CMA’s Chairman says 24 Fintech anchors Saudi Arabia’s position in fintech sector

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Mohammed El Kuwaiz, Chairman of the Capital Market Authority (CMA), highlighted that the 24 Fintech conference reflects Saudi Arabia’s leading position in the fintech landscape.

The 24 Fintech event kicked off at the Riyadh Front Exhibition and Conference Center (RFECC) on 3 September and is ending on 5 September 2024.

El Kuwaiz pointed out that digital trading accounted for more than 90% of trading operations in the Saudi market, which is the same trend that initial public offerings (IPOs) are moving in.

Meanwhile, AI and algorithmic trading now constitute 25% of the volume of trading in the local market.

The Chairman also announced that “the CMA began to innovate in regulatory methods by adopting experimental permits and licenses designed for fintech activities”, which has resulted in the emergence of new business models and opportunities.

It is worth indicating that 24 Fintech event featured 175 hours of expert-led content to rival some of the best fintech gatherings from across the world.

The three-day conference gathered regulators, policymakers, investors, technologists, and academics to secure a platform for global industry stakeholders to bolster collaborative fintech transformation.