The 24 Fintech event in Riyadh wasn’t just another industry conference—it was a showcase of how Saudi Arabia is rewriting the future of finance, with a spirit of innovation, global collaboration, and an unstoppable drive toward its Vision 2030 goals.
Picture the scene: over 26,000 attendees buzzing with ideas, from fintech startups and investors to global powerhouses like Visa and J.P. Morgan Payments. This was not a static conference. The energy was palpable as attendees moved between 300 exhibits, immersed in discussions on how emerging technologies—like artificial intelligence (AI), blockchain, and machine learning—are revolutionizing the way we interact with money. AI was a big theme, with companies showcasing tools that predict market trends, enhance customer experiences, and even prevent fraud. You could feel that a major transformation was underway, particularly in how payments and financial services would soon operate across the region.
One of the standout elements was Venturescape, an initiative designed to pair Saudi startups with global investors. It was more than just pitch presentations—this was a real opportunity for 100 fintech startups to meet and engage with over 200 investors, fostering relationships that could lead to the next big thing in fintech. These startups, many of which are homegrown, brought fresh ideas to the table, focusing on digital wallets, financial analytics, and payment systems that promise to not only cater to local needs but scale globally.
Saudi Arabia’s fintech sector has exploded over the past year, with 230 fintech firms now thriving in the Kingdom, a sharp increase from just 146 in 2023. This growth wasn’t a fluke—it’s been fueled by the government’s commitment to fostering innovation through supportive regulations and investments in the financial ecosystem. And the numbers tell the story: the sector’s revenue is projected to grow from $64 billion in 2024 to a whopping $87 billion by 2029.
What’s even more exciting is the cashless revolution taking place. Today, 70% of all retail transactions in Saudi Arabia are cashless—an impressive leap from last year’s 62%, with the government pushing for 80% by 2030. The fintech event drove home the fact that Saudi Arabia is not just keeping up with global fintech trends—it’s leading them. Companies like Visa are working closely with local firms to ensure that digital payments become even faster, more secure, and accessible to everyone.
And the event wasn’t just about discussions—there were concrete outcomes. The Saudi Central Bank (SAMA) announced the expansion of its regulatory sandbox, a controlled space for companies to test their innovative financial solutions without the usual regulatory constraints. Companies like XSquare, NeoTek, and MoneyMoon were given the green light to develop digital banking solutions under SAMA’s watchful eye.
Global partnerships were also a key focus. Visa and J.P. Morgan Payments both entered into collaborations with Saudi fintech firms, aiming to bring advanced payment solutions to the region. Blockchain technology was another hot topic, with companies exploring its potential to revolutionize remittances, supply chain finance, and cross-border transactions. The discussions were not hypothetical—deals were signed, and innovative projects were launched.
A big message at 24 Fintech was inclusivity—how fintech can open doors for those previously left out of traditional banking systems. The fintech revolution in Saudi Arabia is making financial services more accessible, particularly for individuals and businesses in rural and underserved areas. This push for financial inclusion was woven into many discussions throughout the event, reinforcing the idea that fintech isn’t just for the big players—it’s for everyone.
The 24 Fintech event was more than just a gathering of financial minds—it was a statement. Saudi Arabia is here to lead the fintech revolution, with a firm grip on the future of finance. Whether it’s cashless transactions, AI-driven banking, or blockchain-powered solutions, the Kingdom is showing the world what’s possible when innovation meets ambition. As Saudi fintech companies scale, attract global investors, and develop new technologies, the impact of this event will ripple through the global financial ecosystem for years to come.
