Money20/20 Middle East officially opened today at the Riyadh Exhibition and Convention Centre in Malham, marking a milestone for the financial technology sector in the region.

The event brings together more than 450 fintech companies and over 1,050 global investors, making it the largest gathering of its kind held in the Middle East.

The conference is hosted under the patronage of H.E. Mohammed Aljadaan, Saudi Arabia’s Minister of Finance and Chairman of the Financial Sector Development Programme Committee.

Opening the event, H.E. Aljadaan highlighted the Kingdom’s ambition to establish itself as a global fintech hub in line with Vision 2030.

He noted that Saudi Arabia’s capital market is among the fastest-growing internationally, with its total value exceeding SAR 2.4 trillion by the end of Q2 2025.

Digital payments in the Kingdom rose from 18 per cent in 2016 to 79 per cent by the end of 2024, while the number of active fintech firms doubled to 280 by mid-2025.

H.E. Ayman M. Al-Sayari, Governor of the Saudi Central Bank, stressed the importance of cross-border collaboration in building resilient financial systems.

“In today’s interconnected world, no financial system can thrive in isolation,”

he said, adding that fintech is reshaping financial services from AI to human-centred innovation.

He noted that the number of fintech companies in Saudi Arabia has tripled since 2022, with further growth anticipated.

During the opening day, the Saudi Central Bank (SAMA) announced the official launch of Google Pay, enabled by the national payments system MADA, expanding digital payment options for consumers.

It also confirmed that Alipay+ would be enabled in 2026, supporting cross-border financial integration.

Several major announcements were made alongside the opening. Riyadh-based fintech company Tamara, the country’s first unicorn, revealed it had secured an asset-backed facility of up to US$2.4 billion.

The Capital Market Authority (CMA) outlined developments in Saudi Arabia’s capital markets, including the deployment of artificial intelligence to reduce false positives in monitoring, and reforms aimed at strengthening the asset management industry.

Assets under management have more than doubled in the past five years, with forecasts suggesting they could reach SAR 2 trillion by 2030.

CMA has also introduced the Kingdom’s first omnibus system for smaller clients and launched a significant pension reform.

Work is also underway on an offshore licensing regime and a flexible funds framework to enhance competitiveness.

Tarmeez Capital, a fintech platform licensed by the CMA, unveiled a new brand identity reflecting its focus on financing solutions for corporates through sukuk issuance and for investors seeking sustainable returns.

Annabelle Mander, Executive Vice President at Tahaluf, said:

“From AI-driven matchmaking to strategic partnerships, Money20/20 Middle East is delivering real business outcomes for our partners and attendees. Our founding partners and sponsors are driving the region’s fintech evolution, and this event is where new ideas, collaborations, and opportunities come to life.”

Founding partners of Money20/20 Middle East include AlRajhi Bank, Riyad Bank, STC Bank, Saudi National Bank, Tamara, Visa and Vision Bank. Strategic partners and sponsors include Abdul Latif Jameel, Barq, Banque Saudi Fransi, BIM Ventures, Elm, Ejada, Enjaz, MasterCard, Neo Leap, Saudi Tadawul Group, SCCC by STC, SIMAH, Tamam and Tiqmo.

Centred on the theme “Where Money Does Business,” the conference agenda covers topics ranging from artificial intelligence in finance to regulation, inclusion and capital markets.

The event also features partnership pavilions, networking areas and an AI-powered matchmaking platform to facilitate pre-scheduled meetings between participants.

Featured image credit: Money20/20 Middle East