His Excellency the Saudi Minister of Finance, Mr. Mohammed Aljadaan, inaugurated the first edition of the Financial Technology Conference "24 Fintech", held Tuesday, September 3, 2024, in Riyadh, Kingdom of Saudi Arabia. The conference was hosted by the Financial Sector Development Program, the Saudi Central Bank (SAMA), the Capital Market Authority, and the Insurance Authority.
In his opening speech, Minister Aljadaan said that the Kingdom of Saudi Arabia has spared no effort to promote the digital economy—prioritizing it highly and laying strong foundations to enhance service quality, while enabling the public, private, and non-profit sectors—thereby solidifying the Kingdom's global position.
Minister Aljadaan also said that, since the launch of the 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 also said that more than two years ago, the Financial Sector Development Program, a key program under Saudi Vision 2030, launched the Fintech Strategy Implementation Plan, which is a cornerstone of the program, and aims to position the Kingdom as a leading global hub for financial technology.
He explained 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. He also said that, 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 also highlighted that the Kingdom's goal is to further increase this number to 525 companies by 2030.
Minister Aljadaan also said that the Kingdom boasts a comprehensive and advanced payments infrastructure, as well as a competitive and robust banking sector which is well-equipped to navigate macroeconomic challenges and make substantial investments in Fintech. He added that these concerted efforts to keep up with Fintech sector developments have contributed to the Saudi economy's growth, and have also contributed to the Kingdom's notable progress and leadership across various global indices.
The 24 Fintech Conference – which will continue until Thursday, 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 Saudi Vision 2030.