The inaugural 24 Fintech 2024 in Riyadh, Saudi Arabia, was a resounding success, attracting upwards of +35,000 attendees, 400 speakers, 200 investors, and 150 fintech startups. CFTE was honoured to serve as a Knowledge Partner for this landmark event.
Hosted by the Financial Sector Development Programme (FSDP), Saudi Central Bank (SAMA), Capital Market Authority (CMA), and the Insurance Authority (IA), and co-organised by Fintech Saudi and Tahaluf.
The event, hosted at the Riyadh Front Exhibition & Conference Centre from 3rd to 5th September 2024, featured more than 400 expert speakers who addressed the most pressing issues facing the finance industry today.
Saudi Arabia is positioning itself as a global fintech leader, driven by its ambition of Saudi Vision 2030. With CFTE attending 24 Fintech as a knowledge partner, we witnessed a strong sense of optimism and excitement about the future. There is a sense of mission in every entrepreneur, industry leader and government body, every conversation, presentation and discussion carries a sense of purpose that extends beyond achieving financial success. It is a momentum that keeps elevating Saudi’s fintech industry to a whole new level.
The event was more than a showcase of collaboration, it was a dynamic exchange of ideas and innovations to shape the future of finance and a thriving fintech ecosystem.
The event brought together a diverse audience, including central bank governors, regulators, policymakers, financial and non-financial institutions, big tech providers, investors, venture capitalists, academics, researchers, and professional and industry associations, to navigate the immense technological changes impacting the sector.
Highlights from 24 Fintech 2024
The event featured an array of Global and Knowledge Plenary sessions, engaging roundtable discussions, and a comprehensive exhibition of cutting-edge fintech solutions. Participants had the opportunity to connect with leading figures in finance, technology, and regulation, who shared their expertise on the latest trends and challenges in the fintech industry.
CFTE’s Key Contributions
Roundtable: Governance of AI Technologies in Financial Services, 3rd September
A significant contribution by CFTE was the roundtable on “Governance of AI Technologies in Financial Services,” co-chaired by Huy Nguyen Trieu, Co-Founder of CFTE and Steve Plimsoll, Assistant CEO of the Saudi Data & AI Authority (SDAIA). As AI continues to transform financial services, the need to balance innovation with effective governance has become increasingly important.
The discussion was structured around three key themes:
- Part 1: Regulatory Frameworks and Governance Models
The session began with an exploration of existing and emerging regulatory frameworks designed to oversee AI in financial services. Participants discussed the challenges of developing governance models that support innovation while protecting the integrity of financial systems. This included an examination of the roles of central banksand regulators as well as leadership in the private sector and the end users themselves. - Part 2: Aligning AI Frameworks to Regulatory Objectives
In this segment, the focus was on aligning AI governance with broader regulatory objectives. The discussion addressed the unique challenges posed by AI, such as model risk management, concentration risk, consumer protection, cybersecurity risks among others. Participants shared insights and lessons learnt from UK, EU, Saudi Arabia, Singapore and other countries on designing regulatory frameworks that balance these needs while fostering continued innovation. - Part 3: Future-proofing regulations in an exponential world
The final session looked at the longer term vision for leaders of countries and organisations to develop a future proof frameworks for AI. The roundtable concluded with recommendations from all speakers representing diverse perspectives coming from a diverse range of backgrounds and roles.
The roundtable included contributions from a distinguished group of experts: Mansour Alsaleh, Head of Innovation Hub at Saudi Central Bank (SAMA); Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore (MAS); Ryosuke Ushida, Chief Fintech Officer at Financial Services Agency, Japan (JFSA); Fatima Abukar, Data, Algorithms and AI Ethics Lead at the Financial Conduct Authority; Ahmad Alajlan, Manager of Fintech Permit/Financial Technology Officer at Capital Market Authority; Massimo Buonomo, AI expert and former UN global expert; Douglas Arner, Kerry Holdings Professor at The University of Hong Kong; Dr. Mohammed Alhussein, CEO at Mozn; Dr. Sivaramakrishnan Guruvayur, Chief AI Scientist at the Centre for AI and Digital Policy; and Dr. Mohamad Sibai, CTO at Srena.
With a focus on creating adaptable governance models, aligning AI with regulatory objectives, and foreseeing the importance of regulations and frameworks for AI, the insightful roundtable aim to facilitate further discussions and collaborations between governments, the financial industry, academia and technology companies. These discussions will inform future strategies for AI integration while maintaining ethical and operational integrity. A report summarising the discussions will be released soon, and we will share it with you as soon as it’s available.
Huy’s Fireside Chat with Ashish Aggarwal from PayPal Ventures on “Regulation Resilience: Navigating Complex Global Landscapes“
Besides, we have our Co-Founder Huy NGUYEN TRIEU and Ashish Aggarwal from PayPal Ventures led an insightful fireside chat on “Regulation Resilience: Navigating Complex Global Landscapes”, where they shared valuable insights on how startups can navigate complex regulations and thrive in global markets.
Roundtable: Shaping the Future Workforce in Financial Services, 4th September
One of the key highlights of CFTE’s involvement was the roundtable titled “Shaping the Future Workforce in Financial Services,” co-chaired by Huy Nguyen Trieu, Co-Founder at CFTE, and Mohammed Alhamazany, Chief of Capabilities Development at The Financial Academy. This roundtable explored strategies for developing the right talent for the future of financial services, focusing on both strategic and operational approaches.
The discussion was divided into three key parts:
- Part 1: Skills and Talents in Saudi Financial Services
This session provided an in-depth look at the current workforce within Saudi Arabia’s financial services sector. Participants discussed the strengths of Saudi Arabia in talent development, particularly under Vision2030 initiatives and the leadership of the Central Bank, while calling for further collaboration between sectors and learning best practices from other countries in upskilling the workforce at scale. - Part 2: Strategic Policies for Talent Development
The conversation then shifted to the strategic and policy-level approaches required to attract and develop talent within the Kingdom. This included discussion on the importance of policies that help raise awareness about continuous learning, identify skill gaps and encourage the workforce to obtain micro certificates, while some speakers stress on practical application of knowledge and development of an entrepreneurial mindset. - This included discussion on the importance of policies that help raise awareness about continuous learning, identify skill gaps and encourage the workforce to obtain micro certificates, while some speakers stress on practical application of knowledge and development of an entrepreneurial mindset.
- Part 3: Actionable Next Steps and Recommendations
In the final session, participants shared best practices and challenges from central banks and leading organisations in the region, leading to the formulation of effective recommendations for organisations aiming to future-proof their workforce. The roundtable concluded with actionable steps designed to guide stakeholders in building a resilient, future-ready workforce.
The roundtable featured distinguished speakers including Mohammed A. Bukhary, HR Advisor; Dr. Tahani Ashkar, Director/Former Advisor to the Deputy Minister for Labor Market Policies; Nam Sin Ng, Former CEO at the Institute of Banking & Finance (IBF); Dr. Allen Baby, Former Chief Learning Officer at the Emirates Institute of Finance (EIF); Reem Aljasser, Talent & Development Division Manager at Saudi Central Bank (SAMA); Joao Santos, Former Senior Expert and Deputy Head of Unit at the European Commission; Zainab Alamin, Vice President of National Digital Transformation at Microsoft; Maryam Majed, Head of Digital Transformation & Project Management Center at the Bahrain Institute of Banking and Finance (BIBF); Dr. Ghadah Ben Baz, HR Executive Director at the Insurance Authority (IA); and Rishikesh Patankar, Vice President at the National Skill Development Corporation and Tram Anh Nguyen, co-founder of CFTE.
This roundtable laid the groundwork for a new initiative, aimed at fostering upskilling and reskilling within Saudi Arabia’s financial services sector. A report summarising the discussions will be released soon, and we will share it with you as soon as it’s available.
Workshop: Zero to Hero – Building a Fintech Solution Bootcamp Certified by CFTE, 5th September
On the final day, CFTE conducted the full-day “Zero to Hero – Building a Fintech Solution Bootcamp,” on the Fintech Fusion stage, co-designed with Fintech Saudi to support entrepreneurs in launching successful fintech startups in the Saudi market. With e64 carefully selected participants were guided through three important questions: Why become a fintech entrepreneur, What are the key success factors for fintech, How to build and launch a successful fintech startup.
The agenda consisted of 5 Masterclasses led by industry experts including Sagar Shar, Senior Advisor, Fintech Saudi, Malik Alyousef, Co-founder and COO, Mozn, Smeetha Gosh, Founder, Cahshee, Moneera, Programme Manager, Fintech Saudi and Huy Nguyen Trieu, Co-founder CFTE. Participants gained a complete toolkit that will help them ideate and validate their fintech solutions in the early stages of their startups.
At our bootcamp, we brought together industry leaders and mentors to guide participants through entrepreneurial projects, which led to brilliant startup ideas. Entrepreneurs had the opportunity to develop their projects and pitch in front of influential figures, including His Excellency Yazeed Al-Nafjan, CFA, Chairman of Fintech Saudi, who delivered an inspiring message to all participants and a graduation ceremony for the cohort. His message emphasized the importance of innovation and resilience in shaping the future. Through this bootcamp, we equipped the next generation of Saudi entrepreneurs with the skills, knowledge, and foundation needed to take meaningful steps toward creating impactful ventures—something we at CFTE strongly believe in.
We extend our deepest gratitude to the mentors who generously gave their time, expertise and guidance to our mentors: Takeshi Kito (Elevandi Japan), Nicole Sandler (GDF), Daniel Liebau (Lightbulb Capital), Troy Hector (Trident Digital), Grant Niven (Mingzulu), Phil Watson (Lightbox Wealth), Mohamed Fairooz (SC Ventures), Smeetha Ghosh (Cashee), Karim Samakie (Fintech Saudi), and Piotr Kurzepa (CFTE).
The boot camp prepare the next generation of Saudi entrepreneurs and gave them the skills, knowledge and a starting point to create something we at CFTE believe is a meaningful step.
Recording Future of Money: FUMO Podcast with Kelvin Li and Douglas Arner
CFTE at 24 Fintech, our Future of Money FUMO podcast, recorded two special guest speakers with our hosts, Ronit and Gaurav. Kelvin Li, Head of Platform Tech Business Unit at Ant International, Douglas Arner, Kerry Holdings Professor in Law at the University of Hong Kong.
The two guest speakers unpacked from the payment sector that’s happening globally to recent innovative solutions by private and public sectors. Join us as our guest speaker unpacked the trends and technologies happening in the global financial landscape.
FUMO podcast with our hosts Ronit & Gaurav is brought to you by CFTE supported by XVC Tech!
Celebrating Collaboration and Innovation at 24 Fintech 2024
Throughout the event, CFTE’s participation underscored its commitment to fostering innovation and collaboration within the fintech industry as an esteemed knowledge partner of 24Fintech. By leading critical roundtable discussions and offering insightful workshops, CFTE played a significant role in shaping the conversations that will influence the future of fintech in the Middle East and beyond.
Looking Ahead
24 Fintech 2024 was a landmark event that provided invaluable insights into the evolving world of fintech, particularly in the areas of regulation, AI integration, and workforce development. CFTE was proud to contribute to these vital discussions and looks forward to continuing its collaboration with industry leaders to drive the fintech sector forward.
See you at the next 24 Fintech event!
About CFTE
Founded in 2017 in London, the Centre for Finance, Technology and Entrepreneurship (CFTE) is a global platform for education in FinTech and the future of financial services. More than 100,000 professionals from 100+ countries have participated in CFTE programmes to accelerate their careers in finance. CFTE’s objective is to equip professionals and students with the skills to thrive in the new world of digital finance.
Contact
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