Seamless Saudi Arabia 2024: Driving Payments and Fintech Innovation

Seamless Saudi Arabia 2024 is set to be a pivotal event for payments, fintech, and digital commerce in the MENA region. Running from October 22-24, it will bring together global business leaders, innovators, and entrepreneurs to explore trends shaping the future of the payments industry. With over 600 companies showcasing solutions and insights from organizations like the World Economic Forum and Disney, this event will be crucial for driving collaboration and innovation within the region's fintech ecosystem.

Welcome to this week’s Digital Bridge newsletter, where we dive into the latest fintech advancements and explore how collaboration between local and international players is pushing the boundaries of innovation.

This week, we’ll cover:

• WeeklyTech: Seamless Saudi Arabia 2024

• New Country on The Block: Morroco Jumps on Fintech Rollercoaster?

• African Fintech Rise: Africa’s Fintech Landscape Rises by 688% Despite Global Setback

• What’s New?: Next-Gen Smartphones Are Wearables

• Tech Spotlight: Beckie Taylor and the Impact of Tech Returners

WEEKLY TECH
Seamless Saudi Arabia 2024

Saudi Arabia’s national payment scheme, mada, has partnered with Seamless Saudi Arabia 2024, a leading event focusing on payments, fintech, and digital commerce in the MENA region.

Taking place from October 22-24, the event will gather global business leaders, innovators, and entrepreneurs to discuss the latest trends shaping the future of the payments industry. Global speakers from organizations such as the World Economic Forum, Alrajhi Bank, and Disney will share insights on market disruptors, innovations, and future trends in payments and digital commerce.

More than 600 companies will showcase their cutting-edge fintech, e-commerce, and digital marketing solutions at Seamless Saudi Arabia this year. The event is expected to be a key platform for forming partnerships and driving forward the payments ecosystem in the MENA region.

The partnership with mada underscores the importance of collaboration between local and international players in advancing payments innovation.

Key Topics & Discussions To Expect:

•  eKYC and Banking: Focus on eKYC, banking, and digital banking developments.

• Open Financial System: Discussions on the future of an open financial system in Saudi Arabia.

• Data and Platforms: Emphasis on leveraging platforms and data for financial innovation.

• Payments Innovation: Exploration of payments innovation, including digital wallets and contactless solutions.

• Cashless Transition: Insights into Saudi Arabia's transition towards a cashless society, with a focus on merchant payments.

NEW COUNTRY ON THE BLOCK
Morroco Jumps on Fintech Rollercoaster?

Morocco’s CIH BANK has entered into a strategic partnership with digital banking software provider Backbase to strengthen its digital infrastructure. The goal is to modernize the bank’s offerings and provide more personalized services to both local and international customers. The platform’s flexible, modular structure allows CIH BANK to streamline processes like account openings and offer tailor-made financial solutions such as student loans and investments.

Backbase’s platform is built to be adaptable, giving CIH BANK the tools to introduce new features efficiently while maintaining control over future developments. As the digital economy expands, the importance of agile, customer-focused banking services continues to grow.

Matthijs Eijpe, SVP and Managing Director of Backbase CEEMEA, highlighted the importance of this transformation:

AFRICA’S FINTECH RISE
Africa’s Fintech Landscape Rises by 688% Despite Global Setback

While global fintech investments saw a 25% decline in Q3 2024, African fintech startups experienced an astonishing 688% increase, raising $268 million in the third quarter.

This dramatic growth highlights Africa’s resilience and growing prominence in the global fintech ecosystem, even amid challenging global market conditions. Egypt’s MNT-Halan played a pivotal role, raising $158 million in a Series E round, contributing 58.7% of the continent’s total fintech funding for the quarter.

Kenya’s Nala also made significant strides with a $40 million Series A round, further illustrating the growing confidence in Africa’s fintech potential. Other noteworthy contributors include Egypt’s Paymob ($22 million) and Seychelles’ Yellow Network ($10 million).

Key Points:

• Despite the global slump, African fintech witnessed remarkable growth, outpacing global trends.

• Egypt and Kenya remain key hubs for fintech innovation, attracting major investments in mobile banking and cross-border payments.

• Africa’s fintech sector raised only 3.7% of global fintech funding but shows strong potential for continued growth.

This impressive quarter demonstrates that while global fintech faces a downturn, Africa’s unique market conditions, growing demand for financial inclusion, and innovative startups are driving the sector forward.

WHATS NEW?
The Next-Gen Smartphones Are Wearables

Meta is once again at the forefront of innovation with the launch of its Orion smart spectacles. These sleek, augmented reality (AR) glasses aim to blend the digital and physical worlds, allowing users to interact with AI through Meta’s Llama language model.

By overlaying digital elements onto the real world, Orion offers a fully immersive experience that could disrupt industries like gaming, communication, and business. During the Meta Connect presentation, CEO Mark Zuckerberg shared that Orion has been in development for nearly a decade. He believes AR glasses will follow the path of smartphones, evolving from novelty to necessity.

In the next decade, billions of people could adopt AR glasses, transforming everyday tech interaction.

Key Insights:

• Orion glasses are designed to be more user-friendly and stylish, making AR technology more accessible to the average consumer.

• Zuckerberg envisions a future where AR glasses become as essential as smartphones, fundamentally changing how we engage with digital content.

This launch marks a pivotal moment for Meta, positioning the company as a leader in wearable technology and shaping the next generation of digital interaction. As we move forward, the possibility of AR glasses replacing smartphones could revolutionize how we work, play, and connect. The future of wearables is just beginning, and Meta is leading the charge.

TECH SPOTLIGHT
Beckie Taylor and the Impact of Tech Returners

Beckie Taylor, co-founder of Tech Returners, was recently honored at the Northern Gamechangers 2024 event for her significant contribution to helping individuals return to tech after career breaks.

Inspired by her own experience of re-entering the industry after having children, Taylor created Tech Returners to provide support and training for individuals looking to upskill and regain confidence in a rapidly evolving tech landscape. Through her work, Tech Returners has become a vital resource for professionals who feel left behind due to technological advancements, offering them a path back into the industry.

Taylor’s initiative empowers individuals and promotes diversity and inclusion within the tech workforce by addressing the challenges faced by returning talent.

FUN-TECH
Did You Know: Fintech Origins

Fintech, as we know it today, can trace its origins back to the 1950s! Diner's Club's invention of the credit card in 1950 was one of the earliest milestones in fintech history. This innovation allowed people to make purchases without carrying cash, revolutionizing financial transactions and paving the way for today's digital financial ecosystems.

From that small piece of plastic, we've come a long way to the global fintech innovations driving economies in the digital age.

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