Day two of Money 20/20 in Riyadh. With me is Sophie Guibaud — independent non-executive director, board advisor in fintech, payments, AI governance, Co-Chair of MFTA Saudi, and co-author of the book Embedded Finance. Welcome back to Wall Street to Mena, Sophie. You are moderating two sessions on the executive stage here. What are they?
I am moderating two sessions. The first is on the future of financial distribution — a very timely discussion because embedded finance is getting real traction in GCC and Saudi markets. The real question is how important financial distribution is to reach the masses, help people, and build profitable business. The second session is on the new geography of payments — looking at the next growth areas of payments and where payments can have the most impact on people's lives across the world.
What has changed in embedded finance since the last time we spoke?
Yesterday's panel with the CEO of Tabby, the CEO of HungerStation, and the CEO of D360 Bank really showed us the importance of being present for the financial moments of customers — not just at checkout. And research from Tabby showed that 70% of their customers accept BNPL loans at checkout across everything they purchase. That has become the norm. The next question for fintechs providing these services is: how do you remain defensible? Right now it is about distribution and defensibility.
Who is winning distribution right now — banks, fintechs, or big tech platforms?
The answer is a win-win. Platforms face the customer, but behind them they need regulation, capital, infrastructure, and access to payment rails — which means banks and financial institutions are behind everything. Back in 2012 in Europe, there was a whole debate about fintechs replacing banks. But what embedded finance shows — specifically in the GCC and Saudi — is that banks are actually the enablers. They have the access, the trust, and the capital. It becomes a win-win.
Where is the next wave of payment growth coming from?
Brazil's Pix was launched just a few years ago — instant payments, widely used across the country. The same in India with UPI. These show that there are many markets where payments can still be improved. When instant payments are delivered properly, you see nationwide uptake. That gives enormous opportunity to payment players and governments across the world.
Tabby just raised $233 million at a multi-billion dollar valuation. What does that tell you about where investors see the real opportunity?
On top of the Tabby example, I would add that the capital is available — serious capital — for companies that provide infrastructure and have a path to profitability or are already profitable. The question is not launching fintech for the sake of it. We should launch fintech because services are genuinely needed by people on the ground, with a clear path of growth and profitability. In that case, capital is available and the local and global ecosystem is here to support growth.
Thank you so much, Sophie.
Thank you.
