The global fintech community’s attention is turning squarely to Saudi Arabia as we approach the inaugural Money20/20 Middle East. With major events already established in Europe, the US, and Asia, the choice of Riyadh for its latest expansion has generated significant buzz.
I recently sat down with Steve Durning, Portfolio Director at Tahaluf responsible for bringing the event to the region, to understand the strategy behind this move and what it signals for the global financial landscape.
A Symbolic Hub Driven by Vision 2030
When I asked Durning why Riyadh was chosen for this much-anticipated debut, he emphasized that the decision was deeply strategic and “almost symbolic of the trajectory the Kingdom’s on”. The rapid development of Riyadh into one of the world’s fastest-growing financial hubs is no accident; it’s a direct result of Saudi Vision 2030.
Durning highlighted the comprehensive support the event has received from the local regulatory ecosystem, including the Financial Sector Development Programme, the Saudi Central Bank (SAMA), the Capital Market Authority, the Insurance Authority, and Fintech Saudi. This backing is part of a broader national effort to invest heavily in digital infrastructure and regulatory reforms to diversify the economy away from oil.The goal, according to Durning, is to use Money20/20 to place the Middle East firmly “at the center of the fintech conversation”.
Shifting from Consumer to Co-Creator
A key theme emerging from our discussion was the ambition to shift perceptions. Durning stressed that the event sends a “strong signal to the world that the Middle East isn’t just a consumer of fintech products”. Instead, the region “wants to co-create the future of finance and fintech”.
He anticipates that this focus on co-creation will lead to a new wave of fintech innovation being exported globally from the region. The event itself is designed to facilitate this by connecting large, established international brands with local startups, SMEs, innovators, and investors. This focus on ecosystem building leverages the foundational work already done in the Kingdom to support its startup value chain.
Fostering Global Collaboration
The significance of Money20/20 Middle East is underscored by the presence of major international regulatory bodies, such as the UK’s Financial Conduct Authority (FCA) and the US Commodity Futures Trading Commission (CFTC). Durning described having these international regulators alongside their Saudi counterparts as “super important” for fostering global collaboration.
This collaborative spirit extends beyond regulation. Durning pointed out Saudi Arabia’s unique geographical position between East and West , allowing it to learn from established markets as well as emerging fintech hubs in Asia and Africa. The event aims to create a platform where cross-border dialogue on topics like payments, AI, and digital assets can flourish, unhindered by borders.
Tahaluf’s Proven Track Record
While Money20/20 is new to the region, organizing large-scale events is familiar territory for Tahaluf, known for massive successes like Leap and Black Hat Middle East. Durning explained that bringing major global event brands to the Kingdom is core to Tahaluf’s strategy , noting that the market has a strong appetite for flagship events. He mentioned that the success of Money20/20’s predecessor event, 24fintech, served as a “great case study” confirming the market’s readiness.
When pressed to pick a personal highlight—a question I enjoy asking event producers—Durning pointed to the Next Gen Money stage. He praised its stunning aesthetics and design, promising content focused on payments, AI, and the future of fintech.
As we count down the final days, the message from the organizers is clear: Riyadh is ready to move beyond regional leadership and stake its claim as an essential partner in shaping the future of global finance. I look forward to seeing you there next week.
Watch the full interview here:
