Fintech Companies and Banks to Collaborate on the Future of Digital Payments to Support Growing Consumer Demand in Saudi Arabia
The future of digital payments in Saudi Arabia will be the emphasis of conversations following week as Financial institutions and Fintech companies collaborate on innovation innovations that will certainly transform the digital settlement landscape to attend to the hectic modification in consumer and business needs for mobile banking, simple accessibility to repayments, real-time payments and fluidity of worldwide settlements. The first MEFTECH payments event in Saudi Arabia to be held at the Intercontinental Hotel from the 9th to 10th May launched in partnership with mada, the nationwide settlement network and SADAD Settlement System to drive the digital payment transformation in Saudi Arabia to the Kingdom's Vision 2030.
With global FinTech investment in banking reported by statista to be $19.9 billion by 2020 in the United States alone and China as global leaders in non-traditional payment options with their mobile payments market price at $5.5 trillion in 2015 the opportunity offered by collaboration in between banks and fintech firms signing up with forces in Riyadh is enormous.
Omar Hashem, EVP Head of Digital Banking. National Commercial Bank enrollers of following month's event said: "Technology has made monetary solutions a lot more accessible and, certainly, more personal: Banking has currently become regarding experience, benefit and satisfaction and the only method to attain that is with the constant nurturing and growth of a healthy and balanced community where the lines of economic and technological services converge. To continue to be the leader in economic solutions, we must have the happiest customers. It is our duty as a Bank towards our customers and our country to recognize the vision established by the 2030 campaign: constantly enabling financial product or services throughout the range customers. From mega-government initiatives to SMEs & personal banking."
Esam Alnahdi, CEO of HalalaH a leader in Saudi Arabia Fintech added: "A significant challenge that continues to be in the Saudi Arabia market is the high reliance on money purchases. HalalaH aims to supply individuals and sellers with easy to use e-wallets to transform our daily repayments experience in line with the Kingdom's 2030 vision. The Saudi Arabian Monetary Authority (SAMA) is being very supportive to Fintech and its ecological community, including financial institutions who are showing a great deal of visibility and collaboration and we waiting to adding to MEFTECH Payments.'
MEFTECH Payments will be gone to by Financial institutions, Government Departments, Financial Institutions, and Enterprises for the two-day exhibit and conference which will certainly deal with topics consisting of: the real-time payments world and the effect on banking in the Middle East; evaluate the mobile banking boom and exactly how Apple Pay, Samsung Pay and Android Pay are transforming the repayment landscape; duty of identification within security-identity administration and details safety; protecting measures financial institutions need to put in place for the innovation of mobile settlements; seeking to the future of purchase banking, from bank to bank, nation to nation; and consumer education on digital purses and what the monetary services market could do to educate them.
MEFTECH Director, Oliver Bickell included: "MEFTECH is the longest running Banking & Financial technology event in the MENA Region. For many years MEFTECH has united greater than 8,000 monetary industry executives and over 1,000 innovation providers in Bahrain, Dubai & Abu Dhabi. Building after this abundant pedigree of success, MEFTECH Repayments will certainly open for the first time in Saudi Arabia on the 9th May 2018 in Riyadh."
To discover more about the conference program showcase your company's products options or to join round-table conversations visit www.meftechpayments.com
