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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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Dollar Strong, Stocks Creep Higher as Second Trump Term Dawns

A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
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Dollar Strong, Stocks Creep Higher as Second Trump Term Dawns

A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo

The dollar was firm and Asia's stock markets were cautiously positive on Monday as investors waited for an expected flurry of policy announcements in the first hours of Donald Trump's second presidency and eyed a rate hike in Japan at the end of the week.
Trump takes the oath of office at noon Eastern Time (1700 GMT), and promised a "brand new day of American strength" at a rally on Sunday, Reuters said.
He has stoked expectations he will issue a slew of executive orders right away and, in a reminder of his unpredictability, launched a digital token on Friday, which soared to trade above $70 at one point for a total market value north of $15 billion.
Monday is a US holiday, so the first responses to his inauguration in traditional financial markets may be felt in foreign exchange, where traders are focused on Trump's tariff policies, and then in Asian trade on Tuesday.
US equity futures were a fraction weaker in the Asian morning on Monday while the dollar, which has rallied since September on strong US data and as Trump's ultimately successful political campaign gained momentum, held steady.
Japan's Nikkei rose 1%.
Last week the S&P 500 notched the biggest weekly percentage gain since early November and the Nasdaq its largest since early December on some benign inflation data.
The dollar is up around 8% on the euro since September and at $1.0273 is not far from last week's two-year high. But so much is priced in that some analysts feel a more gradual start to US tariff hikes may draw out some sellers.
"A forceful start to Trump's new term could rattle nerves and give the dollar more support," said Corpay currency strategist Peter Dragicevich.
"By contrast, based on what already looks baked in, we think a more measured approach may ease fears and see the dollar lose ground, as it did after Trump took charge in 2017."
Trump has threatened tariffs of as much as 10% on global imports and 60% on Chinese goods, plus a 25% import surcharge on Canadian and Mexican products, duties that trade experts say would upend trade flows, raise costs and draw retaliation.
The Canadian dollar touched a five-year low of C$1.4486 per dollar on Monday. The Mexican peso hit a 2-1/2 year low of 20.94 per dollar on Friday.
Bitcoin dipped in the early part of the Asian day but remained above $100,000. Benchmark 10-year Treasury yields closed out Friday at 4.61%, up nearly 100 basis points in four months.
CHINA FOCUS
China is in focus as the target of the harshest potential trade levies. Investors lately cheered better-than-expected Chinese growth data and a Friday phone call between Trump and Chinese President Xi Jinping that left both upbeat.
"Basically everyone is waiting for these trade negotiations to begin and see what kind of attitude Xi Jinping takes with Trump," Ken Peng, head of Asia investment strategy at Citi Wealth told reporters in Singapore at an outlook briefing.
"That relationship between the two gentlemen has become very important as a leading indicator of policies."
Chinese equity markets rose last week and futures pointed to modest gains for Hong Kong shares at the open.
The yuan is seen likely to slowly adjust to any shifts in trade policy and was marginally firmer at 7.3355 per dollar in offshore trade.
The Australian dollar, sensitive to trade flows and China's economy, has scraped off five-year lows and, according to Commonwealth Bank strategist Joe Capurso, could test resistance at $0.6322 if Trump's policy changes fall short of market expectations. It was last at $0.62.
Japan's yen rallied last week as remarks from Bank of Japan policymakers were taken as hints that a rate cut is likely on Friday.
It was last steady at 156.17 per dollar and rates markets priced about an 80% chance of a 25 basis point rate hike.
In commodities gold hovered at $2,694 an ounce and Brent crude futures ticked higher to $81.21 a barrel.