Saudi Minister of Finance, Mohammed bin Abdullah Al-Jadaan, inaugurated today the 1st edition of the International Conference on Financial Technology “24 FinTech” in Riyadh, reported the Saudi Press Agency (SPA).
In his opening speech, the minister explained that the Kingdom has unfolded a new unique chapter to promote the digital economy and improve the quality of services.
Saudi Vision 2030
Since the launch of Saudi Vision 2030, the Kingdom has wildly accelerated the pace of transformation to advance the digital economy, ensure the sustainability of its growth, and keep in line with the rapid development technologies.
Therefore, the Vision has clearly outlined the Financial Sector Development Program as one of the significant programs to successfully achieve the Kingdom’s Vision by 2030.
Consequently, the program launched the executive plan for the financial technology strategy more than two years ago to position the Kingdom as a global center for financial technology.
Informative Sessions
The sessions of the first day tackled several topics, including:
- The capital market in the digital age
- Market methodologies VS regulatory methodologies for building the fintech ecosystem
- The balance between innovation and regulation
- The role of central banks in the fintech ecosystem
Launch of ‘Samsung Pay’
The first day of the conference witnessed the signing of an important agreement between the Saudi Central Bank (SAMA) and Samsung.
According to the deal, Samsung will offer ‘Samsung Pay’, a mobile payment and digital wallet service, in Saudi Arabia during the 4th quarter of 2024.
Samsung Pay will offer an advanced and secure payment experience, allowing users to smoothly store and manage digital payment cards within the Samsung Wallet application.
The agreement perfectly mirrors SAMA’s unwavering efforts to revolutionize the digital payments ecosystem in Saudi Arabia.
This strategic move aligns with the ambitious objectives of the Financial Sector Development Program (FSDP), outlined by Saudi Vision 2030.
It serves as a symbol of SAMA’s strategy to widely expand the utilization of fintech solutions across Saudi Arabia and further boost the financial conclusion.
The Saudi Central Bank has been fully dedicated to making a noticeable difference in digital payments infrastructure through the national payments system “mada”.
STC Bank, Founding Partner
STC Bank, Saudi Arabia’s newest and first digital bank, unveiled today that it is a founding partner of 24 Fintech Conference.
During the conference, STC Bank will showcase a variety of innovative financial technology services and solutions, including advanced communications services and pioneering applications in the Internet of Things and artificial intelligence.
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