The Chairman of the Board of the Saudi Capital Market Authority, Muhammad bin Abdullah Al-Quwaiz, revealed that there are about 80 files of new proposals with the Authority currently.
Al-Kuwaiz said that since the launch of the Kingdom’s Vision 2030, we have aimed to be one of the largest financial markets in the world, which was achieved with the listing of Aramco shares, as we became ninth in the world, which confirmed the importance of expanding the listing operations.
He stressed that the financial sector conference, which was held in Riyadh on March 15 and 16, as a regional and international platform, reflects the strength of the Kingdom of Saudi Arabia’s economy, the largest in the region, and confirms its importance as the new nucleus of financial services.
He explained that the conference is organized by the partners of the Financial Sector Development Program, one of the main programs of the Kingdom’s Vision 2030, represented by the Ministry of Finance, the Saudi Central Bank, and the Capital Market Authority, and witnesses the participation of more than 3,000 decision makers in the financial sector at the local and international levels to discuss renewable challenges, including developing the sector and confronting it. Changes through dialogues, discussions and innovative opinions.
He added that when talking about what is hoped for encrypted securities “STO”, it must be noted that, within a short period of time, it has multiple uses, indicating that the question that arises now is how the size of this market reached, within a short period, more than a trillion dollars. With over 300 million investors worldwide.
Al-Kuwaiz said: We have witnessed rapid growth in the past five years, from almost zero to 150 companies in the financial technology sector, with a value of 4 billion riyals, which contributed to providing more than 2,000 job opportunities in the Saudi economy.
He continued: “Currently, we are using many innovative businesses in financial technology, as we use non-fungible tokens (NFTs), and the Capital Market Authority has also launched financial technology business models related to encrypted securities “STO” in our financial technology laboratory, and we have begun to see application flows in This field is 24% compared to all applications in the FinTech Lab (4 applications so far). Cryptocurrencies are considered under the supervision of the Central Bank.”
