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
Agileo Automation Launches Agil'EDA to Accelerate SEMI EDA Adoption for Semiconductor Equipment OEMs25.3.2026 07:00:00 CET | Press release
High-performance connectivity software delivers structured, high-volume equipment data required by tier-one fabs and advanced packaging facilities ahead of expected mid-2026 SEMI standards update Agileo Automation, a leading global provider of control and connectivity solutions for semiconductor manufacturing, today unveils Agil'EDA, a new software implementing Equipment Data Acquisition (EDA/Interface A). This solution enables semiconductor equipment manufacturers to meet the evolving high-performance connectivity requirements of tier-one fabs and advanced packaging facilities. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260323881880/en/ Agileo Automation unveils Agil'EDA, a new software solution implementing Equipment Data Acquisition (EDA), a set of SEMI standards also known as Interface A, to enable semiconductor equipment manufacturers to meet the evolving high-performance connectivity requirements of tier-one fabs a
RSA Announces Expanded Partnership with Microsoft, Enhances Leadership in Passwordless Identity Security24.3.2026 17:00:00 CET | Press release
Innovative partnership ushers in new era of secure, AI-powered workforce authentication RSA today announced expanded support for the new Microsoft 365 E7: The Frontier Suite solution at RSAC Conference 2026. This new support joins additional passwordless capabilities that provide organizations with enhanced security, seamless experience, and resilient operations as they embrace the future of AI-driven productivity. By integrating RSA® ID Plus for Microsoft with Microsoft 365 E7, enterprises can ensure trusted authentication for both human users and AI agents, while safeguarding sensitive data and privileged operations across hybrid, cloud, and on-premises environments. This deployment follows RSA joining the Microsoft Intelligent Security Association (MISA), launching RSA Advisor for Admin Threats in Microsoft Security Copilot, and deploying RSA ID Plus Admin Logs Connector, further strengthening the ongoing collaboration between RSA and Microsoft. “The rise of AI agents in the enterpr
Lexon × Jeff Koons Unveil the Chromatic Collection: a Colorful New Chapter for the Acclaimed Balloon Dog Lamp and Balloon Dog Speaker24.3.2026 15:10:00 CET | Press release
Eight new models introduce vibrant color variations, expanding the collection’s appeal to new and existing collectors alike. Following the success of its 2025 inaugural edition, the Lexon × Jeff Koons collaboration enters a bold new era with the launch of the Chromatic Collection—a colorful evolution of its Balloon Dog Lamp and Balloon Dog Speaker. Pre-orders will be available starting March 24, 2026, exclusively on lexon-design.com as part of a time-limited edition. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260324498068/en/ Lexon x Jeff Koons — new Chromatic Collection Retaining the signature translucent body that reveals the technology within, the Chromatic Collection introduces eight models: Balloon Dog Lamps in Gold, Blue, Red, and Platinum, and Balloon Dog Speakers in Gold, Blue, Red, and White, reinforcing the collectible nature of the series, offering new audiences an entry point while giving existing collectors
iQmetrix Joins TM Forum as ODA Component Directory Partner, Giving Telecom Operators a Faster, Cleaner Path to Modern Commerce24.3.2026 15:00:00 CET | Press release
Platform’s Standards-Based Architecture Reduces Integration Risk and Accelerates Transformation for CSPs Worldwide iQmetrix, the global provider of Interconnected Commerce solutions purpose-built for telecom retail, today announced it has joined TM Forum and earned recognition as an Open Digital Architecture (ODA) Component Directory Partner. The achievement validates that iQmetrix aligns with the ODA vision and that its platform is built around standardized open APIs, modular cloud-native components, and interoperable architecture aligned with how leading operators are building their digital futures. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260324562860/en/ iQmetrix partners with TM Forum’s ODA Component Directory to accelerate open, future‑ready telecom transformation The recognition comes as communications service providers (CSPs) accelerate AI adoption and move away from integration-heavy legacy environments. For o
Miro Acquires Reforge to Help Organizations Navigate the Transition to AI24.3.2026 14:00:00 CET | Press release
Together, Reforge and Miro will provide a powerful and highly differentiated solution for teams that blends the tools and knowledge needed to innovate in the AI era Miro®, the AI Innovation Workspace for teams, today announced that it has acquired (subject to customary closing conditions) Reforge, an AI platform for product teams. The deal includes Reforge's team, learning platform, and AI-powered product development tools. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260324623461/en/ Organizations are grappling with how to leverage AI to its full potential. In many cases, the problem is not how to code faster, but deciding what to build. That's the bottleneck slowing companies down today. Miro and Reforge are both solving this challenge for customers – tackling the need to build both at speed and with clear strategic direction. Miro brings a collaborative AI workflows platform that brings teams and AI together to plan, co
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