{"id":7609,"date":"2024-11-24T15:15:17","date_gmt":"2024-11-24T15:15:17","guid":{"rendered":"http:\/\/mena-fintech.org\/demo\/?p=7609"},"modified":"2024-11-24T15:16:25","modified_gmt":"2024-11-24T15:16:25","slug":"seamless-ksa-2024-highlights-of-saudis-mega-fintech-digital-commerce-event","status":"publish","type":"post","link":"http:\/\/mena-fintech.org\/demo\/seamless-ksa-2024-highlights-of-saudis-mega-fintech-digital-commerce-event\/","title":{"rendered":"Seamless KSA 2024: Highlights of Saudi’s Mega Fintech & Digital Commerce Event"},"content":{"rendered":"

Seamless KSA 2024<\/b>, held from October 22-24 at the Riyadh Front Centre, cemented its place as a driving force in the Kingdom’s digital transformation journey. With over <\/span>600 exhibitors<\/b>, <\/span>350+ speakers<\/b>, and more than <\/span>25,000 attendees<\/b>, this year\u2019s edition showcased the latest advancements in fintech, e-commerce, digital payments, and embedded finance. The event also spotlighted the contributions of <\/span>MENA Fintech Association (MFTA)<\/b> members, with many exhibiting and participating in panel discussions and strategic agreements that highlighted their commitment to transforming the region\u2019s financial ecosystem.<\/span><\/p>\n

Several key MFTA members took center stage, inking deals and showcasing innovations that strengthen the fintech landscape in Saudi Arabia. These collaborations are integral to supporting <\/span>Vision 2030<\/b>, with embedded finance and open banking driving new growth opportunities for SMEs and financial institutions\u200b.<\/span><\/p>\n


\nEmbedded Finance & Open Banking: Transforming Business Models<\/span><\/h5>\n

At the heart of <\/span>Seamless KSA 2024<\/b> were discussions around <\/span>embedded finance<\/b> and <\/span>open banking<\/b>, two of the most significant trends shaping the Kingdom\u2019s fintech sector. Embedded finance is revolutionising how businesses, especially <\/span>SMEs<\/b>, access financial services directly through their platforms. This eliminates the need for third-party financial institutions, enabling companies to offer services like payments, lending, and insurance directly to their customers.<\/span><\/p>\n

Saudi fintech firms such as <\/span>Tamara<\/b> and <\/span>Lendo<\/b> demonstrated how embedded finance can enhance <\/span>Buy Now, Pay Later (BNPL)<\/b> models and <\/span>working capital<\/b> solutions for businesses. By streamlining access to financial services, SMEs can grow faster and compete in the ever-expanding digital economy. Embedded finance is projected to grow by <\/span>25% annually<\/b> in Saudi Arabia, with the potential to reshape sectors like <\/span>wealth management<\/b>, <\/span>insurance<\/b>, and <\/span>B2B transactions<\/b>.<\/span><\/p>\n

Open banking<\/b> was also a major focus, with Saudi banks now embracing the opportunity to collaborate with fintechs. This has led to significant growth in transaction volumes as banks and fintechs work together to develop innovative, customer-centric solutions\u200b.\u00a0<\/span><\/p>\n

One notable quote came from <\/span>Abdelrahman Ahmed<\/b>, Chief Strategy Transformation Officer at <\/span>Arab National Bank (ANB)<\/b>:\u00a0<\/span><\/p>\n

“Open banking is not just about data sharing; it’s about creating a more inclusive and innovative financial ecosystem for all participants.”<\/i><\/b><\/p>\n

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Strategic Partnerships & Fintech Innovations<\/span><\/h5>\n

During the event, <\/span>Arab National Bank (ANB)<\/b> signed several strategic agreements with key players, including <\/span>HyperPay<\/b> and <\/span>Saudi Telecom Company (STC)<\/b>. These partnerships aim to enhance digital payments infrastructure and provide <\/span>AI-powered<\/b> services that streamline financial transactions. ANB\u2019s collaboration with <\/span>OneCard<\/b> also focused on developing a <\/span>digital card store<\/b> for the bank’s customers, further pushing the envelope in digital banking\u200b.<\/span><\/p>\n

Elm<\/b>, a digital solutions leader, introduced cutting-edge products such as <\/span>Yakeen<\/b> and <\/span>Dhamen<\/b>, which focus on <\/span>fraud prevention<\/b>, <\/span>e-commerce security<\/b>, and real-time verification services. <\/span>Majid bin Saad Al Arifi<\/b>, CEO VP of the Marketing Sector at Elm, remarked,\u00a0<\/span><\/p>\n

“Seamless KSA 2024 is an ideal platform to explore collaborations that will shape the future of digital commerce in Saudi Arabia. Through innovation, we are improving business efficiency and driving the digital transformation of financial services.”<\/i><\/b><\/p>\n

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Elm’s participation in panel discussions about <\/span>APIs<\/b> and <\/span>BaaS<\/b>(Banking-as-a-Service) showcased the importance of integrating financial services directly into the customer experience\u200b.<\/span><\/p>\n

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The Role of AI & Advanced Customer Solutions<\/span><\/h5>\n

AI-driven innovations also took the spotlight, with companies like <\/span>Unifonic<\/b> unveiling their <\/span>AI-powered conversational marketing solutions<\/b>. Unifonic\u2019s <\/span>Audience<\/b> platform, designed to improve customer engagement and ROI, offers real-time automation across communication channels such as WhatsApp, SMS, and voice.<\/span><\/p>\n

\u00a0<\/span>Ahmed Hamdan<\/b>, CEO of Unifonic, highlighted how their solutions align with <\/span>Vision 2030<\/b> by enhancing customer experience:<\/span><\/p>\n

“Our AI tools are designed to personalize and streamline customer interactions, empowering businesses to achieve higher satisfaction and retention rates.”<\/i><\/b><\/p>\n

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Key learnings from the event:<\/span><\/h5>\n