Financial sector experts, who are scheduled to meet during the «Euromoney Saudi Arabia» conference—which is sponsored by Amlak Real Estate— on May 3 at the Al Faisaliah Hotel, that the financial sector in the Kingdom of Saudi Arabia will undergo significant transformations in the coming years with the growing emergence and adoption of financial technologies across various institutions in the sector, Experts note that financial technologies, despite the confusion they may cause for individuals and institutions when first adopted, will contribute to strengthening the foundations of the financial sector and facilitating services for individuals in the long term.
Initiatives to enhance the business environment
Given the importance of using financial technologies to enhance the business environment, reform regulatory support, and provide access to capital—which contributes to creating a suitable environment for the adoption of financial technology in Saudi Arabia— a group of experts from within and outside the Kingdom, along with representatives from major international companies, will discuss the growing impact of fintech adoption in the financial sector during a panel discussion to be held as part of the ’Euromoney Saudi Arabia« conference.
The experience of "Tadawul" and "Nasdaq“
The Saudi Stock Exchange (Tadawul) will share its experience by hosting Mamdouh Al-Sudairi, General Manager of Information Technology, who will speak about his extensive career in implementing and managing one of the most advanced trading systems in the Saudi stock market, while also highlighting the prospects and benefits of cooperation with NASDAQ in implementing a major project to adopt the latest global trading systems from "NASDAQ’ in the Saudi financial market, namely the X-stream INET system, which was launched in September 2015 to replace the previous trading system (SAXESS). The new system is the fastest trading system in the financial markets.
A surge in the use of financial technologies
The conference features insights from Frans Van Ersel, founder and CEO of the global company "Dopay"Dopay, a global company specializing in electronic payroll and salary payments, and in his talk he addresses an anticipated boom in financial technologies through the shift to modern technology, as the widespread adoption of smartphones, cloud computing, and digital currencies is clearly changing the way financial services are delivered. Furthermore, the wave of technological transformation that has swept through a number of sectors is now reaching the financial services sector, where it is beginning to have a clear impact.
20,000 companies provide electronic financial solutions
Statistics indicate that the number of companies operating in the fintech sector worldwide is estimated at around 20,000, providing a range of services, including online payments, securities trading, "crowdfunding" and "peer-to-peer lending," as well as digital currencies and digital identities.
The special panel discussion addressing this topic during the Euromoney Saudi Arabia conference is one of the most important opportunities available to learn about the work underway regarding these key issues and the new initiatives in this context to promote the Kingdom’s economic growth.
Addressing Technical Challenges
Managing the challenges arising from the adoption of financial technologies is a global challenge. McKinsey & Company, in its annual review of the global banking system, warned that banks may face significant and risky difficulties in maintaining their business models amid a clear trend toward the adoption of digital systems and models.
