MEFTECH 2019 to support fintech growth in KSA

Over the years, the event has brought together more than 8,000 financial industry executives and over 1,000 technology providers in the region.
Updated 11 February 2019

MEFTECH 2019 to support fintech growth in KSA

MEFTECH, the longest-running banking and financial technology event in the MENA Region, will return to Riyadh from Feb. 24-25 at the Four Seasons Riyadh for its second edition in the Kingdom. MEFTECH is initiated by mada, the national payment network, and SADAD Payment and aims to highlight and support the rapidly developing payments, e-commerce and retail industry in the Kingdom.

The fintech industry is an integral part of the Kingdom’s Vision 2030 digital transformation program. According to a recent study by MENA Research Partners (MRP), private-funding investments in GCC-based fintech startups is expected to reach $2 billion in the next decade, and the number of fintech companies across the MENA region is expected to double from 130 to 260 over the next two years.

MEFTECH 2019 presented by STC Pay will address trends and issues within the fintech sector focusing on digital economy, blockchain, mobile payments and artificial intelligence (AI) within the e-commerce industry. This edition also marks the launch of the MEFTECH Innovation Awards, which celebrate the achievements and innovation in the Saudi Arabian fintech ecosystem. The awards will recognize the best local bank or financial institution within 10 different categories and the winners will be selected by the panel of independent expert judges. 

MEFTECH Payments will have a dedicated Fintech Start-Up Zone in partnership with Fintech Galaxy — a MENA-focused digital crowdsourcing platform that connects Fintech entrepreneurs to financial institutions. The Fintech Start-Up Zone will provide a platform to early stage startups from across the MENA region to exhibit and present their ideas or products to potential investors, government officials and industry experts.

Ziyad Al-Yousef, managing director, Saudi Payments, said: “The Kingdom, through the fintech Saudi initiative aims to transform into an innovative fintech hub with a thriving ecosystem driven by local and international stakeholders. Furthermore, the government has implemented multiple reforms to promote the digitalization of financial services and drive toward a cashless society which is a game-changing initiative within the Financial Sector Development Program (FSDP) under the Kingdom’s Vision 2030.”

Ahmed Alenazi, vice president of business, STC Pay — a digital financial services company in the Kingdom and sponsor of MEFTECH 2019 — said: “It is essential for the Kingdom to steadily shift toward a cashless society as it enables transparency within the financial sector and supports modernization of payments infrastructure which are key catalysts for economic development. STC Pay is a significant step toward digitizing and building a secure, seamless payments service across the Kingdom. At STC Pay, we aim to provide new and innovative technologies and digital experiences to our customers and empower individuals to take full control of their finances.”

Over the years, the event has brought together more than 8,000 financial industry executives and over 1,000 technology providers in Saudi Arabia, Bahrain, Dubai and Abu Dhabi.

Arabian Power Electronics factory starts operations

Updated 23 July 2019

Arabian Power Electronics factory starts operations

The new plant of Arabian Power Electronics Company located in Dammam’s Industrial Area has started its operations following a soft-inauguration event on July 5.

The inaugural ceremony com- menced with the ribbon cut by Dr. Siddeek Ahmed, chairman and managing director, Eram Group.

Dr. Sattam Al-Omairy, director, APEC, did the ribbon cutting for the shop floor inauguration.

The meeting started with a wel- come address by Abdul Razack, group CEO, Eram Group.

Jacob Thomas, business unit head of APEC, spoke about the birth of APEC and how it grew to a market leader today in his open- ing remarks.

In his inaugural address, Dr. Sid- deek Ahmed, CMD, Eram Group, expressed his vision behind estab- lishing the first power electronic manufacturer of Saudi Arabia.

Saad Al-Shahrani, chairman, Saudi Council of Engineers, Rizwan Ahmed, director, Eram Group, Elio Maggi, executive board member, Eram Group, Mohd Al-Shallali, executive board member, Eram Group, Abdullah Al-Ajmi, corpo- rate affairs manager, APEC, also ad- dressed the event.

Madhu R. Krishnan, group direc- tor, Eram Group, offered a vote of thanks to all the well-wishers for their constant support to the com- pany during the past eight years.

Arabian Power Electronics Com- pany is a leading global power electronics manufacturer with world-wide operations and a production facility in Saudi Arabia.

APEC was established in 2011 as a flagship division of ERAM Group, one of the most diversified business conglomerates in the Middle East.

The company has gained wide ac- ceptance for the quality of products and services by serving more than 700 clients in the region and a total installed capacity over 12 MW of power backup systems.

The company has an operations and maintenance team capable of reaching clients across Saudi Arabia. The new facility will de- liver the most innovative technol- ogy, products and services as well as job opportunities to young Sau- di engineers. This will accelerate the company’s vision of becoming the pioneers of power electronics in the region.

As Vision 2030 demands the de- velopment of a more stable energy sector with localization of the tech- nology, APEC is close to achieving this through the process of trans- ferring power electronics technol- ogy to the Kingdom.

The facility is completely de- signed and constructed for the future. Its position and proximity to the upcoming King Salman En- ergy Park, which is going to be the epicenter of global Industries, will help turn the spotlight on APEC — the indigenous manufacturer.