Checkout.com to highlight growth of digital commerce in KSA at 24 Fintech

 Global payments solution provider Checkout.com will demonstrate how the world’s most advanced payment solutions can be leveraged to drive the growth of Saudi Arabia’s evolving digital economy at 24 Fintech, KSA's flagship fintech event will run from September 3 to 5 in Riyadh.

The conference will bring together over 26,000 global thought leaders across finance, policy, technology, investment, and academia to uncover key themes shaping the Kingdom’s fintech landscape. These include fintech regulation and governance, sustainability and green finance, financial inclusion, the convergence of digital assets and traditional finance, embedded finance, open banking, as well as the latest technology trends in the industry.

On the opening day, Remo Giovanni Abbondandolo, General Manager, MENA at Checkout.com, will share his in-depth knowledge during a panel discussion focused on navigating the complex challenges and capitalizing on the immense opportunities within the MENA region's rapidly evolving digital payments landscape. Abbondandolo will also take center stage on day two with a dedicated session titled ‘Digital Commerce in Saudi Arabia: A Tale of Rapid and Sustained Growth’. This session will delve into the remarkable expansion and diversification of Saudi Arabia's digital economy, providing valuable strategic insights for businesses seeking to leverage payment innovations to drive performance and success in this dynamic market.

Furthermore, and in a significant move, Checkout.com will be signing strategic partnership agreements with Tawuniya, a leader within the insurance sector in the kingdom. This agreement is set to expand Checkout.com’s service portfolio and further enhance Tawuniya’s digital payment processes. By deepening the collaboration between the two parties, Checkout.com seeks to streamline transactions and provide an exceptional digital payment experience for Tawuniya’s customers.

"At Checkout.com, we are dedicated to driving Saudi Arabia’s digital transformation and contributing to the Kingdom's journey towards a cashless future in line with its ambitious Vision 2030. We leverage cutting-edge technologies to offer Saudi businesses payment solutions that embody flexibility, agility, and performance excellence, allowing them to power their performance through payments. Our partnerships with Tawuniya further cements our commitment to delivering the best services to our merchants, in the kingdom and beyond, so they can fully unlock the value of KSA’s thriving digital economy” said Abbondandolo.

According to Checkout.com’s fourth annual MENA e-commerce report, Saudi consumers are showing increasing enthusiasm about online shopping, as evidenced by an impressive 180% rise in the number of people shopping online at least once a month since 2020. The findings also revealed a staggering 90% surge in the number of daily online shoppers among the Saudi population over the past four years. In addition, over half (53%) of the survey respondents in KSA are looking to boost their online spending in the next 12 months. This optimistic outlook reflects the resilience and the yet-to-be tapped growth potential of the Kingdom’s digital economy.

Checkout.com marked a 165% increase in its total processing volume (TPV) in KSA between 2022 and 2023. Testifying to the robustness and digital maturity of the Saudi market, this positive result is supported by the company’s ever-expanding merchant base and the increased preference for digital wallets across the Kingdom. This growth demonstrates the strength of the Checkout.com platform, which empowers merchants to improve their performance, minimize downtime, and boost revenue.

Checkout.com has been serving businesses in KSA since 2014 and has a dedicated office in Riyadh. The local team is part of a global network of over 1800 employees, who are dedicated to helping thousands of organizations worldwide grow through their next-generation payments platform.