The Future of Fintech in Saudi Arabia: Emad Kashghari Shares Insights from the 24 Fintech Event
Emad Kashghari, the CEO of 1957 Ventures, shared visionary insights on the future of financial technology at the 24 Fintech event in Riyadh, emphasizing the transformative power of AI and innovative technology in daily life and the burgeoning fintech landscape in Saudi Arabia.
The 24 Fintech event held in Riyadh brought together industry leaders and visionaries to explore the evolving financial technology landscape in Saudi Arabia. Emad Kashghari, CEO of 1957 Ventures, delivered an inspiring keynote speech outlining a future where AI and fintech innovations transform everyday life, and discussions about financial literacy become commonplace. With the nation’s Vision 2030 shaping reforms and propelling the fintech sector forward, Kashghari’s insights painted a hopeful picture of a technologically advanced, attainable, and desirable future.
Context and Background
As Saudi Arabia embraces its Vision 2030 initiative to diversify the economy and reduce its dependence on oil, fintech has emerged as a critical sector. With over 230 licensed fintech companies and a growing investment landscape that surpassed $2 billion in funding, the Kingdom is positioning itself as a regional leader in financial technology. Events like the 24 Fintech serve as platforms for sharing knowledge, fostering collaboration, and enhancing the ecosystem of innovation that will drive Saudi Arabia’s digital economy into the next decade.
Key Points
- The Vision for 2030: Kashghari opened his address with a vivid depiction of daily life in 2030, showcasing the integration of AI and personalized technology in every aspect, from waking up to smart alarms to efficient commuting with taxi drones.
- The Rise of Fintech: The sector is rapidly evolving, with global venture investments in fintech reaching over $122 billion last year. In Saudi Arabia, 1957 Ventures is at the forefront of this evolution, contributing to the growth of a robust fintech ecosystem.
- Financial Literacy and Accessibility: Emphasizing the importance of financial education, Kashghari noted how fintech solutions simplify access to savings, investments, and mortgage services, thus fostering a financially literate society.
- Significant Growth in the Industry: The rapid increase in funding and the number of licensed fintechs within the country reflect a solid commitment to innovation and the potential for sustaining economic growth through technology.
- The Role of Traditional Banking: Kashghari encouraged banking institutions to embrace digitization, asserting that collaboration between traditional financial services and innovation will shape the sector’s future.
Emad Kashghari’s address included several compelling remarks that encapsulated the vision of 1957 Ventures and the fintech landscape in Saudi Arabia. He stated, “Innovation and technology are evolving the way we live,” highlighting the transformative impact of technological advancements on daily life. He further emphasized the significance of financial technologies, saying, “Financial transactions are embedded in our daily life… thanks to our ambitious leadership, Vision 2030, and fast-adapting regulation.”
The insights shared at the 24 Fintech event underscore a crucial shift in how financial services are perceived and delivered in Saudi Arabia. With increasing reliance on technology, the implications of Kashghari’s vision extend beyond just enhancements in efficiency; they signify a cultural shift towards a society that values innovation, education, and economic participation. The emphasis on financial literacy is particularly noteworthy, as it signals a broader societal understanding of financial management and investment from an early age.
The 24 Fintech event was not merely a presentation of ideas but a call to action for stakeholders in the financial and technology industries. Kingdom’s vision for 2030 offers a roadmap towards a future where fintech innovations lead to improved quality of life, economic diversification, and enhanced financial education. As Saudi Arabia navigates its transformation under Vision 2030, events like these signify the pivotal role of collaboration and innovation in shaping a promising future.
