Kholoud Hussein 

As Saudi Arabia continues its march toward becoming a global hub for financial innovation, education and upskilling in the FinTech sector have emerged as critical areas of focus. Events like 24 Fintech, a premier gathering of industry leaders, innovators, and policymakers, provide a platform not just for showcasing the latest advancements in technology, but also for bridging the knowledge gap within the sector.

24 Fintech took place in Riyadh from 3 to 5 September and gathered regulatory bodies, policymakers, investors, technology experts, and industry leaders from around the world to discuss several topics, including, fintech regulation and governance, artificial intelligence and machine learning in financial operations, financial inclusion, and more.

At the heart of the discussions at 24 Fintech is the recognition that education and talent development are essential to sustaining the rapid growth of Saudi Arabia’s FinTech industry. With increasing demand for professionals skilled in areas such as blockchain, digital payments, and artificial intelligence (AI), the need for specialized training and educational initiatives is more urgent than ever.

The Growing Demand for FinTech Talent

The rise of FinTech in Saudi Arabia has been largely driven by government initiatives, regulatory reforms, and increasing consumer adoption of digital financial services. However, this growth has also exposed a significant talent shortage in the sector. Many companies are finding it difficult to hire professionals with the requisite knowledge in technology and finance. This talent gap has the potential to slow down innovation and impede the sector’s full potential.

24 Fintech addresses this challenge by emphasizing the importance of knowledge-sharing, education, and professional development. Through workshops, panel discussions, and keynote speeches, the event provides a platform for learning and collaboration. Industry leaders and academic experts discuss the latest trends and the skills needed to thrive in the evolving FinTech landscape, offering valuable insights for professionals, startups, and students alike.

Key Educational Takeaways from 24 Fintech

One of the most prominent themes from 24 Fintech was the need for continuous learning. With the rapid pace of technological advancement, professionals in the FinTech sector must continually update their skills to remain competitive. This includes understanding emerging technologies like blockchain, artificial intelligence, and machine learning, which are becoming increasingly integral to financial services.

The event featured workshops designed to equip participants with hands-on experience in these technologies, providing a practical understanding of how they can be applied to solve real-world financial challenges. These educational sessions are instrumental in bridging the gap between academic knowledge and industry requirements, ensuring that Saudi Arabia's workforce is well-prepared to meet the demands of a digital economy.

Additionally, collaborations between universities and the private sector were highlighted as a crucial step in building a strong educational foundation for the FinTech industry. Universities in Saudi Arabia are now offering specialized FinTech courses and degrees to address the growing need for qualified professionals. Partnerships between academia and industry ensure that the curriculum remains relevant, with input from businesses that understand the skills required for future success.

Government Initiatives Supporting FinTech Education

Saudi Arabia’s government has been proactive in fostering education and innovation within the FinTech sector. The launch of the Saudi FinTech Initiative, part of Vision 2030, focuses on providing a comprehensive framework for developing local talent and promoting innovation. This initiative includes collaborations with educational institutions to integrate FinTech into their curriculums, as well as incubator programs designed to support FinTech startups through mentorship, training, and funding.

Furthermore, the Saudi Arabian Monetary Authority (SAMA) has played a significant role in supporting FinTech education. Through its regulatory sandbox, SAMA provides startups with a platform to experiment and develop their products in a controlled environment, offering both learning opportunities and practical experience for young professionals entering the sector.

Closing the Knowledge Gap: Opportunities and Challenges

While significant progress has been made, closing the knowledge gap in Saudi Arabia’s FinTech sector remains a challenge. The rapid evolution of financial technologies requires an agile and adaptable workforce that is not only well-versed in technical skills but also understands the regulatory landscape and financial systems.

Events like 24 Fintech are crucial in addressing these challenges. By bringing together stakeholders from across the FinTech ecosystem—entrepreneurs, regulators, educators, and investors—such gatherings create opportunities for knowledge exchange and skill-building. The focus on continuous learning and professional development ensures that Saudi Arabia remains competitive in the global FinTech market.

However, to fully bridge the knowledge gap, a multi-faceted approach is needed. This includes investing in education at all levels, from primary education that encourages digital literacy to advanced degrees in financial technology. Additionally, industry leaders must continue to collaborate with educational institutions to ensure that the workforce is equipped with the skills necessary for future growth.

Finally, 24 Fintech has shown that education and professional development are key pillars of the FinTech sector's success in Saudi Arabia. By fostering a culture of continuous learning, promoting collaboration between academia and industry, and supporting government initiatives aimed at talent development, Saudi Arabia is well on its way to bridging the knowledge gap. As the demand for FinTech talent continues to grow, these efforts will be instrumental in positioning the Kingdom as a leader in financial innovation within the region and beyond.

Kholoud Hussein 

Saudi Arabia is witnessing a rapid transformation of its financial landscape, largely driven by the government’s commitment to nurturing the FinTech sector. In line with its Vision 2030 agenda, Saudi Arabia has launched several initiatives aimed at accelerating FinTech growth, promoting innovation, and creating a robust, competitive financial ecosystem.

Vision 2030 and the FinTech Strategy

At the heart of this transformation is Saudi Arabia’s Vision 2030, which aims to diversify the economy and reduce dependence on oil revenues. One of its key pillars is the development of the financial sector, where FinTech plays a pivotal role. The government recognizes the potential of FinTech to enhance financial inclusion, improve efficiency, and foster innovation across various sectors.

The Financial Sector Development Program (FSDP), launched under Vision 2030, aims to create an enabling environment for FinTech innovation. This includes modernizing regulations, facilitating partnerships between traditional financial institutions and startups, and supporting the digitalization of financial services. The goal is to increase the share of cashless transactions to 70% by 2030, a move that will be largely powered by FinTech.

Regulatory Sandboxes and SAMA’s Role

One of the most significant government initiatives is the creation of regulatory sandboxes. Launched by the Saudi Arabian Monetary Authority (SAMA) in 2018, the sandbox allows FinTech startups to test their products and services in a controlled environment, without the full burden of regulatory compliance. This initiative has been crucial in fostering innovation by providing a space for startups to experiment and refine their offerings.

SAMA, in collaboration with the Capital Market Authority (CMA), has also introduced new frameworks to regulate crowdfunding, digital payments, and peer-to-peer lending, ensuring that the regulatory environment keeps pace with technological advancements. These efforts not only provide a clear regulatory path for FinTech firms but also build trust with investors and consumers.

Supporting Financial Inclusion and Entrepreneurship

Another key aspect of Saudi Arabia’s FinTech growth is the government’s focus on financial inclusion. The introduction of digital payment platforms, mobile wallets, and microfinance solutions has brought financial services to underserved populations, particularly in rural areas. Initiatives such as the Saudi FinTech Initiative further support the sector by providing mentorship, funding, and infrastructure to early-stage startups.

In conclusion, through strategic initiatives, Saudi Arabia’s government is laying the groundwork for a thriving FinTech ecosystem. By fostering innovation, enhancing financial inclusion, and creating a forward-thinking regulatory framework, the government is accelerating the growth of FinTech, positioning the country as a leading financial hub in the Middle East.

Kholoud Hussein 

In recent years, mobile payments have surged in popularity in Saudi Arabia, transforming consumer behavior and reshaping the financial landscape. This shift, fueled by technological advancements and changing consumer preferences, reflects a broader trend toward digitalization in the Kingdom's economy. Here’s a brief look at how mobile payments are influencing consumer behavior in Saudi Arabia.

1. Enhanced Convenience and Speed

One of the most significant impacts of mobile payments is the convenience they offer. Consumers in Saudi Arabia are increasingly embracing mobile payment apps for their ease of use and speed. With just a few taps on their smartphones, users can complete transactions instantly, bypassing the need for cash or physical credit cards. This seamless experience is driving higher adoption rates and changing the way people conduct everyday transactions.

2. Increased Digital Engagement

The rise of mobile payments has also led to increased digital engagement among consumers. As mobile payment apps often come integrated with loyalty programs, discounts, and promotional offers, users are more likely to engage with brands through these platforms. This digital engagement not only enhances the consumer experience but also provides businesses with valuable data to tailor their marketing strategies.

3. Shift Toward Cashless Transactions

Mobile payments are contributing to a gradual shift away from cash transactions. Saudi consumers are increasingly using their smartphones for a range of activities, from purchasing groceries to paying for services. This trend aligns with the Saudi Vision 2030 initiative to reduce reliance on cash and promote a cashless economy. As more merchants accept mobile payments, the trend toward cashless transactions is expected to continue.

4. Boost to E-Commerce

The growth of mobile payments is closely linked to the expansion of e-commerce in Saudi Arabia. With the convenience of mobile payments, consumers are more inclined to shop online, driving growth in the digital retail sector. Mobile payment solutions streamline the checkout process, reducing cart abandonment rates and encouraging more frequent online purchases.

5. Enhanced Financial Inclusion

Mobile payments are playing a crucial role in enhancing financial inclusion in Saudi Arabia. By providing an accessible and user-friendly alternative to traditional banking, mobile payment solutions are reaching underserved populations and individuals without access to conventional financial services. This inclusivity supports broader economic participation and financial

Kholoud Hussein

The wealth management sector in Saudi Arabia is undergoing a dramatic transformation, largely driven by advancements in financial technology (fintech). This shift aligns with the country’s Vision 2030 goals, which emphasize economic diversification and technological innovation. Here’s a snapshot of how fintech is reshaping wealth management in the Kingdom.

1. Broader Accessibility

Fintech platforms are democratizing access to wealth management services. Digital investment tools, including robo-advisors, now offer personalized portfolio management to a wider audience at lower costs. This means that individuals who previously lacked access to such services can now benefit from sophisticated investment strategies.

2. Enhanced Personalization

With the help of big data and artificial intelligence (AI), fintech firms in Saudi Arabia are providing highly personalized financial advice. These platforms analyze users’ financial behaviors and risk preferences to deliver tailored investment recommendations, allowing for more informed decision-making.

3. Blockchain Integration

Blockchain technology is enhancing transparency and security in wealth management. Saudi fintech companies are exploring blockchain for asset tracking, transaction processing, and smart contracts. This decentralized technology helps reduce fraud and ensures the integrity of financial transactions.

4. Innovative Investment Products

Fintech is expanding the range of investment products available in Saudi Arabia. New offerings include cryptocurrencies, peer-to-peer lending, and fractional ownership of assets, which provide investors with diverse opportunities to grow their portfolios beyond traditional investments.

5. User-Friendly Platforms

Modern fintech apps are designed with intuitive interfaces that simplify wealth management. Features such as automated portfolio rebalancing and real-time performance tracking make it easier for investors to manage their assets effectively.

6. Supportive Regulation

The Saudi Arabian Monetary Authority (SAMA) and other regulatory bodies are fostering fintech growth through supportive policies and regulatory sandboxes. These initiatives allow fintech startups to test and refine new solutions, ensuring compliance and boosting investor confidence.

Future Outlook

The fintech revolution in Saudi Arabia’s wealth management sector is set to continue and is driven by ongoing technological advancements. However, challenges such as regulatory compliance and cybersecurity will need to be addressed. Overall, fintech is paving the way for a more inclusive and innovative financial landscape in the Kingdom, aligning with Saudi Arabia’s broader economic goals. 

Ghada Ismail

Since the rise of modern technologies & AI-powered robots, there has been a scorching hot unsolved debate on the future of the world with machines replacing humans and whether we can still count on humans only, machines only, or machine-assisted humans and vice versa in our everyday lives.

 Scientists and tech-savvies conducted millions of research papers and studies on the theme of “Humans vs Machines” where they displayed aspects of the competition between human beings and automated machines, particularly in the context of various tasks and activities. The comparison every day becomes more relevant with the rapid evolution in technology and artificial intelligence prevailing in almost every aspect of our lives and businesses in particular.

Almost everybody then came to one conclusion that humans excelled in areas as they have the tendency to be significantly the masters being creative, emotionally intelligent, skilled at complex problem solving, and ethical and moral decision making, while machines outperformed humans in aspects like speed, efficiency, data processing, 24/7 availability and safety in hazardous environments. This led to a logical conclusion that a combination of human capabilities and machine automation shall make the most convenient equation.

This is known as "human-machine collaboration" or "augmented intelligence," where machines and humans coexist and assist each other. Machines provide assistance to humans in tasks that align with their strengths while allowing machines to handle tasks suited to their capabilities with one main aim to create a co-dependent relationship that leverages the strength points of both humans and machines to achieve better outcomes across various domains.

Businesses & Organizations turning to integrate and invest in generative AI tools

In a detailed report issued by Capgemini Research Institute, namely “Generative AI in Organizations 2024”, we found out that most organizations are tending to maximize their use of generative AI, and there has been an increase in investment in the technology over the last year, but before we dive in the report findings, let’s explore what Generative AI is?

Generative AI, or gen AI, is a set of algorithms, that is capable of generating seemingly new, realistic content—such as text, images, or audio—from the training data. The most powerful gen AI algorithms are built on top of foundation models that are trained on a vast quantity of unlabeled data in a self-supervised way to identify underlying patterns for a wide range of tasks.

Thus, gen AI is a type of AI technology that can generate various types of content, including text, imagery, audio, and synthetic data that can be applied extensively across a wide array of business fields and become useful and versatile material serving everybody, each for his own certain purpose. The recent buzz around generative AI has been driven by how easy and smooth, assisted by these tools, can create high-quality text, graphics, and videos in a matter of seconds.

Back to Capgemini’s report, researchers found out about 80% of organizations have pumped more investment in generative AI since 2023, and 20% have kept the same investment level, whereas, 24% of organizations have integrated generative AI into some or most of their locations or functions. This represents a significant surge increase compared to only 6% reported just a year earlier.

The report extracts data from a global survey of 1,100 executives at organizations with more than $1 billion in revenue across 14 countries and 11 industries and sectors.

The data came revealing that generative AI is increasingly integrated into organizations, causing changes in operational patterns. Over the past year, it has been significantly observed that the application of generative AI has surged across all sectors, and most organizations embrace generative AI at their workplaces, with only 3% enforcing a complete ban on publicly available generative AI tools for work purposes.

Those organizations that have already adopted generative AI reported experiencing benefits, including improved operational efficiency, enhanced customer experience, and increased sales. 

Speaking generally, the report states that organizations have witnessed a 6.7% improvement in customer engagement and satisfaction in the areas in which generative AI has been integrated. Consequently, businesses have started to adjust their strategic approaches and explore innovative ways to harness generative AI’s capabilities.

On the other hand, The McKinsey Global Institute issued a report namely “The Economic Potential of Generative AI: The Next Productivity Frontier” that unfolded an analysis of the impact of technological automation on work activities and modeling scenarios of adoption in 2017. Back then, researchers estimated that workers spent half of their time on activities that had the potential to be automated by adapting technology existing at that time. Then they set a range of potential scenarios for the pace at which these technologies could be adopted and affect work activities throughout the global economy.

Researchers found out that technology adoption at scale does not occur overnight. The potential of technological capabilities in a lab does not necessarily mean they can be immediately integrated into a solution that automates a specific work activity, as developing such solutions takes time. Even when such a solution is developed, it might not be economically feasible to use if its costs exceed those of human labor, which proves that humans cannot be fully substituted (maybe partially). Additionally, even if economic incentives for deployment exist, it takes time for adoption to spread across the global economy. Hence, these adoption scenarios, which consider such factors together with the technical automation potential, provide a sense of the pace and scale at which workers’ activities could shift over time.

Final verdict

Across human history, we’ve already seen how new technologies have the potential and capability to reshape societies and change the anatomy of work for good. We can safely count on artificial intelligence to change the way we live and work and accomplish the simplest everyday tasks, starting from helping us generate content, analyzing data, or draft emails, to conducting the most advanced tasks, such as optimizing business processes or making recommendations about the next product to buy. This rapid development of generative AI is highly expected to significantly augment the impact of AI overall, generating trillions of dollars of additional value each year and transforming the nature of work.

However, it seems like technology could also come with a side-effect and come up with new and significant challenges. Tech users must act as much quick as they can, given the pace at which generative AI could be adopted, to prepare to address, and most importantly to be able to handle both the opportunities and the risks that come with the package.