The partners of the Financial Sector Development Program (the Ministry of Finance, the Central Bank of Saudi Arabia, and the Capital Market Authority) organized this evening, Sunday, the media meeting accompanying the Financial Sector Conference in its second edition, which will be held on the 15th and 16th of March 2023 at the King Abdulaziz International Conference Center. in Riyadh.
Abdul Mohsen Al-Khalaf, Assistant Minister of Finance for Macro-Financial Policies and International Relations, said, “The changing environment of the financial sector necessitates that we find space for discussion due to variables, opportunities and challenges.”
Yarub Al-Thunayan, Advisor to the Minister of Finance and Chairman of the Conference’s Permanent Supervisory Committee, confirmed that the conference is “an opportunity to introduce the financial sector development program, which has achieved tangible initiatives and successes.”
He pointed out that the conference, as an international regional platform, reflects the strength of the Kingdom’s largest economy in the region. It is also a platform for decision-makers and an enabler for this sector. An extension of what the Financial Sector Development Program is working on, one of the Saudi Vision 2030 initiatives.
In this context, Khaled Al-Hamoud, a member of the Board of Directors of the Capital Market Authority and a member of the supervisory committee of the Financial Sector Conference, said that the conference will discuss the situation of financial institutions in the new financial reality, the importance of flexibility and coping, and the impact of technology on competitiveness, reviewing a number of titles that the conference will be concerned with. Foremost among them is open banking, safe financing and investment, as well as transparency and governance and their impact on the sector.
With regard to the technical aspect, Ziyad Al-Youssef, Deputy Governor for Development and Technology at the Central Bank of Saudi Arabia, Chairman of the Technical Committee and member of the Supervisory Committee of the Financial Sector Conference, explained that “the conference brings together elite legislators and international experts to present the latest innovations and innovative financial products in the financial, banking and insurance sectors.” Financial technologies and their impact on the financial system in the Kingdom, and opportunities for foreign investment in the financial sectors in all its activities.
Regarding the participants in the conference, Hassan Al-Sheikh, Undersecretary of the Ministry of Finance for Communication and Media and Chairman of the Executive Committee of the Financial Sector Conference, indicated that more than 3,000 participants with diverse experiences in various fields of the sector are expected to attend, stressing that the Kingdom has become an incubator for many international events and conferences, and that The financial sector conference represents its role in discussing global issues.
For his part, Nasser Al-Ajaji, Assistant General Manager of the Financial Sector Development Program, explained that the aim of the financial sector conference is to find solutions to bridge the gaps, and to discuss the role of the financial sector in enabling projects, whether in the Kingdom or globally.