Money20/20 Middle East 2026: SiFi's Fatih Bakeer Kihtir on SME financial inclusion

Quick Summary

The Middle Eastern financial landscape is undergoing a radical shift from cash to digital, with the Saudi Arabian payment industry reaching 85 percent digitalisation according to recent central bank figures. Fatih Bakeer Kihtir of SiFi explains at Money20/20 Middle East 2026 how his organisation is focusing on the underserved SME sector to ensure these businesses are no longer unbanked or underserved by traditional institutions.

How is the payment landscape evolving in the region?

The most significant change is the rapid digitalisation of money, a trend that began with individual digital wallets several years ago. Previously, many countries in the region were primarily cash-based, but SAMA, the Saudi Central Bank, recently announced that the industry has reached 85 percent digitalisation. This shift has created a massive opportunity to bring SMEs into the formal payment industry. Traditionally, these businesses have been underserved or even unbanked, similar to the challenges previously faced by individual labourers. As the number of startups in the region increases, their demand for sophisticated payment mechanisms is rising rapidly.

What challenges does SiFi address for corporate clients?

When SiFi first launched, the concept of expense management was difficult to explain because many institutions were not used to receiving such services from the traditional banking industry. Standard banking services remained basic, leaving a gap for more integrated solutions. Today, large corporates are looking for:

• Full integration with existing internal systems.
• End-to-end automation of financial workflows.
• The use of Artificial Intelligence for complex decision-making processes.
• A move away from manual reporting toward automated insights.

How is AI being utilised to simplify finance?

SiFi is working to establish trust with regulators and customers by using AI to tackle compliance and fraud, which are major concerns in the Middle Eastern payment industry. Beyond security, AI is being used to overhaul the user experience. Rather than navigating complex menus to issue cards, approve expenses, or pay bills, users can interact with a chat interface. This AI-driven chat understands specific problems and executes tasks directly from the screen, removing the need for traditional support tickets. Furthermore, AI provides automated reporting that can detect anomalies and offer advice on financial portfolios.

FF NEWS TAKE:

The transition of Saudi Arabia toward a digital-first economy is creating a fertile ground for B2B fintechs like SiFi. By focusing on the historically underserved SME market, SiFi is not just providing a tool but is building the infrastructure necessary for business growth in the region. The emphasis on using AI to replace complex UI menus with conversational interfaces suggests a future where corporate finance is as intuitive as consumer apps, potentially setting a new standard for expense management across the Middle East.