When money meets tech: 24th FinTech Forum in the Saudi capital 
My friend Majed Al-Osaimi, chairman of BIM Ventures, invited me to visit the lounge of one of his company’s subsidiaries, Aseel Capital, at the 24th FinTech Forum in Riyadh last week. On the third day, I managed to attend the forum and visit the lounge. I must say, I was very impressed.
There, I met the CEO of Aseel Capital, Majed Abalkhail, who briefed me on the outstanding performance of Aseel Capital, a crowd-investing platform licensed by the Capital Market Authority’s FinTech Lab.
Without disclosing my age, one noticeable aspect of the massive venue at Riyadh Front was the youthful crowd. I had to bring my son, Bader, as technical support to help me understand the latest AI and innovation apps.
What was also notable at this forum was the visible presence of multiple financial sector regulators, including the Capital Market Authority, the Saudi Central Bank and the Insurance Authority.
Since BMG Financial Group was the investment banker and arranger for the listing of almost half of the insurance sector, I was pleased to witness the first public appearance of the newly created Insurance Authority at this forum.
During the forum, the Insurance Authority signed a memorandum of understanding with the General Organization for Social Insurance to develop related electronic and digital transactions, exchange expertise and enhance business development between the two parties.
Additionally, both parties will explore opportunities for integration in providing insurance products and services, and in developing related electronic and digital services. They will also collaborate on preparing awareness campaigns, conferences, seminars, workshops and scientific forums related to insurance.
On the capital market front, the Capital Market Authority’s chairman, Mohammed El-Kuwaiz, confirmed that algorithmic trading represents one-quarter of the trading value in Saudi Arabia, indicating that the financial technology sector facilitates and protects the transactions of consumers and investors.
He added that the “Buy Now, Pay Later” service was one of the first licensed services in the Kingdom, noting that it is the most popular among consumers. He pointed out that crowdfunding platforms are considered highly effective for the role financial technology companies play in financing and investing in economic projects in the Kingdom, highlighting the shift from equity financing to debt. Aseel Capital is a case in point.
The number of fintech companies in the Kingdom had reached 224 by the end of the second quarter of this year, with the government’s focus on enhancing the digital economy and laying strong foundations for improving the quality of services and empowering the public, private and nonprofit sectors. During the 24th FinTech Forum in Riyadh, there was no better place in the region for money to meet technology.
— Basil M.K. Al-Ghalayini is chairman and CEO of BMG Financial Group.
