Saudi Gazette report

RIYADH — Saudi Central Bank Governor Ayman Al-Sayari said that national initiatives within the Saudi Vision 2030 and technical innovations have contributed to the flourishing of the Kingdom's financial technology sector. He said this while inaugurating the first edition of the International Conference on Financial Technology, '24 Fintech, at the Riyadh Front Exhibition and Conference Center on Tuesday.

Al-Sayari said the growth of the financial technology sector has contributed to achieving remarkable benefits, including, for example, expanding access to the financial system, improving the speed of financial transactions, and reducing their cost.

He emphasized that empowering financial innovation and fintech is fundamental to the ongoing transformation of the Saudi economy.

He noted that SAMA's participation in hosting the conference underscores its commitment to adopting the most innovative and advanced solutions to contribute to creating added economic value and enhancing competitiveness in the Saudi financial market while maintaining the stability and resilience of the financial sector as the foundation for any successful economic transformation.

The SAMA chief noted that the Central Bank's focus remains on supporting the achievement of stable growth levels, with the aim of creating an enabling environment for innovation. The bank also aims to achieve the optimal balance between emerging risks and enabling innovation through its risk-based regulatory framework, he added.

The three-day conference is being convened as part of Saudi Arabia's drive to become a major hub for financial technology. The conference is hosted by SAMA along with the Financial Sector Development Program, the Capital Market Authority (CMA), and the Insurance Authority (IA).

The conference is jointly organized by Fintech Saudi and Tahaluf, a joint venture between Informa PLC, the Saudi Federation for Cyber Security, Programming and Drones (SAFCSP), and the Events Investment Fund (NDF).

The "24 Fintech" conference is set to become an annual event and one of the largest financial technology gatherings in Asia, Europe, and North Africa. More than 26,000 participants, 300 exhibitors, and 350 investors are participating in the conference that is offering 175 hours of specialized content overseen by an expert panel, positioning it as a prominent competitor to the world's leading fintech conferences.

The conference hosts a distinguished group of regulatory bodies, policymakers, investors, technology experts, and academics. It provides an exceptional platform for global stakeholders in the sector to collaborate in driving and enhancing the collective transformation of the financial technology industry.