Connected Banking Summit 2025 drives digital banking in Saudi Arabia
Under the slogan ‘Empowering the future of banking in the Kingdom: innovation, transformation and growth’, Saudi Arabia's International Centre for Strategic Alliances (ICSA) has confirmed the 22nd edition of the Connected Banking Summit, scheduled for 4 November 2025 in Riyadh.
This event will bring together leading figures from the financial, banking and technology sectors with the aim of setting the course for the Saudi banking sector. It will also recognise advances in innovation and digital transformation that are set to redefine the country's financial landscape.
Personalities and awards
The Connected Banking Summit 2025 will feature specialised discussions in areas such as artificial intelligence applied to banking, cybersecurity, open banking and sustainable finance. All this will be complemented by spaces designed for networking among senior executives from the region's financial and technology sectors.
The event will feature the participation of leading professionals and entities from the banking and Fintech sectors, who will drive dialogue to shape the financial future of Saudi Arabia and the entire Middle East and North Africa region. Key figures such as Ahmed Alsuwaiyan, Governor of the Digital Government Authority, and Tony Cripps, Chief Executive Officer of Saudi Awwal Bank, will be among the speakers.
One of the highlights will be the presentation of the Innovation and Excellence Awards, which will highlight major achievements in digital transformation, customer experience and the promotion of financial inclusion. Award categories include Digital Bank of the Year, Excellence in AI-Driven Customer Experience and Chief Executive Officer of the Year.
The Connected Banking Summit will also be a meeting point to discuss how emerging technologies such as generative artificial intelligence, quantum computing and 5G are impacting financial services. In addition, it seeks to foster collaboration among stakeholders in line with the objectives of Saudi Arabia's Vision 2030 strategic plan.
Towards a digital economy in Saudi Arabia
The organisers highlight that Saudi Arabia is making rapid progress in its transition to a digital economy, with heavy investment in financial technology and digital payment methods. In 2024, the country achieved 57% of transactions being digital, with the ambition to scale up to 70% in 2025.
The national strategy is committed to the digital economy, supported by large financial contributions from the Public Investment Fund (PIF). Among its initiatives are a specific fund for AI with a capital of $40 billion and the launch of the company HUMAIN, with an investment of $100 billion, with the goal of developing local technology.
Since its launch in 2016 by Crown Prince Mohammed Bin Salman, the Vision 2030 plan envisages a comprehensive reform to transform the Saudi economy and society. It seeks to reduce dependence on oil, diversify revenues and increase global competitiveness.
This plan broadens its scope to include cultural openness, improvements in governance and an increase in the quality of life for citizens, with the goal of creating a dynamic society, a strong economy and an aspirational nation.
It also promotes the development of tourism and entertainment, greater integration of women into the workforce, investments in renewable energy and futuristic projects such as the smart city NEOM, a symbol of the country's commitment to innovation and the future.
Artificial Intelligence, the key
Saudi Arabia identifies Artificial Intelligence (AI) as a key driver for diversifying its economy beyond oil and strengthening its regional leadership.
Thanks to its AI strategy, the country has achieved prominent positions globally: it ranks 14th in the Global AI Index —first among Arab nations— ahead of the United Arab Emirates (20th). In addition, it is the second country with the most publications on AI security, the Arab leader in the Global AI Security Index and 15th in general scientific publications.
These indicators increase Saudi Arabia's international visibility, reinforced by the organisation of relevant events such as the Global AI Summit (GAIN), DeepFest —an annual AI event promoted by Tahaluf and the Saudi Data and Artificial Intelligence Authority— and LEAP, the world's largest technology event, which in February 2025 attracted announcements worth around $15 billion, of which 10.9 billion corresponded to AI-related initiatives.
Although 95% of Saudi companies have formalised or are developing an AI strategy, only about a third allocate a priority budget to this area, revealing that the private sector is in the process of adapting, while recognising the urgent importance of moving forward.
In response to US dominance in infrastructure, Saudi Arabia has chosen to develop its own solutions through the Saudi Artificial Intelligence Company (SCAI) and the more recent HUMAIN platform. As part of a coopetition strategy, this sovereign wealth fund-owned company launched HUMAIN Chat in August 2025, based on the ALLAM 34B model, geared towards the Arabic language.
In addition, local entities such as Aramco Digital, Impact46, Wa'ed Ventures and incubators such as CODE AI Incubator and stc inspire U are making significant investments in AI. Saudi Arabia also supports the French start-up Mistral AI, partially financed by its sovereign wealth fund through Sanabil, collaborating to adapt its models to regional needs.
