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
Gen Z Spending is Expected to Reach $12 Trillion by 2030. Here's Why That Doesn't Matter as Much as Brands Think12.8.2026 12:00:00 CEST | Press release
New NIQ report reveals consumers across generations are trading up and trading down in the same shopping basket, putting new pressure on middle-market products The biggest shift in consumer spending isn't generational—it's behavioral. New research from NielsenIQ (NYSE: NIQ) finds consumers across every age group are increasingly making the same calculation: where is a premium worth paying, and where can they save money instead? The result is a growing divide between premium and value products, while traditional middle-market offerings face mounting pressure. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260812239453/en/ Every generation is spending differently, but all are weighing value more carefully The findings come from NIQ's latest global report, A Tale of Two Consumers: The Polarized Mindsets Reshaping Global Consumption, developed in collaboration with World Data Lab. While Gen X accounted for $15.2 trillion in sp
Kinguin Renews Ravelin Partnership After Cutting Ecommerce Fraud to “Industry-Leading Low”12.8.2026 11:04:00 CEST | Press release
Leading games marketplace extends AI fraud prevention deal for further three years Ravelin automates real-time fraud defenses and supports growth to over 20 million customers Kinguin, a global digital games marketplace serving more than 20 million registered users, has renewed its partnership with AI-native fraud platform Ravelin. The agreement follows significant reductions in fraud and a shift to automated, scalable fraud detection. Since first partnering in 2018, Ravelin has helped Kinguin transform its approach to payment fraud. Kinguin has eliminated the need for real-time manual reviews, while overall fraud rates have declined by 87.5%. The renewal reflects growing confidence in AI-led fraud prevention at a time when ecommerce merchants face increasingly sophisticated attacks, particularly in the digital goods space where instant delivery also means instant results for fraudsters. Kinguin is where gaming and esports fans around the world can access their favorite games, choosing
Delhaize BeLux Achieves Up to 90% Forecast Accuracy Using SymphonyAI's AI-Driven Replenishment Platform12.8.2026 09:05:00 CEST | Press release
Ahold Delhaize grocery retailer deploys SymphonyAI across 600 stores and five distribution centers, cutting shrink and improving forecast accuracy by up to 10 percentage points When a grocery retailer operates under a pure B2B affiliate model, it cannot push excess inventory to its store partners — which means forecasting has to be right, or the distribution center absorbs the cost. SymphonyAI, a global leader in Vertical AI, today announced that Delhaize, part of the Ahold Delhaize Group, has deployed SymphonyAI's Demand Forecasting and Replenishment solutions across its 600-store affiliated network and five distribution centers in Belgium, replacing reactive, manually intensive ordering processes with an AI-driven, exception-based workflow. The Delhaize Le Lion / De Leeuw network has no less than 1113 stores in Belgium and Luxembourg. The store network consists of different formulas: Delhaize, Proxy, Shop&Go and louis delhaize. Customers can also shop online via www.delhaize.be, and
Align Technology Prevails in China Patent Infringement Action Against Angelalign12.8.2026 02:47:00 CEST | Press release
Align Technology, Inc. ("Align") (Nasdaq: ALGN), a leading global medical device company that designs, manufactures, and sells the Invisalign® System of clear aligners, today announced that the Jinan Intermediate People's Court in China issued a judgment in favor of Align in a patent infringement action against Angelalign Technology's operating subsidiaries in China ("Angel") (Hong Kong Stock Exchange: 6699.HK). In September 2025, Align filed a patent infringement action against Angel in the Jinan Intermediate People's Court, asserting Align’s patent related to extraction-gap-closure technology (CN113693748B). On August 10, 2026, the Jinan Intermediate People's Court issued a first-instance judgment finding that Angel's use of its MasterForce biomechanical simulation system and ATreat digital orthodontic treatment design system to generate A7 and A7 Speed premolar extraction treatment solutions infringes Align's patent rights. The court further found that the related aligner products m
Entrepreneurs Invited to Apply for 2027 SPIE Startup Challenge11.8.2026 20:40:00 CEST | Press release
The competition will bring seven teams head-to-head in pursuit of $10,000 first prize Entrepreneurs around the world are invited to apply for a chance to pitch their optics or photonics technologies or products to a panel of expert judges at the 17th annual SPIE Startup Challenge. SPIE, the international society of optics and photonics, holds the competition at Photonics West every January, with multiple teams walking away with cash prizes. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260811090450/en/ Coalesenz won first prize for their hand-held, point-of-care coagulation analyzer at the SPIE Startup Challenge at Photonics West in January 2026. More than a simple pitch competition, the SPIE Startup Challenge is an entry point into the community of high-tech business development of new products in healthcare and deep tech, with an audience of experienced photonics innovators and investors. Cash prizes of $10,000, $5,000, a
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