Riyadh, Saudi Arabia – HES Fintech, a leading provider of digital lending solutions, participated in the Leap 2023 global technology conference, which was held on February 6-9, 2023, at the Riyadh International Convention & Exhibition Center. More than 700 experts, scientists, and specialized companies from around the world attended the conference to discuss the latest developments in technology, including virtual reality, creative economy, edutech, retail, Fourth Industrial Revolution, future energy, smart cities, fintech, and healthtech. Some of the tech giants, such as Microsoft, SAP, Oracle, Amazon, Nvidia, and AMD, also presented their latest technologies at the event.
During a keynote speech at the conference, Eng. Abdullah Alsawaha, Saudi Minister of Communications and Information Technology, announced investments worth $9 billion to support future technologies, digital entrepreneurship, and tech startups. This investment is expected to enhance Saudi Arabia’s position as the largest digital economy in the Middle East and North Africa region.
The Chief Revenue Officer of HES Fintech, Dmitry Dolgorukov, shared his impressions of the event, stating that he was excited to meet a huge community of fintech startups at the conference. Based on this, Dolgorukov predicted the growth of the number of fintech unicorns in the nearest 5 years.
Dolgorukov also met with potential partners, including Saudi Payments Company and Elm informational technology leader, to discuss the future of fintech and new perspectives for partnership. He also had the opportunity to meet with potential clients, such as leasing companies, banks, and SME lenders, who expressed positive feedback about HES Fintech’s products and business model.
Key insights from Leap 2023 Global Technology Conference
While at the conference, Dolgorukov emphasized the fact that there are currently 147 regulated fintech companies in Saudi Arabia. However, Saudi Arabia’s fintech market is expected to grow at a CAGR of 18.5% by 2027. To achieve this goal, the fintech industry in Saudi Arabia must tackle some challenges, such as cyber security, infrastructure development, and debt funding.
Dolgorukov took away some valuable insights from Leap 2023. He believes that Saudi Arabia is ready for the boom of financial technologies and digital lending, as the market has a great potential for growth as there are favorable conditions created and many young entrepreneurs emerging in the last five years.
There are also certain challenges related to establishing foreign companies in Saudi Arabia due to differences in Western and Arabic legislation and ambiguities in some laws.
Building a market presence in Saudi Arabia requires a physical presence, with an on-site team and personal meetings being essential. He also noted, that in comparison to Europe, the fintech market in Saudi Arabia is not experiencing an economic recession.
In conclusion, HES Fintech demonstrated its commitment to innovation and growth by participating in the Leap 2023 global technology conference. The company’s presence at the event, alongside other fintech giants, highlights its expertise and dedication to developing new solutions to meet the growing demand for digital lending and financial technologies in Saudi Arabia.