Fin Tech Focus

Banking and FinTech forum

February 26 - March 03 , 2020

Gulf Weekly Banking and FinTech forum

The third edition of Middle East Financial Technology Exhibition and Conference (MEFTECH), under the patronage of Saudi Arabian Monetary Authority (SAMA) Governor HE Dr Ahmed bin Abdul Kareem Al Khulaifi, being held in Riyadh concludes today.

The longest running Banking and Finance Technology conference and exhibition in the MENA region, MEFTECH is being held in strategic partnership with Mada, the national payment network, and SADAD Payment to support their commitment to enhance the growth of the payment system, the e-commerce and the retail industry in Saudi Arabia.

The conference discusses the latest developments in the digital economy, blockchain, mobile payments and the artificial intelligence within the e-commerce industry that will pave the way for future methods used by banks, institutions, and individuals in the region.

Ziyad Al Yousef, managing director of Saudi Payments, said: “Based on FinTech Saudi initiative, the KSA continues in its efforts to be transformed into an innovative FinTech hub with a thriving and responsible ecosystem driven by local and international stakeholders. The Saudi government implemented multiple reforms to promote the digitalisation of financial services and drive towards a cashless society. MEFTECH 2020 will continue our journey as an ideal platform to bring together the industry experts and the government representatives to enhance the discussions, bring new ideas, and industry-changing technologies within the Fintech industry.”

MEFTECH 2020 is being held in joint sponsorship with stc Pay, a Saudi Telecom Company subsidiary, and will attract 1,000 of attendees from banks, government departments, financial institutions, and enterprises large and small who will come to share knowledge, network and the business practice.

Ahmed Al Enazi, CEO of stc Pay, said: “It is essential for the KSA to steadily shift towards a cashless society as it enables transparency within the financial sector and supports modernisation of payments infrastructure, which is the key catalyst for the economic development. stc Pay is a significant step towards digitizing and building a safe and seamless payments service across the KSA. At stc Pay, we aim to provide new and innovative technologies and digital experiences to our customers and empower individuals to take full control of their finances.”

Over the years, the event has brought together more than 12,000 senior financial industry executives and more than 1,000 innovative technology providers from across the region to conduct business. MEFTECH is supported by platinum sponsors Banque Saudi Fransi and Digitial Cash International (DCI), payment technology partner MasterCard. To find out more about the conference agenda, showcase your company’s products and solutions or to participate in round-table discussions, competition and awards, visit:

Saudi Payments also announced a partnership with stc Pay to grow the breadth of its mobile wallet, and potentially partner on future digital projects, according to a report. stc Pay said the deal would allow it to team up with a number of financial and technology driven enterprises, as well as help the country as a whole to lessen its reliance on cash.

Ahmed said: “The move will help financial organisations in the country to provide citizens with more services that would strengthen the economy, and allow the government to expand financial inclusion.

Saudi Arabia’s payments infrastructure is handled by Saudi Payments, which will help unify operability throughout both digital and more traditional providers.

The company is owned by the monetary authority, and one of its main goals is to popularize the use of electronic payments.

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