Riyadh: Fintech Saudi has successfully completed "Fintech Tour 18" which took place between 2nd and 13th December 2018. Covering the Kingdom's Central, Western and Eastern regions, Fintech Tour 18 aimed to spread knowledge and raise awareness about financial services technology (“Fintech”), as part of Fintech Saudi’s ongoing efforts to transform Saudi Arabia into an innovative fintech hub.
Fintech Tour 18 is considered the biggest collection of fintech events to be organized in the Middle East. The Tour was supported by 18 public and private sector partners led by the Saudi Arabian Monetary Agency (SAMA), the Capital Market Authority (CMA), Badir Incubators, King Fahd University of Petroleum and Minerals, 6 Saudi banks including Samba, SABB, Inma Bank, Alawwal Bank, Banque Saudi Fransi, and Bank Aljazira, the global technology partner Microsoft and a number of national and regional fintech companies.
Fintech Tour 18 consisted of 21 presentations, workshops and digital bank tours across 7 cities. In addition to overviews and introductions to fintech, there were also presentations on in-depth topics such as block-chain, artificial intelligence, payments and crowdfunding. A workshop was also jointly organized in Riyadh by Fintech Saudi, SAMA, and CMA to review the fintech regulations applied in the Kingdom. Many discussions were held during the workshop that was attended by more than 120 participants from the fintech community.
The Fintech Tour also showcased a number of demos including the first transaction to be conducted through a Blockchain ATM by Ateon and the latest technology to be used in digital branches. In addition, Bank AlJazira launched “Noor Innovations Competition" to support fintech entrepreneurship with total prize money of SAR 200,000 including a first prize of SAR 80,000. The competition is currently open for applications.
Aligned with Vision 2030 and the Financial Sector Development Program, Fintech Tour 18 is part to Fintech Saudi’s efforts to bring together public and private sector institutions to promote a culture of innovation in the financial services sector across Saudi Arabia. This will also contribute towards diversifying the local economy, support the growth of small and medium enterprises in the field of financial technology and the development of fintech products and services that support all small and medium enterprises in Saudi Arabia.
Fintech Tour 18 was opened to all members of the public that were encourage to register for free for events through dedicated links posted on the Company's official website and via Social Media. Fintech Tour 18 events were attended by over 1,000 participants across the Kingdom.
About Fintech Saudi
Fintech Saudi is an initiative launched by the Saudi Arabian Monetary Authority to act as a catalyst for the development of the financial services technology (“fintech”) industry in Saudi Arabia. Fintech Saudi’s ambition is to transform Saudi Arabia into an innovative fintech hub with a thriving and responsible fintech ecosystem driven by local and international stakeholders.
Fintech Saudi is seeking to achieve this by bringing together public and private organizations to foster a culture of innovation in the financial services, build a broad understanding about fintech across Saudi Arabia and support the development of fintech entrepreneurs and SMEs as well as the development of fintech products and services that support all SMEs across Saudi Arabia.
© Press Release 2018