Riyadh - Sharikat Mubasher: The Saudi fintech ecosystem witnessed significant growth as venture capital (VC) investments in fintech companies touched SAR 7.1 billion by the end of the second quarter (Q2) of 2024, according to Minister of Finance Mohammed Aljadaan.

In his opening remarks at 24 Fintech, Aljadaan stated that this momentum in VC investments was driven by the Kingdom’s efforts to accelerate digital transformation to keep pace with the rapidly evolving technology realm.

He noted that the number of fintech companies in Saudi Arabia reached 224, with aspirations to raise this number to 525 companies by 2030.

Aljadaan clarified that e-payments in the retail sector represented 70% of total payments in 2023, close to the Kingdom’s goal of increasing non-cash transactions share to 80% in 2030.

24 Fintech takes place in Riyadh from 3 to 5 September, with the participation of more than 300 exhibitors and over 350 investors. It gathers regulatory bodies, policymakers, investors, technology experts, and industry leaders from around the world.

It serves as a platform for global thought leaders across finance, policy, technology, investment, and academia to discuss several topics, including, fintech regulation and governance, artificial intelligence and machine learning in financial operations, financial inclusion, cybersecurity and big data, embedded finance, and more.