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Riyadh to Host the 24 Fintech Conference in September

The conference will take place from September 3 to 5 at the Riyadh Front Exhibition & Conference Center
The conference will take place from September 3 to 5 at the Riyadh Front Exhibition & Conference Center
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Riyadh to Host the 24 Fintech Conference in September

The conference will take place from September 3 to 5 at the Riyadh Front Exhibition & Conference Center
The conference will take place from September 3 to 5 at the Riyadh Front Exhibition & Conference Center

Riyadh will host next month the 24 Fintech Conference, the first edition of the international conference specialized in the financial technology sector.

The conference will take place from September 3 to 5 at the Riyadh Front Exhibition & Conference Center, hosted by the Financial Sector Development Program, the Saudi Central Bank (SAMA), the Capital Market Authority, and the Insurance Authority.

The conference is organized by Fintech Saudi and Tahaluf, a joint project between the Saudi Federation for Cybersecurity, Programming and Drones, Informa PLC, and the Events Investment Fund.

The 24 Fintech Conference is set to focus on supporting the thriving financial technology community and review a number of specialized topics to develop the global banking and financial services sector, which includes AI, machine learning in financial operations, integrated finance, the development of open banking services, and green finance, to inspire regulators, policymakers, investors, technology experts, entrepreneurs and academics to advance cooperation in the financial technology sector.

The 24 Fintech Conference aims to make a mark in the financial technology sector. It designates a space to support startups and investors under the "FinTech Innovation Center," which includes the best 80 modern and innovative startups and more than 200 investors.

The conference integrates with Saudi Arabia's orientations to enhance the prosperity of the entrepreneurship system and support startups and its efforts to become one of the booming financial technology centers in the Middle East and North Africa region, in line with the goals of Saudi Vision 2030 in developing the sector.

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Gold Headed for Weekly Gain as Sept US Rate Cut Views Firm

An employee at a gold shop in Khan El Khalili, Cairo (Reuters)
An employee at a gold shop in Khan El Khalili, Cairo (Reuters)
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Gold Headed for Weekly Gain as Sept US Rate Cut Views Firm

An employee at a gold shop in Khan El Khalili, Cairo (Reuters)
An employee at a gold shop in Khan El Khalili, Cairo (Reuters)

Gold prices edged up on Friday and were set for a weekly gain on growing optimism about a September US rate cut, although expectations the Federal Reserve will ease aggressively have been tempered ahead of Chair Jerome Powell's upcoming speech.

Spot gold was up 0.3% at 2,462.82 per ounce, as of 1002 GMT and has gained more than 1% so far this week. US gold futures rose 0.3% to $2,500.50.

"Gold traders are proceeding with caution this week because US data has greatly lowered the chances of a 50 bps interest rate cut in September," said Zain Vawda, market analyst at MarketPulse by OANDA, Reuters reported.

US. inflation data indicates that gold may need additional catalysts to surpass $2,500, while this level could eventually be reached, it's unlikely in the near term, with gold expected to remain within the $2,360 to $2,480 range, Vawda added.

Recent data restored confidence that had been shaken by a surprisingly weak employment report earlier this month. It also bolstered optimism regarding improving inflation, as evidenced by the July releases of the producer price index and consumer price index this week.

Traders are convinced the Fed will slash rates on Sept. 18, but had debated the size of the reduction. Odds currently stand at 25% for a 50 basis-point cut, down from 36% a day earlier, according to the CME Group's FedWatch Tool.

A low interest rate environment tends to boost non-yielding bullion's appeal.

Minutes of the Fed's July policy meeting are due on Wednesday and Powell will speak on the US economic outlook next Friday at the Jackson Hole symposium.

Elsewhere, spot silver fell 0.6% to $28.22 per ounce, and platinum dipped 0.2% to $951.05 after gaining as much as 4% to hit a two-week high on Thursday. Palladium shed 0.6% to $941.19.

All metals were on track for weekly gains.