What comes to mind when you hear +35,000 attendees, 400 speakers, 200 investors, and 150 fintech startups. It’s none other than 24 Fintech in Riyadh, Saudi Arabia. While the event was packed with insightful sessions and groundbreaking innovations, it was nearly impossible to catch everything happening. To help you stay in the loop, we’ve gathered the top 10 takeaways from the event as an esteemed partner of 24Fintech 2024. Don’t worry – it’s not just about the keynote speeches and panels!
Saudi Arabia’s fintech journey and opportunities highlighted by Nezar Alhaidar, CEO of Fintech Saudi
Nezar Alhaidar, CEO of Fintech Saudi, took the stage to present the impressive journey of Saudi Arabia’s fintech sector. He touched on the Kingdom’s rapid advancements in financial technology and the abundant opportunities available in this booming sector, underscoring Saudi Arabia’s emergence as a key player in the global fintech arena.
“Advancing Net Zero: The Role of Sustainable Finance and Technology in Accelerating Climate Action” Panel Discussion
A key panel discussion during 24 Fintech 2024 focused on the critical role of sustainable finance and technology in driving climate action. The discussion brought together industry leaders, including Marc Allen, Co-Founder of Unravel Carbon; Samrah Kazmi, Founder & CEO/Chief Innovation Officer of Women in Sustainable Innovation/RESRG; Leiming Chen, Chief Sustainability Officer at Ant International/Ant Group; Charles-Henry Monchau, CIO and Member of the Executive Committee at Syz Group; and Gautam Mukharya, Head of Wholesale Portfolio Risk Management & Senior Advisor ESG Risk at SAB.
Moderated by Manjula Lee, CEO of Worldwide Generation, the panel explored how finance and technology can accelerate the transition to a more sustainable world. With invaluable insights, it set the stage for continued discussions on climate action in the finance industry.
SAMA Announces Issuance of Second Release of Open Banking Framework
The Saudi Central Bank (SAMA) has issued the second phase of its Open Banking Framework, focusing on the Payment Initiation Service (PIS). This step is part of SAMA’s ongoing efforts to boost the fintech ecosystem in Saudi Arabia. The new guidelines are expected to improve the customer experience, streamline transactions, and create more opportunities for fintech companies to offer new products and services. The Open Banking Framework is part of the National Fintech Strategy, supporting Saudi Vision 2030.
“The Roadmap to Fintech Growth in the Kingdom” Panel Discussion
A crucial panel session titled “The Roadmap to Fintech Growth in the Kingdom” delved into the growth strategies for Saudi Arabia’s fintech sector. The panel featured Faisal Al-Sharif, Director General of the Financial Sector Development Program; H.E. Yazeed Alnafjan, Deputy Governor of Financial Innovation at the Saudi Central Bank; Abdullah Binghannam, Deputy of Financing & Investment at the Capital Market Authority; and Dr. Usamah Algemili, Chief Executive of the Insurance Authority. Moderated by Serena Sebastiani from PWC’s Financial Services Advisory (Virtual Assets), the session provided a clear roadmap for further advancing fintech in Saudi Arabia.
“MENA Digital Payments: Navigating Challenges and Seizing Opportunities” Panel Discussion
The Middle East payments industry is experiencing rapid growth, and 24 Fintech hosted an important panel discussion on “MENA Digital Payments – Navigating Challenges and Seizing Opportunities” as part of the Executive Summit. The panel featured Abdulaziz Al Jouf, Founder & CEO of PayTabs; Rachel Shackman, Head of Middle East Africa Non-Bank Financial Institutions at J.P. Morgan Payments; Ashraf Sabry, Founder & CEO of Fawry; Remo Abbondandolo, General Manager MENA at Checkout.com; and Ronit Ghose, Global Head, Future of Finance at Citi. They explored the pathways and strategies for navigating the challenges while capitalising on the opportunities in this diverse and dynamic region.
“Samsung Pay to Enter the Saudi Market in Q4 2024” Announcement
At 24 Fintech 2024, it was announced that Samsung Pay is set to enter the Saudi market in Q4 2024, further expanding the country’s mobile payment options. With a population of approximately 34 million people, Saudi Arabia already boasts several mobile payment services, including BayanPay, MadaPay, AlinmaPay, and Apple Pay. The introduction of Samsung Pay, operated by Samsung Electronics, will enhance competition and provide users with an additional secure, convenient mobile payment option.The agreement to enable Samsung Pay was signed during 24 Fintech 2024, marking a collaboration between Samsung and the Saudi Central Bank (SAMA). This initiative is part of the Kingdom’s broader effort to upgrade financial technologies as part of its Vision 2030.
“Shaping the Future Workforce in Financial Services” Roundtable Discussion by CFTE
24 Fintech followed in the footsteps of the global fintech circuit with a series of deep-dive roundtable discussions to address major industry challenges. These private, invite-only discussions brought together key government officials, central bank leaders, and C-level executives, tackling critical themes such as digital currencies, AI governance, and workforce transformation.
One of the standout sessions was the “Shaping the Future Workforce in Financial Services” roundtable, co-chaired by Tram Anh Nguyen, Co-Founder at CFTE, and Mohammed Alhamazany, Chief of Capabilities Development at The Financial Academy. The roundtable addressed the pressing need for talent development in financial services, focusing on strategic policies to encourage international talent into Saudi Arabia, and operational approaches for upskilling the existing 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.
“Governance of AI Technologies in Financial Services” Roundtable Discussion by CFTE
As AI continues to disrupt and shape the future of financial services, the “Governance of AI Technologies in Financial Services” roundtable, chaired by Huy Nguyen Trieu, Co-Founder at CFTE, and Steve Plimsoll, Assistant CEO of Saudi Data & AI Authority (SDAIA), sought to explore how regulation and innovation can coexist.
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.
The discussion highlighted the importance of establishing robust frameworks that address the evolving role of AI in financial services, and the need for forward-looking regulations that will keep pace with AI’s rapid advancements.
Empowering Entrepreneurs: Zero to Hero Bootcamp by CFTE
On the final day of the event, CFTE hosted the “Zero to Hero: The KSA Venture Bootcamp,” an intensive workshop designed to equip fintech entrepreneurs with the knowledge and tools they need to launch their startups in the Saudi market. The bootcamp took participants through every stage of building a fintech venture, from ideation and business model validation to navigating legal and compliance challenges.
The workshop emphasised the importance of understanding the Saudi market, providing insights into available government support, networking opportunities, and resources that entrepreneurs can leverage to scale their fintech solutions successfully. By the end of the session, participants left with actionable strategies and a clear roadmap for their fintech journey.
Fireside Chat: Regulation Resilience – Navigating Complex Global Landscapes
The discussion featured Ashish Aggarwal, Partner at PayPal Ventures, and Huy Nguyen Trieu, Co-Founder of the Centre for Finance, Technology and Entrepreneurship (CFTE), who shared valuable insights into strategies for startups to navigate regulatory challenges and drive industry growth.
At 24 Fintech, this chat explored how startups can thrive amidst the complexity of global regulations. The session emphasised the importance of resilience and innovation in attracting investment and advancing the fintech industry.
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.
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