Shaping of Saudi Arabia's artificial intelligence development unfolds at the Money20/20 event
In the heart of Riyadh, the Saudi Arabian capital, the Money20/20 event recently took place, bringing together regulators, legacy banks, fintech startups, and investors to compare strategies and align on priorities for the future of finance. Over 450 fintech companies and more than 1,050 global investors attended the event, which focused on "Where Money Does Business."
One of the key highlights was the announcement by Singapore-based Dyna.Ai of the launch of its Agentic AI Suite and Arabic-speaking AI Employees. These advanced digital teammates are designed to integrate into enterprise workflows and support compliance, customer service, and operational efficiency.
Dyna.Ai's Arabic-first AI Suite delivers over 95% accuracy with response times under 200 milliseconds, making it an ideal solution for the Kingdom's rapidly modernizing financial ecosystem. The suite was built with Arabic capabilities from day one, enabling it to understand dialects, cultural nuances, and regulatory requirements specific to the Kingdom.
The launch of Google Pay in the Kingdom, Alipay+ acceptance by 2026, and a series of capital markets reforms have underscored the pace at which Saudi Arabia is embracing digital finance. However, regulatory certainty remains an ongoing concern, as binding rules for algorithmic transparency, privacy, and bias mitigation are still being developed.
For regulators and policymakers, the event presents an opportunity to gauge market readiness and identify where rules and infrastructure must catch up with innovation. Khalid Al-Sharif, CEO of Abdul Latif Jameel Finance, emphasized the need for coordination between regulators, financial institutions, and technology providers for the next stage of AI adoption in finance.
The Saudi Central Bank has expanded its sandbox programs and is introducing clearer guidelines to ensure innovation happens under strong consumer-protection and data-governance frameworks. This move is aimed at maintaining trust in AI systems as they become more prevalent in Saudi Arabia.
Without clear, enforceable guidelines, trust in AI systems could be undermined before they are fully mainstream. This is a concern shared by Abdul Latif Jameel Finance, whose Bab Rizq Jameel Microfinance program has issued loans to nearly 300,000 beneficiaries since 2004, with 81 percent of them being women.
Infrastructure gaps also exist, with demand growing for high-performance computing, sovereign data centers, and faster data-processing capabilities. AI is increasingly embedded in various aspects of finance in Saudi Arabia, including fraud detection, onboarding, risk modeling, and compliance. However, the industry must address these challenges to fully reap the benefits of AI, which is projected to bring nearly $135.2 billion to the Kingdom by 2030, equivalent to about 12.4 percent of gross domestic product, according to PwC.
A shortage of AI specialists and data scientists persists in Saudi Arabia, despite efforts by universities and training programs to accelerate talent development. This skills gap is a challenge that the industry must overcome to fully leverage the potential of AI in the Kingdom's financial sector.
In conclusion, the Saudi edition of Money20/20 Middle East showcased the rapid deployment of artificial intelligence (AI) in the Kingdom's financial sector. The event serves as a stress test for companies like Dyna.Ai, allowing them to prove whether their solutions can meet Saudi-specific expectations for speed, accuracy, compliance, and cultural fit. For regulators and policymakers, it is an opportunity to gauge market readiness and identify where rules and infrastructure must catch up with innovation.
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