Walking through the halls of the 24Fintech Conference, you immediately feel the vibrant atmosphere, full of innovative financial technology solutions shaping the future of Saudi Arabia, from AI-driven solutions, regulatory tech, and automation to environmental and social initiatives.
“Saudi Arabia’s strategic vision is fuelling a fintech revolution. Growth in digital payments and open banking marks the beginning of a financial transformation that will reshape the Kingdom’s economy.” – Anton Ruddenklau, Global Head of Financial Services and Fintech Innovation at KPMG
The Fintech Revolution in Saudi Arabia: 24Fintech Conference Sets the Stage for the Future
At the opening of the conference, Saudi Finance Minister Mohammed Al-Jadaan unveiled an ambitious goal: to increase the number of Fintech companies in the Kingdom to 525 by 2030. This bold target is perfectly aligned with Saudi Vision 2030, a roadmap aimed at diversifying the Kingdom’s economy and promoting sustainable growth. Al-Jadaan emphasized that Saudi Arabia has prioritized the digital economy, laying a solid foundation for enhancing service quality across all sectors. With an advanced, comprehensive payments infrastructure and a competitive banking sector, the Kingdom is well-positioned to foster Fintech innovation.
Saudi Arabia’s Strategy for Accelerating Digital Transformation:
- Streamlining business processes.
- Enhancing private sector contributions.
- Attracting foreign and domestic investments.
- Advancing the digital economy.
The results are already apparent. By the end of Q2 2024, the number of Fintech companies in Saudi Arabia reached 224, surpassing the target of 168 for the period.
Nqoodlet’s Presence at 24Fintech
With over 37,000 attendees at the 24Fintech event, Nqoodlet made a remarkable impression. Over the three-day event, participants were introduced to Nqoodlet’s innovative solutions for SMEs, which include:
- Create plastic or virtual prepaid cards for each employee, funded through the platform.
- Having multi-currency cards (SAR – USD) to reduce exchange rate costs.
- A comprehensive system to manage and control company expenses and employee-issued cards.
Key Highlights of Nqoodlet at the Event:
- Welcomed over 1,000 visitors to our booth.
- Reached the finals in the Forge Startup competition.
- Featured on the “Ya Hala” show on Rotana Khalejia.
- Featured in EntArabi
- Announced 7 strategic partnerships with leading companies locally and regionally (Kuwait and Oman).
Strategic Partnerships Include:
Through this strategic partnership we can streamline the process of accepting payments and issuing invoices, offering businesses a one-stop solution for greater financial efficiency.
Through this partnership, we’re integrating advanced digital marketing solutions with expense management solutions, enabling businesses to maximize their growth potential with targeted, data-driven campaigns.
This strategic partnership empowers SMEs with cloud-based invoicing and tax solutions, simplifying financial management and fostering growth, all while ensuring compliance and efficiency.
By integrating AI-powered pricing optimization, this partnership helps e-commerce businesses boost revenue by up to 30%, offering real-time insights into market trends and demand.
This partnership enables businesses to access and manage accurate and up-to-date legal information, improving the efficiency & compliance of legal procedures.
Through AI-powered underwriting, we are enhancing the SME lending process, allowing businesses to access fast and accurate credit assessments, empowering them to grow and thrive
A huge thank you to 24Fintech, and the gracious hosts SAMA, CMA, the Insurance Authority, Financial Sector Development, and the incredible organizers Fintech Saudi and Tahaluf for a fantastic event.
Conclusion
The promising potential of Saudi Arabia’s Fintech sector positions the Kingdom as a future hub for financial technology in the region. With ambitious plans underway, the Kingdom’s Fintech ecosystem is set to produce unicorn companies in the coming years.
Are you ready to optimize your company’s expense management? Discover more about Nqoodlet’s solutions and contact us today to schedule a demo with our team and unlock the benefits of our platform
