Money20/20 Middle East closes with Saudi payments push and new fintech deals

Money20/20 Middle East ended in Riyadh with new Saudi central bank payments announcements, fresh fintech investment deals and winners from the MoneySurge startup competition. The event highlighted how the kingdom is pairing regulatory experimentation with capital inflows to scale its financial sector.

Why it matters: - Saudi Arabia used the event to signal that it wants faster payments adoption, more fintech investment and broader international participation in its financial system. - The announcements matter for merchants, tourists, small businesses and startups looking to expand in the kingdom. - The event also showed how regulators and investors are shaping the next phase of the Saudi financial market together.

What happened: - Money20/20 Middle East closed in Riyadh after three days of sessions, investment announcements and startup competition results. - The Saudi Central Bank announced that Alipay+ payments can now be accepted in the kingdom. - The Saudi Central Bank also said it plans to enable Tap to Pay on iPhone in Saudi Arabia. - MoneySurge ended with awards for the next wave of fintech founders. - The next Money20/20 Middle East will return to the Riyadh Exhibition and Convention Center in Malham from Sept. 14 to 16, 2027.

The details: - Noura Al Bakar, deputy governor for financial innovation at the Saudi Central Bank, opened the final day with remarks on the future of the kingdom’s financial ecosystem and the role of responsible innovation. - Al Bakar said the central bank supports the goals of Saudi Vision 2030 while balancing monetary and financial stability with faster, broader innovation. - The central bank’s approach to new financial technologies is based on testing and evidence before wider adoption or regulation. - Al Bakar said the central bank prioritizes innovations with real practical value for the financial system rather than technology for its own sake. - Supply chain finance was tested in the Saudi Central Bank’s regulatory sandbox and then moved toward licensing. - Supply chain finance activity has since passed 1.4 billion Saudi riyals. - Lendo announced a partnership with Quantic Financial Solutions GmbH, an asset manager based in Vienna. - Under that agreement, Quantic Financial Solutions will invest in an institutional capital program worth up to 750 million Saudi riyals. - The program is designed to finance working capital for small and medium-sized businesses in Saudi Arabia. - Speedinvest announced a 15 million Saudi riyal investment in Abwab.ai. - The investment is Speedinvest’s first in Saudi Arabia. - Abwab.ai is an AI-powered platform focused on credit intelligence and underwriting automation. - Sessions on the final day examined how payments, digital assets and AI are reshaping financial services. - One session looked at the growing link between payment systems and around-the-clock capital markets. - Another session focused on trust, accountability and human oversight in financial AI. - Planto, based in Hong Kong, won the Fintech to Watch award and a $100,000 prize. - Planto provides cash flow analysis, customer segmentation and wealth management analytics for financial institutions. - Nearpays, a Nigerian fintech, won the Fintech for Good award and a $100,000 prize. - Nearpays offers a digital financial services and payments platform with virtual accounts, virtual dollar cards and smartphone-based payment tools.

Between the lines: - The central bank’s sandbox-to-license example suggests Saudi regulators want to de-risk innovation before scaling it. - The mix of global investors, foreign startups and local policy announcements shows Riyadh is positioning itself as a regional fintech hub rather than only a domestic market. - The emphasis on human oversight in AI reflects a broader industry effort to adopt automation without surrendering decision-making control. - Comments from BlackRock’s Tony Ashraf pointed to a world where always-on markets could reshape capital markets by increasing constant demand for returns. - Comments from T57.AI founder and chairman Afzal Hussain Muhammad Naqeeb argued that AI should advise people, while humans remain responsible for final decisions. - Annabel Manders of Tahaluf said conversations have shifted from market interest to what companies will actually do in Saudi Arabia and who they will work with.

What's next: - Saudi merchants and consumers should see more payment options as Alipay+ acceptance expands and Tap to Pay on iPhone rolls out. - The 750 million Saudi riyal institutional capital program is set to channel more funding toward SME working capital. - Abwab.ai’s new backing gives the company a platform to expand its credit and underwriting tools in Saudi Arabia. - The 2027 return of Money20/20 Middle East will give regulators, investors and startups another chance to announce deals and partnerships in Riyadh.

The bottom line: - Money20/20 Middle East closed with a clear message: Saudi Arabia wants to scale financial innovation through regulation, capital and global partnerships, not through experimentation alone.