Saudi Minister of Finance Mohammed Al-Jadaan inaugurated in Riyadh on Tuesday the first edition of the 24 Fintech financial technology conference. The Financial Sector Development Program, the Saudi Central Bank (SAMA), the Capital Market Authority, and the Insurance Authority hosted the conference.
Al-Jadaan said Saudi Arabia has spared no effort to promote the digital economy—prioritizing it highly and laying solid foundations to enhance service quality while enabling the public, private, and non-profit sectors—thereby solidifying the Kingdom's global position.
Since the launch of Saudi Vision 2030, the Kingdom has sought to accelerate transformation to elevate the digital economy, ensure its sustainable growth, and remain competitive amidst rapid technological advancements, he added.
More than two years ago, the Financial Sector Development Program, a critical program under Saudi Vision 2030, launched the Fintech Strategy Implementation Plan, a cornerstone of the program that aims to position the Kingdom as a leading global hub for financial technology, he went on to say.
He added that, through this strategy, the Kingdom aims to streamline business operations, enhance the private sector's contribution to the Saudi economy, attract foreign direct investment and local investments, as well as advance the digital economy.
By the end of the second quarter of 2024, the number of Fintech companies in the Kingdom reached 224, surpassing the Financial Sector Development Program's target of 168 companies for the second quarter of 2024, he revealed, stressing that the Kingdom’s goal is to further increase this number to 525 companies by 2030.
Al-Jadaan said the Kingdom boasts a comprehensive and advanced payments infrastructure and a competitive and robust banking sector, which is well-equipped to navigate macroeconomic challenges and make substantial investments in Fintech.
These concerted efforts to keep up with Fintech sector developments have contributed to the Saudi economy's growth and to the Kingdom's notable progress and leadership across various global indices, stated the minister.
The 24 Fintech conference, which will run until September 5, 2024, aims to convene decision-makers, investors, technology experts, entrepreneurs, and academics to discuss ways of cooperation, explore opportunities, and exchange experiences in a way that contributes to positioning the Kingdom as a leading global hub for financial technology in light of Vision 2030.
