Business & Money | Thursday 10 May, 2018 1:12 am |

The 14th Middle East Financial Technology Exhibition and Conference (MEFTEC Payments), hosted by Saudi Arabia for the first time, has been officially opened by the Vice Governor of the Saudi Arabian Monetary Authority (SAMA) Abdulaziz Saleh Al-Furaih at the InterContinental Hotel, Riyadh to discuss the future of the digital payment sector in the Kingdom.

The two-day conference and exhibition initiated by mada, the national payment network, and SADAD, the national payments system, under the direction of SAMA, is the first dedicated event for Fintech companies and banks to address industry-changing technological innovations, global Fintech advancements and consumer requirements to transform the digital payment landscape in line with the Kingdom’s vision 2030 to support entrepreneurship and enhancing the financial services technology.

In his opening speech, Al-Furaih said: “Today, MEFTECH Payments brings together government departments, banks, financial institutions, Fintech companies, entrepreneurs, and large and small business for the first time in Saudi Arabia at a crucial time where we are witnessing exponential growth in digital payment and Fintech Industry. The next two-days will drive discussions on the future of digital payments, to inspire new ideas, collaborate on industry-changing technological innovations that will transform the digital payment landscape here in Saudi Arabia.”

“We are currently witnessing a revolution in the payments industry here in Saudi Arabia, technology is evolving, consumers’ expectations are increasing, merchants’ requirements are getting more and more comprehensive and the new millennial generation is driving the digital transformation initiative along with banks towards having a seamless experience while translating at every touch post of the payment channels. The need for continuous development of banking and financial services to keep pace with this growth of development cannot be under estimated. The importance of collaboration at MEFTECH Payments will support shaping our future, contribute to ‘FintechSaudi’ aim to transform the Kingdom into an innovation hub launched early this month, and will support the economic and financial objective of our nation’s vision.”

In his opening keynote address on Fintech Saudi transforming the financial sector, Ziad Al-Yousef, Director General of Payment Systems, SAMA, said: “The growth of the global Fintech industry is exponential and we are seeing significant progress in the field of Fintech based on the growth in the use of big data, consumer demand for inclusive and consumable financial services, in addition to the emergence of new technical trends such as: artificial intelligence and blockchain, which will lead to an important shift in the provision of financial services here.”

MEFTECH Director Oliver Bickell added: “MEFTECH is the longest running banking and financial technology event in the MENA Region and we thank mada and SADAD for initiating the first Saudi Arabia edition. Following significant interest both regionally and globally for this event we are pleased to announce that MEFTECH Payments will return next year being held at Riyadh International Convention & Exhibition Centre and will showcase over 120 local, regional and international exhibitors alongside an expanded conference program and dedicated Fintech Pavilion showcasing start-up innovations and market disrupters from across the world.”