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“You could just tell how excited everyone is and how much opportunity there is here.” – 02:43

Micky Tesfaye, Head of Audience Development at Money20/20, joins Remy Blaire from Money20/20 Middle East in Riyadh to discuss the significant developments emerging from the Money 2020 Middle East conference. The event serves as a platform to highlight the digital transformation taking place within Saudi Arabia’s economy, featuring leaders from the Saudi Central Bank and the Minister of Finance.

Micky begins by sharing his observations about the sheer scale of activity at the conference, noting that over 451 brands, nearly a thousand investors, and more than 150 startups are represented. This impressive turnout reflects the remarkable growth and investment potential within the region’s fintech landscape.

Remy and Micky discuss the conference’s target audience, which is both global and specifically focused on Saudi Arabia. Micky emphasizes that as the Kingdom becomes increasingly open to business, it is establishing itself as a prime destination for investment in the fintech sector. The event aims to connect international, regional, and domestic players within this evolving ecosystem.

Throughout their conversation, Micky highlights some of the standout moments from the conference, particularly the palpable sense of transformation occurring in Saudi Arabia. He describes the excitement among attendees and exhibitors, all eager to engage with the burgeoning opportunities in the region.

As the discussion comes to a close, Remy asks Micky for his key takeaway from the event. Micky underscores that fintech is now a global phenomenon, with Saudi Arabia experiencing a significant shift towards digital payments, which have reportedly increased to 79% over the past year. This statistic illustrates the rapid changes taking place in the Kingdom and the collaborative opportunities available for those looking to expand their reach in the region.

“We have the regulatory clarity. We want to welcome back innovators and entrepreneurs and investors to invest, hire, and build in America.” – 02:27

Caroline Pham, Acting Chairman at the CFTC, joins Remy Blaire & Vince Molinari from Money20/20 Middle East in Riyadh to discuss the monumental gathering in the fintech space, attracting over 45,000 participants, including more than 450 fintech brands, 350 speakers, and 400 investors.

Caroline shared insights into the CFTC’s initiatives, particularly the President’s Working Group on Digital Assets and the recently launched “Crypto Sprint.” This initiative aims to position the U.S. as the global leader in the crypto space by providing regulatory clarity and fostering an environment conducive to innovation and investment.

Caroline emphasized the importance of collaboration between the CFTC and the Securities and Exchange Commission (SEC), highlighting their joint efforts to create a cohesive regulatory framework for digital assets. She announced an upcoming roundtable focused on regulatory harmonization, signaling a new era of cooperation between these two regulatory bodies.

Caroline articulated the administration’s commitment to welcoming innovators and investors back to the U.S. by clarifying the regulatory landscape for digital assets. She discussed the need for U.S. firms that have moved offshore due to regulatory uncertainty to return home, and the steps being taken to facilitate this process.

“Regulation needs to keep pace with what’s happening in fintech.” – 02:51

Scarlett Sieber, Chief Strategy & Growth Officer at Money20/20, joins Remy Blaire from Money20/20 Middle East to discuss the first day of the event. The agenda focuses on critical topics such as financial inclusion, the role of digital wallets, and the integration of AI and machine learning in the finance sector.

Scarlett shares her excitement about the event, highlighting the impressive attendance figures: 451 brands, nearly 1,000 investors, and over 150 startups from the region and beyond, all contributing to a vibrant atmosphere with around 40,000 attendees. She emphasizes the overarching theme of collaboration, discussing how organizations can seize opportunities during times of volatility to create a meaningful impact in the financial landscape.

Remy and Scarlett delve into what sets this gathering apart from other Money 2020 events held globally, such as those in Bangkok, Las Vegas, and Amsterdam. The Riyadh edition is distinguished by its co-organization with local partners, including Tahalif and FinTech Saudi, as well as support from key government entities like the Saudi Central Bank and the Capital Markets Authority. This collaboration underscores the event’s commitment to partnership and community engagement.