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
Hightouch Launches Match Booster in Europe, Raising Match Rates Without Compromising Compliance3.11.2026 10:02:00 EET | Press release
Hightouch, the leading agentic marketing platform, today launched Match Booster in the UK, Germany, France, Spain, and Italy. Match Booster helps brands, agencies, media networks, and publishers reach more of their customers on more than 50 ad platforms, including Google, Meta, Amazon, TikTok, and The Trade Desk, by adding to their consented first-party data instead of replacing it. Until now, European advertisers have had two options. They could send first-party data to ad platforms alone and accept the match rates they got. Or they could hand it to a traditional onboarding provider that swaps it for a proprietary ID and drops any customer its graph can’t find, sometimes leaving audiences smaller than they started. Global companies also end up running separate US and EU workflows to meet data residency rules. “Better match rates shouldn’t depend on where your customers live,” said Matthew Lubeck, General Manager, EMEA at Hightouch. “European companies have been told that more reach me
Building on Netherlands NextGen Momentum, Trilliant Showcases Why the Next Generation of AMI is Being Defined by Choice at Enlit Europe 20263.11.2026 10:00:00 EET | Press release
Trilliant, a technology platform partner enabling utilities to gain real-time visibility and optimize performance across an increasingly dynamic energy landscape, will showcase its Power of Choice approach at Enlit Europe 2026, taking place 10–12 November in Vienna, Austria. The company will highlight how intelligent software and device-independent technologies help utilities modernize infrastructure and prepare for evolving grid demands. Trilliant’s participation at Enlit Europe follows its recent selection by Dutch distribution system operators to support the Netherlands’ NextGen smart metering programme. Trilliant’s role includes developing and delivering gateways supported by its transformed UnitySuite® platform, which will be demonstrated during the conference. At Enlit Europe, Trilliant will spotlight its Power of Choice approach, enabling utilities to integrate multiple vendors and technologies without proprietary lock-in while building a foundation for next-generation AMI and g
Cambridge International AS & A Level June Series Results to Be Released Earlier From 20273.11.2026 09:05:00 EET | Press release
Students taking Cambridge International AS & A Levels will receive their June series exam results almost two weeks earlier from 2027. Results for the June 2027 series will be released on 28 July 2027, the International Education group at Cambridge University Press & Assessment (Cambridge) announced today. The change responds to feedback from schools, students and families that earlier results would make a practical difference. Earlier results give students more time to confirm university places, complete enrolment, apply for visas and arrange travel. Bringing the date forward will allow students to take up a university place in the same calendar year in some countries, where previously they could not. Earlier results will also give universities more time to review applications, confirm offers and resolve queries, and give them greater certainty when planning their international intake. University admissions processes and academic calendars vary between countries, so the benefits of an
Ant International and Bank Partners Achieve Real-Time Cross-Bank Liquidity Management through Tokenised Deposits via CeBM under HKMA’s Ensemble TX3.11.2026 06:10:00 EET | Press release
Following the Hong Kong Monetary Authority’s (HKMA) announcement on interbank settlement of tokenised deposit transactions under EnsembleTX, Ant International announced that it has achieved real-time cross-bank liquidity management with its key banking partners as part of its active participation in EnsembleTX. In close collaboration with Bank of China (Hong Kong) (“BOCHK”, SEHK: 2388), China Construction Bank (Asia) (“CCB (Asia)”) and HSBC (SEHK: 5), Ant International successfully completed a series of live HKD interbank transactions between September and October 2026: BOCHK interbank transactions with CCB (Asia) CCB (Asia) interbank transactions HSBC interbank transactions Executed using tokenised deposit settled through the HKMA’s Central Bank Money (CeBM), the transfers were initiated via Ant International’s proprietary blockchain-based wholesale settlement platform, WhaleRTP. The transactions were near-instant, moving seamlessly from payment instruction to final receipt within fiv
SuperElastic* Material Unveiled by Angelalign2.11.2026 19:46:00 EET | Press release
Angelalign Technology Inc. (6699.HK) (“Angel”)http://www.angelaligner.com, a global clear aligner leader, today unveiled SuperElastic (MC-SE*), a new propietary aligner material that is a significant breakthrough in performance over its current material. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261102654659/en/ Specialists in orthodontics have long asked for new aligner materials that enable better treatment for complex cases: biologically safe force levels, a large elastic working range, and strength and toughness. MC-SE* provides all of them. “Angel is commited to innovation and never settling for 'good enough'. MC-SE* is the result of seven years of materials research, testing and manufacturing optimization. The new material aims to create a new generation of aligner material that allows orthodonists to differentiate their treatment from other treatments,“ said Fox Hu, CEO of Angel. MC-SE will be available globally
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