Saudi Arabia’s potential as a global hub for financial technology was the highlight of day two of the first-ever 24 Fintech conference, which saw the announcement of an SAR800 million ($213.12 million) venture capital fund to build and launch fintech companies and innovative financial solutions in the Kingdom.
In a keynote address, 1957 Ventures CEO Emad Kashgari unveiled the closed-end investment fund, an initiative of 1957 Ventures, which is backed by Riyad Bank. He also underlined the firm’s commitment to fintech innovation in Saudi Arabia. 1957 Ventures is also a platinum sponsor of the inaugural 24 Fintech conference, which runs until September 5 at the Riyadh Front Exhibition & Conference Center.
Saudi Arabia leads MENA fintech investments
Emphasizing Saudi Arabia’s leadership in the sector, Kashgari noted the Kingdom captured 58 percent of all venture capital investments in the MENA fintech sector in 2023. In 2023 alone, investments in fintech in Saudi Arabia exceeded $790 million, according to Kashgari, an 8-fold increase from 2021’s $91 million, and $239 million in 2022.
“Saudi Arabia is leading the way in the sector across the Middle East and North Africa (MENA), capturing 58 percent of all venture capital investments in the MENA fintech sector in 2023. We anticipate that the market value will reach $2.4 billion by 2029, further solidifying the Kingdom’s leadership position,” added Kashgari.
Further demonstrating its commitment to guiding and leading innovation in fintech, 1957 Ventures is conducting six workshops during 24 Fintech covering topics such as:
- Exploring the world of fintech in Saudi Arabia
- Governance and compliance in fintech
- Marketing strategies for fintech
- Building a successful fintech company
- Investing in fintech
- Sustainable growth in fintech
Read | 24 Fintech: Saudi Arabia to increase number of fintech companies to 525 by 2030
1957 Ventures’ role in fintech growth
Highlighting the role of 1957 Ventures in the sector’s rapid growth, Kashgari added: “Our company was founded to foster this impressive expansion and to contribute to achieving the objectives of the Financial Sector Development Program, which is a key component of Vision 2030. Over the last three years, fintech investments in Saudi Arabia have skyrocketed.”
One of Asia, Europe, and North Africa’s premier annual fintech events, 24 Fintech runs until September 5. With 175 hours of expert content, the conference will rival some of the world’s best fintech gatherings and will attract more than 26,000 attendees, 300+ brands, and over 350+ investors over the three days.
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