{"id":6711,"date":"2024-09-18T12:31:13","date_gmt":"2024-09-18T12:31:13","guid":{"rendered":"http:\/\/mena-fintech.org\/demo\/?p=6711"},"modified":"2024-09-18T12:53:10","modified_gmt":"2024-09-18T12:53:10","slug":"mfta-x-24-fintech-an-exclusive-coverage-article","status":"publish","type":"post","link":"https:\/\/mena-fintech.org\/demo\/mfta-x-24-fintech-an-exclusive-coverage-article\/","title":{"rendered":"MFTA x 24 Fintech: An Exclusive Coverage Article"},"content":{"rendered":"
24 FINTECH – SAUDI ARABIA\u2019S BOLD LEAP INTO THE FUTURE OF FINTECH<\/span><\/h5>\n

A Glimpse into the \u201cWorld’s Largest Debut Fintech Event\u201d. The Kingdom\u2019s Game-Changer?<\/i><\/b><\/p>\n

What happens when Saudi Arabia blends innovation with ambition? You get <\/span>24 Fintech<\/span><\/i>. The world’s largest debut fintech event, held in the heart of Riyadh. This event wasn\u2019t just another tech gathering, it was a <\/span>showcase of groundbreaking ideas, major investments, and strategic partnerships<\/span><\/i> that will shape the future of finance, not only in the region but across the globe.<\/span><\/p>\n

With <\/span>over 37,000 attendees<\/b>, <\/span>350 international speakers<\/b>, and <\/span>550 investors<\/b>, 24 Fintech signalled a new era for Saudi Arabia\u2019s fintech landscape. Supported by <\/span>Fintech Saudi, the Saudi Central Bank (SAMA), Capital Market Authority (CMA), Insurance Authority (IA), the Financial Sector Development Program (FSDP)<\/b>, and many more, the event was a major stepping stone for Saudi\u2019s <\/span>Vision 2030<\/b>. In essence, 24 Fintech has truly driven economic diversification and placed the Kingdom on the global fintech map.<\/span><\/p>\n

\u201cIn the case of Saudi Arabia, what we did is we have invested in the last decade in building a financial infrastructure that enables us to start to open up in terms of becoming more progressive and more proactive,\u201d<\/span><\/p>\n

-H.E. Yazeed Al-Nafjan, Deputy Governor for Financial Innovation at the Saudi Central Bank, also known as SAMA<\/span><\/p>\n

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\nSaudi Arabia\u2019s Fintech Vision – From Startup Dreams to Unicorn Realities<\/strong><\/span><\/h5>\n

Saudi Arabia is on a fintech mission, with the goal of establishing <\/span>500 fintech companies<\/b> by the end of this decade. With <\/span>230<\/b> already on the scene, the Kingdom is well ahead of its targets. But the true test lies in sustaining this growth and nurturing unicorns\u2014Saudi-born startups valued <\/span>over a billion dollars<\/b>.<\/span><\/p>\n

The 24 Fintech event put the spotlight on several local players. <\/span>Tamara<\/b>, <\/span>Tabby<\/b>, and <\/span>STCpay<\/b>, now celebrated fintech unicorns, shared their journey from startups to market leaders, showing the potential for Saudi-born companies to thrive globally. The narrative is clear: Saudi Arabia isn\u2019t just playing catch-up in the fintech world. It\u2019s leading the charge.<\/span><\/p>\n

Saudi\u2019s fintech sector is projected to grow from <\/span>$64 billion<\/b> in 2024 to <\/span>$87 billion<\/b> by 2029. The event served as a <\/span>launchpad for innovation<\/span><\/i>, with discussions on the <\/span>next wave of fintech unicorns<\/span><\/i> already on the horizon.<\/span><\/p>\n

Nezar Alhaidar<\/b>, <\/span>CEO of Fintech Saudi<\/b>, added during his keynote on the state of the fintech industry in KSA:\u00a0<\/span><\/p>\n

“Saudi Arabia’s fintech sector has made substantial progress, positioning itself as a key player both regionally and globally. Our vision is to drive forward with innovation and inclusivity at the core.”\u200b<\/span><\/p>\n

Game-Changing Moves & Collaborations<\/strong><\/h5>\n

The success of 24 Fintech wasn\u2019t just about attendance or speakers, it was about the monumental <\/span>partnerships and acquisitions<\/span><\/i> that were announced throughout the event. These developments signal how the Kingdom is transforming into a global fintech hub, attracting investors and innovators alike.<\/span><\/p>\n