I received a WhatsApp message from a friend asking if I would recommend attending the 24FinTech event in Riyadh this September from the 3rd to the 5th. I replied, "This event is similar in scale and importance to the Singapore FinTech Festival, but for the MENA region," and told him, "In short, you MUST go." But why is it such a big deal for anyone interested in FinTech or wanting to learn more about this evolving industry? First of all, 24FinTech is hosted by the Financial Sector Development Program (FSDP), which aims to foster the growth of FinTech startups in their pursuit of building a world-leading financial sector. One of its strategic objectives is the FinTech Strategy. The event is also supported by key regulators such as the Central Bank (SAMA), which oversees FinTech activities related to debt-based crowdfunding, digital wallets, payments, microfinancing, buy now, pay later, open banking, peer-to-peer lending, time deposit aggregation, and savings. The Capital Market Authority (CMA) oversees Robo-advisory, private fund distribution, SUKUK platforms, crowdfunding equity, social trading, and the use of AI in investing. Additionally, the Insurance Authority (IA) oversees InsurTech activities. The event is co-organized by FinTech Saudi, which acts as the FinTech ecosystem builder in the country, and Tahaluf, the event management company that made the LEAP event a big success. For startups, 24FinTech offers a unique opportunity to meet over 200 FinTech investors, including VCs and angel investors, all in one place, saving time and effort. It's also an ideal platform for expanding your business internationally or into Saudi Arabia. Attending this event boosts credibility, provides access to expert knowledge, offers crucial regulatory insights from key regulators like SAMA and CMA, and facilitates building strategic partnerships essential for growth and innovation. For investors, 24FinTech offers a rare chance to meet the brightest minds and most promising startups in the FinTech world. The event provides access to innovative startups, networking opportunities with potential partners, and insights into emerging trends. It also allows investors to stay updated on industry developments and see the latest innovations in the FinTech sector. Additionally, the event offers opportunities to meet with international FinTech players, expanding the potential for global investments. The due diligence facilitation provided during the event enables investors to ask questions and thoroughly evaluate potential investments. For anyone in general, 24FinTech has various streams, including the Executive Summit, which will serve as a knowledge hub where FinTech industry leaders share their insights and future views, helping attendees gain a better understanding of the changing dynamics. The 24° Tech Stage is where new innovations in FinTech are unveiled, with their impact showcased and opportunities for participants to test them. The 24° Futures Forum is another stream where academia meets business, and new ideas and innovations are discussed. Finally, the FinTech Fusion stream will be the central hub where investments meet innovation, including Q&A sessions, networking, and global startup pitches. I believe this event will become the flagship event of the FinTech industry in the region, with the participation of more than 26,000 visitors, over 200 international speakers, 200+ FinTech investors, and 300+ brands. *Al Rasheed is a FinTech Consultant at FinArabia, and Banking Innovation Advisor at SAB bank'.
