s Ambitious Fintech Evolution

The inaugural 24 Fintech event in Riyadh, Saudi Arabia, marked a pivotal moment in the Kingdom’s ambitions to establish itself as a global fintech hub. The event successfully brought together a diverse array of leaders, innovators, and stakeholders from the financial technology sector to explore the latest trends, challenges, and opportunities within the industry.

Day one of the 24 Fintech event was characterized by a series of insightful sessions and strategic announcements. A significant highlight was the morning address by Ayman Al-Sayari, Governor of the Central Bank of Turkey. Al-Sayari's speech underscored the critical role central banks play in integrating fintech innovations into the broader financial ecosystem. He emphasized that regulatory bodies are essential for maintaining financial stability while fostering technological advancements.

The afternoon session featured Carolina Arabelaez, Private Growth Leader at Deloitte, who provided valuable insights from the Deloitte Technology Fast 50 Middle East & Cyprus program. Arabelaez highlighted several key trends, including ecosystem growth, increasing female participation in technology, and a growing emphasis on sustainability within the fintech sector.

Tawuniya, a prominent Saudi Arabian insurance company, also made headlines with its unveiling of a forward-looking digital strategy. Abdullah Alsharqi, Chief Transformation and Technology Officer at Tawuniya, detailed the company’s plans to diversify its revenue streams. Tawuniya’s strategic vision includes expanding into healthcare, automotive services, and financial investments, with the aim of leveraging fintech to enhance service delivery and customer engagement.

The theme of partnerships was a notable aspect of the first day’s proceedings. Barq, a Saudi digital logistics platform, announced several key partnerships designed to bolster its digital infrastructure and broaden its service offerings. These collaborations are anticipated to strengthen the platform's capabilities and contribute positively to Saudi Arabia's digital economy.

In another major development, Tarabut Gateway, an open banking platform serving the MENA region, disclosed its acquisition of the UK-based fintech firm Vyne. The integration of Vyne’s sophisticated account-to-account payment technology is expected to improve transaction efficiency and cost-effectiveness across the region.

Overall, the first day of the 24 Fintech event demonstrated Saudi Arabia’s rapid advancements in the fintech sector. The event showcased the Kingdom’s commitment to innovation, strategic investments, and a supportive regulatory environment. It served as a crucial platform for stakeholders to exchange insights, forge new partnerships, and set the stage for future industry developments, aligning with Vision 2030’s broader goals of economic diversification and digital transformation.