Global Financial Community Optimistic to Overcome Market Challenges and Build Stronger, Tech-Driven, Sustainable Future Economy
18.3.2023 12:23:00 EET | 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/
Contact information
Nawied Jabarkhyl
njabarkhyl@apcoworldwide.com
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
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
Lenovo Enables One-Week Deployment of Production-Ready Agentic AI to Transform Enterprise Workflows12.5.2026 16:00:00 EEST | Press release
Lenovo is enabling enterprises to deploy production-ready, agentic AI solutions in as little as one week1, eliminating the long development cycles that typically delay AI from reaching production, while maintaining enterprise-grade security, governance, and control. This is not theoretical, independent analysis from Signal65 confirms these results in real-world deployments. Lenovo’s Knowledge Super Agent reduced time spent on knowledge-related tasks by 30%, saving up to 120 hours per employee annually. In multiple deployments, organizations reached production up to 24× faster than with custom-built approaches, demonstrating how faster, secure deployment translates directly into faster business outcomes. These results reflect faster deployment and more efficient AI utilization, where each interaction delivers measurable business value. Delivered through the Lenovo AI Library as part of Lenovo Hybrid AI Advantage™, this approach allows organizations to move directly from pilot to operati
Nikkiso Signs Agreement With Maran Tankers Management to Provide Aftermarket Service Support12.5.2026 16:00:00 EEST | Press release
Nikkiso Clean Energy & Industrial Gases Group (Nikkiso CE&IG) has announced today that it has signed a long-term service agreement with oil tanker shipping firm Maran Tankers Management Inc. Under the five-year agreement, Nikkiso CE&IG will deliver comprehensive global aftermarket support for Maran Tankers’ high pressure pumps, including scheduled cold end valve repairs at defined intervals. To guarantee minimal turnaround time, Nikkiso CE&IG will maintain critical inventory across its Marine Hubs worldwide, enabling cold ends to be received by vessels within days rather than the industry’s average of months. Nikkiso CE&IG will also provide technical guidance to Maran Tankers and carry out extended overhauls during scheduled dry-docking periods. Sean Fanniff, President of Nikkiso CE&IG’s Cryogenic Services Business Unit, said: “With Marine Hubs across Southeast Asia, Europe, the Middle East, the US, and China, we can provide our clients with a coordinated global approach and seamless p
Introducing Cognite Flows™: The First Fully Integrated, AI-Native Industrial Experience that Accelerates Customer Value12.5.2026 16:00:00 EEST | Press release
Cognite, the global leader in Industrial AI, today announced Cognite Flows™, a new standard for industrial experiences that fundamentally redefines how teams engage with AI, apps, and data to address operational challenges. Designed to optimize the daily workflows of frontline teams, Cognite Flows puts everything they need—AI-driven insights and real-time data from multiple apps across every corner of the company—into an easily customized, single-screen workspace. For the first time in an industrial setting, software will adapt to the user, rather than the user needing to adapt to the software. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260512315975/en/ Introducing Cognite Flows™: The First Fully Integrated, AI-Native Industrial Experience that Accelerates Customer Value Cognite Flows is the action layer of the Cognite platform, empowering teams to build, scale, and use production-ready workflows 100x faster through adap
Mixpanel Introduces Mixpanel AI, Delivering Always-On Product Intelligence12.5.2026 16:00:00 EEST | Press release
Mixpanel, a global leader in product intelligence and analytics, today introduced Mixpanel AI — the always-on product intelligence system that helps teams ship faster and smarter by understanding how people use their products and what to do next. Unlike query-based analytics assistants, Mixpanel AI monitors your product continuously and surfaces insights and issues before teams think to ask, combining specialized AI agents, a business-aware Context Engine, and native integrations with the tools teams already use. Built on 17 years of product analytics infrastructure and trusted by more than 29,000 customers, Mixpanel AI turns product data into proactive, explainable intelligence that teams can act on — with the business context to make every answer relevant and the verified data foundation to make every answer trustworthy. “At Mixpanel we’re building autonomous product intelligence — always on to match the continuous pace of shipping today, and intelligent because it understands the co
MetLife and Global Citizen Launch “Footwork for Futures” Social Media Challenge to Help Expand Access to Education and Sports12.5.2026 16:00:00 EEST | Press release
Today, MetLife and Global Citizen announced Footwork for Futures, a global soccer-themed social media challenge that supports children’s access to quality education and sports to foster more confident and resilient communities. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260511913741/en/ Footwork for Futures invites people to share a short video of themselves juggling – or attempting to juggle – a soccer ball on Instagram, LinkedIn, X, TikTok, or Facebook and include the hashtag #FootworkForFutures, or by submitting a video through the Global Citizen app. For each eligible video submission, MetLife will donate $5 to the FIFA Global Citizen Education Fund, up to $100,000, to help support access to quality education and sports for children through grants to community-based organizations around the world. This social campaign builds upon MetLife Foundation’s $9 million contribution as a founding donor of the FIFA Global Citi
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