MENA Fintech Association

Seamless KSA 2024: Highlights of Saudi’s Mega Fintech & Digital Commerce Event

Seamless KSA 2024, 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 600 exhibitors, 350+ speakers, and more than 25,000 attendees, this year’s edition showcased the latest advancements in fintech, e-commerce, digital payments, and embedded finance. The event also spotlighted the contributions of MENA Fintech Association (MFTA) members, with many exhibiting and participating in panel discussions and strategic agreements that highlighted their commitment to transforming the region’s financial ecosystem.

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 Vision 2030, with embedded finance and open banking driving new growth opportunities for SMEs and financial institutions​.


Embedded Finance & Open Banking: Transforming Business Models

At the heart of Seamless KSA 2024 were discussions around embedded finance and open banking, two of the most significant trends shaping the Kingdom’s fintech sector. Embedded finance is revolutionising how businesses, especially SMEs, 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.

Saudi fintech firms such as Tamara and Lendo demonstrated how embedded finance can enhance Buy Now, Pay Later (BNPL) models and working capital 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 25% annually in Saudi Arabia, with the potential to reshape sectors like wealth management, insurance, and B2B transactions.

Open banking 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​. 

One notable quote came from Abdelrahman Ahmed, Chief Strategy Transformation Officer at Arab National Bank (ANB)

“Open banking is not just about data sharing; it’s about creating a more inclusive and innovative financial ecosystem for all participants.”

Strategic Partnerships & Fintech Innovations

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

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

“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.”

Elm’s participation in panel discussions about APIs and BaaS(Banking-as-a-Service) showcased the importance of integrating financial services directly into the customer experience​.

 

The Role of AI & Advanced Customer Solutions

AI-driven innovations also took the spotlight, with companies like Unifonic unveiling their AI-powered conversational marketing solutions. Unifonic’s Audience platform, designed to improve customer engagement and ROI, offers real-time automation across communication channels such as WhatsApp, SMS, and voice.

 Ahmed Hamdan, CEO of Unifonic, highlighted how their solutions align with Vision 2030 by enhancing customer experience:

“Our AI tools are designed to personalize and streamline customer interactions, empowering businesses to achieve higher satisfaction and retention rates.”

Key learnings from the event:
  • KSA’s fintech scene is flourishing! With 216 fintech startups in just seven years, this growth is remarkable.

  • AI/ML and Data Analytics took centre stage. Panelists had an engaging debate on the ROI timeline for AI implementation.

  • The Open banking regulations and Payment Initiation Services (PIS) are reshaping the financial landscape in KSA. A special mention to SingleView, a fintech innovating in open banking for SMEs.

  • The payments sector is paving the way! Stimulating discussions were held on digital payments for Hajj and Umrah pilgrims, with an ambitious target of 30 million visitors by 2030.

  • Digital credit scoring is evolving, with new models that incorporate alternative data sources. Fintech innovators are leading this charge.

  • Banks are navigating the fine balance between innovation and compliance. Finding the right equilibrium remains critical.

  • The personalization gap in banking is being tackled using Big Data and AI. Smart customer segmentation emerged as a key trend.

  • The future of banking is “phygital”, with hybrid models bridging the gap between traditional and digital banking. Evolution, not extinction.

  • The digital skills gap remains a challenge. The solution lies in strategic partnerships with fintechs, tech providers, and big tech firms. Collaboration will be key to success! 

 

Conclusion: Saudi Arabia’s Digital Future is Bright

As Seamless KSA 2024 concludes, it’s clear that Saudi Arabia is well on its way to becoming a global leader in fintech and digital commerce. From embedded finance and open banking to AI-powered innovations, the Kingdom is creating a vibrant financial ecosystem that supports both businesses and consumers. The event demonstrated the power of strategic partnerships, with organizations like MFTA playing a crucial role in driving these advancements​.

Looking forward, Saudi Arabia’s financial landscape is set to grow even further, with continued focus on SME growth, digital payments, and data-driven solutions. As Vision 2030 continues to unfold, the Kingdom is poised to lead the region in fintech innovation and economic diversification.

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