Saudi Vision 2030 Fuels Growth in Financial Technology: SAMA Governor
Saudi Central Bank (SAMA) Governor Ayman Al-Sayari highlighted the significant impact of national initiatives under Saudi Vision 2030 on the financial technology sector. Speaking at the inaugural International Conference on Financial Technology, ’24 Fintech, held at the Riyadh Front Exhibition and Conference Center on Tuesday, Al-Sayari credited these initiatives and technical innovations with driving the sector’s rapid growth.
Benefits of Fintech Growth
Al-Sayari outlined several benefits resulting from the expansion of financial technology in the Kingdom. These include greater access to the financial system, faster financial transactions, and reduced costs. He emphasized that empowering financial innovation is crucial for the ongoing transformation of Saudi Arabia’s economy.
SAMA’s Commitment to Financial Innovation
The governor underscored the SAMA’s dedication to adopting advanced solutions that create economic value and enhance competitiveness in the financial market. SAMA’s involvement in the conference reflects its commitment to maintaining the stability and resilience of the financial sector, which he identified as essential for successful economic transformation.
Balancing Innovation and Risk
Al-Sayari mentioned that SAMA focuses on supporting stable growth and fostering an environment conducive to innovation. The bank aims to balance emerging risks with innovation through its risk-based regulatory framework.
Conference as a Platform for Global Collaboration
SAMA host the three-day ’24 Fintech conference, part of Saudi Arabia’s ambition to become a global fintech hub, in collaboration with the Financial Sector Development Program, the Capital Market Authority (CMA), and the Insurance Authority (IA). The event is jointly organized by Fintech Saudi and Tahaluf, a venture between Informa PLC, the Saudi Federation for Cyber Security, Programming, and Drones (SAFCSP), and the Events Investment Fund (NDF).
A Global Stage for Financial Technology
The ’24 Fintech conference, set to become an annual event, is one of the largest financial technology gatherings in the world. With over 26,000 participants, 300 exhibitors, and 350 investors, the conference offers 175 hours of specialized content led by experts. It is positioned as a major competitor to the world’s leading fintech conferences.
Collaborating for Industry Transformation
The event brings together regulatory bodies, policymakers, investors, technology experts, and academics, offering an exceptional platform for global collaboration. It aims to drive and enhance the collective transformation of the financial technology industry.
