At Money 20/20 in Riyadh, we are looking at the forces shaping fintech across the MENA region — from Saudi Arabia's growing momentum to the challenges of fragmented markets, exits, and consolidation. Joining me is Nameer Khan, Chairman of the MENA Fintech Association and Founder and CEO of Fils. Nameer, welcome to the show. You are here in Riyadh at Money 20/20. Take us inside this event.
It is great to be here. The environment is electric. What am I doing here? I would like to listen more than talk, to be very honest. There are so many interesting insights and interesting individuals, speakers, and organisations sharing their perspectives. What I see today is an amalgamation and bringing together of top minds under one roof — which is certainly what we all look forward to.
You are also speaking at the event. What are you covering?
Primarily I will be talking about the exit gap in the region — why we see it and whether it is even the right comparison. We will also be having a focused roundtable on the future of finance in the region, led by subject matter experts from the MFTA network. And in a few days I will be speaking on why this region has a significant advantage over other regions.
How much is Saudi Arabia now setting the pace for fintech across the whole region?
It is significant. But I would say it is not just one country setting the pace for the entire region. Multiple countries within the region are playing their role in accelerating the growth of financial services and the future of finance here. But yes, when looking at Saudi Arabia, they have certainly been taking the lead in investments and most importantly in sovereign-backed infrastructures. That sets a very strong pace when it comes to the overall acceleration of future of finance in the region.
Fintech has attracted significant capital across MENA, but the sector operates across different regulatory and financial systems. How much does this fragmentation make exits more difficult?
This is a very wrong comparison — and I will tell you why. When we talk about exits, we compare ourselves to the US and European markets. Those markets operate under a single regulatory environment, a single rulebook. The MENA market is looking at 22 markets — 22 different rulebooks, 22 different jurisdictions. That makes it a very wrong comparison. Second, when looking to expand in the region, you are not building liquidity for one market — you are building liquidity across 22 markets. The region is typically solving a genuine problem, and that is why you see the median exit term for a tech company in the region at around six years. But that six years is not a weakness. It is the cost to build something meaningful, something durable, while solving a complex problem. The region does have a significant advantage — and that is why we see this gap.
From your work across the regional fintech ecosystem, where do you see the strongest potential for consolidation or M&A over the next few years?
What I see is that we have been eyeing the next consumer fintech IPO. But what is happening behind the scenes — and very interesting things are happening — is more on the infrastructure side. Paytabs, one of the players here in Saudi, acquired the MENA payments operations for Amazon, and prior to that acquired a top player in the UAE. That is a pure infrastructure acquisition play. They did not wait for organic growth — they acquired an infrastructure player across two different markets. That is what I am looking at. The next consolidation is still going to happen in the payments and infrastructure space. I am quite excited to see what happens next.
What role can larger financial institutions play in creating more exit opportunities for startups?
Larger financial institutions bring what fintechs do not have — regulatory trust and credibility, not just with regulators but with consumers. Fintechs, on the other hand, are faster and have better user experiences. When both partner together, both benefit from each other's advantages. What I see is that your competitor can become your accelerator. You are not just competing with large financial institutions — you are partnering with them to accelerate. When fintechs and corporates work together, you will see much better outcomes coming out of that combination.
What are you personally looking out for across the three days of Money 20/20?
More than anything else, learning more insights — because that is why we are all here. There is so much happening in our region and globally. You want to take the time to hear the insights of the key smart minds that are here. And second, taking back good memories and most importantly good relationships.
Thank you so much for being with us on the first day of Money 20/20 in Saudi.
Thank you for having me.
