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
From Factory to Field: emnify Launches OEM Program with Free SGP.32 Bootstrap Connectivity25.8.2026 10:00:00 CEST | Press release
emnify, a global provider of cloud-native IoT connectivity, today announced a new program for original equipment manufacturers (OEMs) building connected products for international markets. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260825932817/en/ From Factory to Field with SGP.32 Bootstrap Connectivity The program addresses two common challenges for OEMs: testing and configuring devices that would otherwise leave the factory without connectivity and managing customer-specific physical SIMs throughout production and fulfilment. It enables OEMs to ship a single device SKU globally with built-in SGP.32 bootstrap connectivity, allowing each device to connect to the relevant device-management system for connectivity testing, configuration, and digital eSIM profile provisioning - from the factory onward. Free emnify SGP.32 bootstrap profiles are available for every connected device across an OEM’s production volumes - not on
Nessum Adoption Expands Across Global Energy-Management Infrastructure25.8.2026 10:00:00 CEST | Press release
Cumulative shipments of LSI devices incorporating Nessum*1 IP exceed six million units as deployments grow in HVAC and smart grid applications Nessum Alliance*2 today announced the expansion of Nessum technology in commercial HVAC and smart grid applications through deployments by Alliance members Daikin Industries, Ltd. and Power Plus Communications AG (PPC). The Alliance also noted that cumulative worldwide shipments of LSI devices incorporating Nessum IP have surpassed six million units, according to Panasonic Holdings Corporation, the technology licensor, underscoring its maturity and market adoption. As energy management, digitalization, and sustainable infrastructure accelerate worldwide, organizations need communications networks that combine reliability and flexibility. By enabling high-speed IP communications over existing wiring, Nessum is expanding its role across energy-management applications. Deployments by Daikin and PPC demonstrate how IEEE 1901*3-based Nessum technolog
Xsolla Unveils Integrated Commerce Strategy at gamescom dev and gamescom 2026 With New Tools and Innovations25.8.2026 09:00:00 CEST | Press release
Company Accelerates Its Commitment To The Global Video Game Ecosystem With Suite Of New Tools And Solutions Showcased In Cologne, Germany Xsolla, a global video game commerce company that helps developers launch, grow, and monetize their games, today announced it is set to return to gamescom dev and gamescom 2026, the world’s premier event for computer and video games, taking place August 24th to August 30th in Cologne, Germany, EU. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260825332614/en/ Graphic: Xsolla At this year’s event, Xsolla will showcase major releases from the past several weeks spanning creator marketing, global payments, backend infrastructure, and new distribution channels, all built to help developers launch, grow, and monetize with less friction: Expanded Xsolla Partner Network: An expanded network with verified creator marketing inside Publisher Account, more than 15 new local payment methods across th
Aarhus Vand Selects Netmore for Smart Meter Network25.8.2026 08:00:00 CEST | Press release
Partnership between Netmore, Aarhus Vand, and Kamstrup supports digitalization of metering network and water conservation across Aarhus Municipality, Denmark Netmore Group, the leading network operator and platform provider for Massive IoT, today announced a collaboration with Aarhus Vand and Kamstrup to support the deployment of approximately 69,000 digitally connected water meters across Aarhus Municipality, Denmark. Powered by Netmore's carrier-grade LoRaWAN® network and Kamstrup's digital water metering technology, the project will provide Aarhus Vand with real-time visibility into water consumption while helping residents better understand and reduce their water usage. Rollout begins in Tranbjerg following a successful pilot involving approximately 1,000 households, where the communication between Kamstrup's digital meters and Aarhus Vand was validated. The full deployment will continue through 2030, covering communities across Aarhus Municipality. The new water meters will elimin
Motorola Solutions fuldfører opkøbet af D-Fend Solutions25.8.2026 08:00:00 CEST | Pressemeddelelse
Beskyttelse af luftrummet for beredskabsmyndigheder og kritisk infrastruktur med differentieret, ikke-kinetisk RF-teknologi til cyberovertagelse Motorola Solutions (NYSE: MSI) har gennemført opkøbet af D-Fend Solutions (D-Fend), der er en førende virksomhed inden for anti-drone-teknologi, for en købspris på 1,5 mia. USD. Handlen giver beredskaber og erhvervsliv adgang til avancerede systemer til bekæmpelse af ubemandede luftfartøjer (C-UAS), der er udviklet til sikkert at neutralisere trusler fra uautoriserede droner. "Sikkerhed på jorden kræver sikkerhed i luften," siger Greg Brown, der er bestyrelsesformand og CEO i Motorola Solutions. "D-Fends gennemprøvede anti-drone-teknologi er et stærkt supplement til vores beredskabsløsninger og giver vores kunder verden over en differentieret beskyttelse af luftrummet." Præcis trusselsbegrænsning I modsætning til traditionelle anti-drone-metoder, der baserer sig på simpel detektion efterfulgt af jamming eller nedskydning, identificerer D-Fends
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