In the second day of the 24 Fintech Conference, held at the Riyadh Front Exhibition and Convention Center, a keynote speech was delivered by CEO of 1957 Ventures Emad Kashgari who discussed the Kingdom’s leading role in financial technology in the Middle East and North Africa.
The event is hosted hosted by the Financial Sector Development Program, the Saudi Central Bank (SAMA), the Capital Market Authority, and the Insurance Authority, and organized by Fintech Saudi, Tahaluf, a joint venture between the Saudi Federation for Cybersecurity, Programming and Drones, Informa Global, and the Investment Events Fund.
Kashgari said that Saudi Arabia accounted for 58% of venture capital investments in the region in 2023. He also announced that 1957 Ventures investment fund had surpassed SAR800 million.
At the conference, it was also announced that solutions by stc has joined the Makkan program as a partner in providing strategic management services. The program aims to empower entrepreneurs and startups in the finte
ch sector by supporting technology, cloud computing, and cybersecurity.
The second day of the conference featured sessions on the future of financial technology, banking services, the evolution from traditional to digital banking, and the growth of fintech in Saudi Arabia.
Participants included Deputy Governor for Financial Innovation at the Saudi Central Bank (SAMA) Yazeed Al-Nafjan, STC Bank CEO Nizar Al-Tuwaijri, and Endeavor Executive Director Lateefa Alwaalan.
SAMA reached a partnership with Samsung to introduce Samsung Pay in the Kingdom in Q4 of this year, a step that aligns with the goals of the Financial Sector Development Program, a key component of Saudi Vision 2030, aimed at bolstering the digital payments ecosystem.
Source: Saudi Press Agency