FINANCIAL-SECTOR
18.3.2023 10:24:25 CET | Business Wire | Press release
The second edition of the Financial Sector Conference (FSC 2023) has concluded in Riyadh, with a mood of optimism and energy to overcome market challenges to build a stronger, technology driven and sustainable economy of the future.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230317005086/en/
Courtney Powell, Chief Operating Officer and Managing Partner, 500 Global (Photo: AETOSWire)
Over 3200 participants from 82 countries, and 180 media, assembled in the Saudi capital to discuss the way ahead for the global financial community under the conference theme of “Promising Financial Prospects.”
Representatives from some of the biggest global financial institutions joined Government Finance Ministers met to identify the most effective road map for future growth and prosperity for the sector – enabling greater use of technology, diversification, cross border cooperation and embracing the green economy.
The conference also saw multiple MOUs and agreements signed to support real estate development; FinTech development and digital financing solutions worth billions of dollars and the National Bank of Iraq announced the start of operations in Saudi Arabia.
Concluding the conference, Saudi Central Bank Governor HE Ayman Mohammed Alsayari highlighted the Kingdom's efforts to provide an attractive environment for FinTech companies in line with the goals of Vision 2030 goals, and the vital role they play to support the growth of the private sector, to diversify the economy, and to stimulate saving, financing and investment.
Debating the important role of Venture Capital, Courtney Powell, Chief Operating Officer and Managing Partner, 500 Global, said: “Since we made our first investment in the Middle East in 2012, we have seen incredible growth and we have 14 companies today valued at over $100 million. The willingness of the government to support entrepreneurs combined with the opening up of the Kingdom shows it has the potential of becoming a leading global hub for entrepreneurship.”
In discussion about the future of global money flows, HE Giancarlo Giorgetti, Italian Minister of Economy and Finance stated: “In the financial sector, fragmentation induced by geopolitical tension will have strong implications by affecting global and financial stability, the cross-border allocation of capital, international payment systems, and asset prices.”
Financing for the SME sector was a key debating point on the final day of the conference with the enormous growth of the sector both in the Middle East and internationally. Tala Al Jabri, Board Member, Middle East VC Association (MEVCA) identified a major financing gap for the sector. He said: “95% of enterprises in the region are SMEs and the loan profile that goes to them is only 7% – which is the lowest in the world, indicating a massive gap.”
The FinTech sector in Saudi Arabia meanwhile is flourishing as Ziad Alyousef, Deputy Governor for Development and Technology, Saudi Central Bank (SAMA) explained: “In 2018, there were less than 10 companies operating in the FinTech community. Now, there are over 155 companies operating in the space in Saudi Arabia and this has led to increased investments and job creation."
*Source: AETOSWire
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230317005086/en/
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Icon Solutions Appoints Raquel Guillot as Southern Europe Sales Director to Drive Global Adoption of the Icon Payments Framework29.10.2026 10:30:00 CET | Press release
Madrid-based appointment will focus on expanding the company’s presence across Southern Europe and developing opportunities in new markets Icon Solutions – the UK fintech enabling banks globally to design and implement state-of-the-art payment systems – has appointed Raquel Guillot as Southern Europe Sales Director, to drive adoption of the Icon Payments Framework (IPF) across the region. Guillot brings around 20 years of experience spanning banking, analytics, fraud prevention, payments and core banking technology. She began her career at Citibank before moving into financial technology, holding roles at SAS, ACI Worldwide and other technology providers, including Thought Machine. IPF is the internationally proven payments development framework trusted by banks across the globe, including Citi, UBS, NatWest and BNP Paribas. It enables banks to transform their systems in an accelerated, structured and low-risk way, all on their own terms. Based in Madrid, Guillot will focus on expandin
Alushibe Holding Group to Bring 12 Global F&B Brands to Libya by 202829.10.2026 09:00:00 CET | Press release
Ahmed Gadalla signs exclusive master franchise agreement with Türkiye's MADO: US$7 million, 7 cafés and 350 jobs in the first phase; 1,000 sq m Benghazi flagship opens Q1 2027 Alushibe Holding Group today announced plans to bring 12 international food-and-beverage brands to Libya by 2028 through its Retail & Destinations division, beginning with an exclusive master franchise agreement with MADO, the Turkish ice-cream and patisserie house founded in 1850. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261029822317/en/ Ahmed Gadalla signs exclusive master franchise agreement with Türkiye's MADO: US$7 million, 7 cafés and 350 jobs in the first phase; 1,000 sq m Benghazi flagship opens Q1 2027 – (Photo: AETOSWire) Signed in Kahramanmaraş on 13 October 2026 by Ahmed Gadalla, Founder and Chairman of Alushibe Holding Group, and Mehmet Sait Kanbur, Chairman of MADO, the agreement grants Alushibe exclusive rights to develop and opera
U.S. Bancorp Announces New U.S. Bancorp Global Funds Brand29.10.2026 09:00:00 CET | Press release
The platform also introduces its first offshore liquidity fund, domiciled in Ireland U.S. Bancorp today announced its new fund platform, U.S. Bancorp Global Funds, and its first offering, an offshore liquidity fund domiciled in Ireland, the U.S. Bancorp Liquidity – USD Treasury CNAV Fund. U.S. Bancorp Global Funds was created to support U.S. Bancorp’s growing international presence. It establishes a framework for future investment offerings and reflects U.S. Bancorp’s expanding presence in global markets. Investment products offered under the brand are established through U.S. Bancorp Global Funds ICAV, an Ireland-domiciled UCITS umbrella fund structure. The U.S. Bancorp Liquidity – USD Treasury CNAV Fund is the first offering introduced under the new brand. The U.S. Bancorp Liquidity – USD Treasury CNAV Fund is designed for investors outside the United States seeking to preserve capital while accessing a U.S. Treasury-focused liquidity solution within a regulated offshore structure. D
Element Biosciences Launches AVITI Dx™, Bringing CE-Marked IVD Sequencing to Ten EU Countries29.10.2026 09:00:00 CET | Press release
Integrated sequencing, reagents, and software bring IVDR-compliant sequencing capabilities to European clinical laboratories, with additional global markets planned to follow Element Biosciences, Inc. today announced the commercial launch of AVITI Dx, the company's first CE-marked in vitro diagnostic (IVD) sequencing platform under the European Union's In Vitro Diagnostic Regulation (EU IVDR). AVITI Dx integrates Element’s AVITI™ sequencing system, dedicated reagents, and software designed to meet applicable IVDR requirements and support regulated clinical laboratory workflows. The system is launching commercially in ten EU countries: the Netherlands, Germany, France, Italy, Spain, Austria, the Czech Republic, Latvia, Romania, and Poland, with additional markets planned through a phased approach. Developed and manufactured under Element's ISO 13485-certified quality management system, AVITI Dx is a Class A IVD sequencing system supported by IVDR-compliant reagents and software. Built o
Positively Languages Launches, Expands With Malta School and Opens New London Premises29.10.2026 09:00:00 CET | Press release
Positively Languages, a leading language learning business, is unveiling its new brand today. Formerly known as Kaplan Languages Group, (which Inspirit Capital acquired in May 2026), the business is also expanding its portfolio with the opening of a new school in Malta and a new premises in London. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261028449595/en/ Positively Languages, formerly known as Kaplan Languages Group, has taught English, French and German to more than one million students from 140 countries over the past 20 years. The new brand name ‘Positively Languages’ is built around the principle that ‘experience moves you forward’ which forms the backbone of the future growth of the business; new products based on experiences, new schools in the heart of key cultural cities. Positively Languages is also excited to announce the opening of a new school on the Mediterranean island of Malta, known as Positively Langu
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom