Fintech jumps into new worlds on the third day of LEAP23
Saudi Arabia sets the bar for a world-leading fintech scene that LEAP23 showcases the Kingdom’s very best innovations throughout the conference’s third day.
Saudi Arabia’s vision for Vision 2030 and the development of the fintech sector has never been clearer or closer than it was during the LEAP23 technology conference’s third day of events in Riyadh this week.
Saudi Vision 2030 outlines a future of economic diversification for the Kingdom, a total reform of the service sectors that will define its position on the world stage. Fintech forms a key pillar of this strategy, and as LEAP23’s agenda and lineup of speakers continues to demonstrate, KSA’s trajectory in this industry is only getting higher.
Wednesday’s agenda was dedicated to the discussion of the most cutting-edge fintech concepts emerging from the Kingdom and around the world.
Fintech takes the stage
The numerous fintech-focused booths from across the Riyadh Front EXPO Centre’s 10 halls and tents were complimented by a group of industry figures, who took to the orbital talk stage to discuss fintech’s integral role in the success of Saudi Vision 2030.
Important discussions include Petr StranskyCEO and founder of the dispute recovery platform iCEIBAwhich examined the convergence of digital assets and traditional finance and Nils Andersen Röedas Deputy Director of Economic Crime Compliance at Binancefollowed on a similar note with a look at the relationship between cryptocurrency, compliance and security.
After these sessions, Simon HardieCEO and founder of the fintech data company Find indexable, moderated a panel analysis of the application of digital identities and risk architecture. Then, Semih Kumlukthe digital training manager at PwC‘s Academy Middle East, shared his perspective on the growing use of artificial intelligence (AI) in finance.
Saudi Arabia goes for fintech gold
Reflecting on Saudi Arabia’s development of its fast-growing fintech industry, in line with Vision 2030, Hardie realizes that “there is genuine momentum here”.
“Saudi Arabia is really pushing to try to build an ecosystem here,” he told The Fintech Times. “There’s a lot of innovation, and it might be early stage, but that’s just the natural evolution of the ecosystem.”
“We’re seeing a lot of venture money coming in, mainly from the region, but also increasingly from outside as well, and I think that’s very exciting,” adds Hardie. “There are over 100 fintechs now founded and based in the Kingdom, and by 2021 $400 million was invested from venture funds.”
This tension was later repeated on the CODE stage, where the moderator Nezar Alhaidardirector of Fintech Saudian organization that acts as a catalyst for the development of the fintech domain in the Kingdom, was joined by Khalid Albasias of Saudi Central Bank (SAMA), Nayef Alabdulwaheddirector of Capital Market Authority (CMA) and Nasser Alajajiassistant director general at Financial Sector Development Programmewhich together gave a fascinating insight into what Vision 2030 is and will achieve and the drivers who will play an integral role in its success.
New ways to work with Leda Glyptis
Excitement filled the fintech scene throughout Wednesday’s proceedings, but it reached a climax when Lead Glyptis took the stage to discuss her latest book.
The venerable chief customer officer for the cloud-based banking platform, 10x Banking operations, delighted the audience with valuable insight into her latest work; ‘Bankers Like Us: Dispatches from an industry in transition‘.
This book, as well as Glyptis’ corresponding session at LEAP23, pinpoints the pain points currently hindering the digital transformation of the global banking industry. Glyptis argues that to take banks to the next phase of their digital journey, they need to change habits, mindsets and leadership strategies.
Bankers Like Us depicts the shared experience of the banking industry, including the author’s own trench credentials, to present an overview of how corporate cultures must evolve and why so many fall at the first hurdle of digital transformation.
To conclude the session, Glyptis held a highly anticipated book signing; so highly anticipated, in fact, that she was almost immediately inundated with audience members yearning for a bite of the fascinating insight she continues to bring to the industry.
Speaking to The Fintech Times after the signing, Glyptis confirmed that she wants readers to know that “change is actually possible without leading a revolution.”
“You can make changes at the individual level, at the team level, and of course with large material changes in an organization or at the community level,” she continues. “They’re intentional and they’re possible, and you don’t have to lead a revolution. You can start small and go big, but it’s always up to the individual to make a choice.”
Among the stands
A venture into one of LEAP23’s 10 expansive halls showed that KSA’s fintech scene is brighter and more promising than ever. Industry players from around the world attended the event and shared how their innovations aligned with the Kingdom’s Vision 2030.
Tel
Established in 2014 Tel is a Dubai-based online payment gateway with offices in Singapore, UAE, India and Saudi Arabia.
The gateway enables merchants to transact and accept payments from their customers online.
The company announced the formation of a strategic partnership with urpay digital wallet to allow Telr merchants in Saudi Arabia to accept urpay as a payment method for customers purchasing goods and services online.
“At LEAP23 we showcase our state-of-the-art technology and new services and innovations,” Telr founder and CEO, Khalil Alamitold The Fintech Times.
“We are here to connect with our seller base and with potential sellers, customers, investors, partners and partnerships,” continues Alami. “Telr is happy to be here and happy to support Saudi Arabia’s Vision 2030 where we are working hard to reach 70 percent of cashless payments.”
eBOS
Founded two decades ago, eBOS is an information technology company based in Cyprus. Its commercial and customizable proprietary WiseBOS platform automates regulatory technology solutions for clients, including governance, electronic customer verification, transaction monitoring and anti-money laundering compliance; among others.
In addition to this, the company is still heavily involved in its research and development portfolio, including projects related to the advancement of 5G, 6G and AI.
Although eBOS currently serves customers across the European market, its geographic location made its presence at LEAP23 in the Middle East a natural step in the expansion of its services.
Speaking of the event and its growing presence in the kingdom, Dr. Stelios ChristofiCEO and founder of eBOS, described the organization of LEAP23 as “fantastic”, adding that it has brought a high quality of business partners with an even higher interest in their products.
“This is very important for us,” continues Christofi, “because when you go to such exhibitions and invest a lot of money, and you will see quality interest from people. We are very happy and the conference has exceeded our expectations.”
Bonokey
Also with an eye on the fintech scene, Saudi startups Bonokey provides a consolidated platform for comparing loan prices; removing barriers to funding for launch seekers in the process.
The platform eliminates the arduous process of price comparison between different banks and offers a total overview of market availability in financing and loan services.
“Right now, there’s no way to know what your best deals are on your own,” Nabil Alrokayh, the company’s CTO, explains. “So if you’re asking about the APR, which is the best, you have to visit all the banks separately. This process requires a lot of effort and guidance, and you may not find what you’re looking for through this old process.”
At a time when small businesses demand streamlined services that provide a single answer to capital, Bonokey seeks to make this once difficult process as simple and quick as possible.
