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Saudi Finance Minister Inaugurates 24 Fintech Conference

Saudi Minister of Finance Mohammed Al-Jadaan speaks at the 24 Fintech financial technology conference in Riyadh on Tuesday. (SPA)
Saudi Minister of Finance Mohammed Al-Jadaan speaks at the 24 Fintech financial technology conference in Riyadh on Tuesday. (SPA)
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Saudi Finance Minister Inaugurates 24 Fintech Conference

Saudi Minister of Finance Mohammed Al-Jadaan speaks at the 24 Fintech financial technology conference in Riyadh on Tuesday. (SPA)
Saudi Minister of Finance Mohammed Al-Jadaan speaks at the 24 Fintech financial technology conference in Riyadh on Tuesday. (SPA)

Saudi Minister of Finance Mohammed Al-Jadaan inaugurated in Riyadh on Tuesday the first edition of the 24 Fintech financial technology conference. The Financial Sector Development Program, the Saudi Central Bank (SAMA), the Capital Market Authority, and the Insurance Authority hosted the conference.

Al-Jadaan said Saudi Arabia has spared no effort to promote the digital economy—prioritizing it highly and laying solid foundations to enhance service quality while enabling the public, private, and non-profit sectors—thereby solidifying the Kingdom's global position.

Since the launch of Saudi Vision 2030, the Kingdom has sought to accelerate transformation to elevate the digital economy, ensure its sustainable growth, and remain competitive amidst rapid technological advancements, he added.

More than two years ago, the Financial Sector Development Program, a critical program under Saudi Vision 2030, launched the Fintech Strategy Implementation Plan, a cornerstone of the program that aims to position the Kingdom as a leading global hub for financial technology, he went on to say.

He added that, through this strategy, the Kingdom aims to streamline business operations, enhance the private sector's contribution to the Saudi economy, attract foreign direct investment and local investments, as well as advance the digital economy.

By the end of the second quarter of 2024, the number of Fintech companies in the Kingdom reached 224, surpassing the Financial Sector Development Program's target of 168 companies for the second quarter of 2024, he revealed, stressing that the Kingdom’s goal is to further increase this number to 525 companies by 2030.

Al-Jadaan said the Kingdom boasts a comprehensive and advanced payments infrastructure and a competitive and robust banking sector, which is well-equipped to navigate macroeconomic challenges and make substantial investments in Fintech.

These concerted efforts to keep up with Fintech sector developments have contributed to the Saudi economy's growth and to the Kingdom's notable progress and leadership across various global indices, stated the minister.

The 24 Fintech conference, which will run until September 5, 2024, aims to convene decision-makers, investors, technology experts, entrepreneurs, and academics to discuss ways of cooperation, explore opportunities, and exchange experiences in a way that contributes to positioning the Kingdom as a leading global hub for financial technology in light of Vision 2030.

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Lebanon's Bonds Soar as Traders Place Counterintuitive Bets

The Lebanese national flag flutters in Beirut, Lebanon, August 18, 2020. (Reuters)
The Lebanese national flag flutters in Beirut, Lebanon, August 18, 2020. (Reuters)
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Lebanon's Bonds Soar as Traders Place Counterintuitive Bets

The Lebanese national flag flutters in Beirut, Lebanon, August 18, 2020. (Reuters)
The Lebanese national flag flutters in Beirut, Lebanon, August 18, 2020. (Reuters)

Israel's airstrikes in Lebanon are inflicting destruction that could set its economy back by years.

But the defaulted country's bonds have climbed to two-year highs, gaining a whopping 44% since late September, as traders snap them up for pennies on the dollar.

Investors reckon the weakening of Hezbollah could precipitate a shake-up of Lebanon's fractured political system and potentially an economic plan to pull the country out of default, according to Reuters.

"The reason bonds have rallied is that the market thinks that the Lebanese political class might finally be able to agree a political path forward and an economic reform plan without Hezbollah in the picture," said Anthony Symond at abrdn.

"This would pave the way for the Eurobonds to eventually be restructured."

The jump still leaves Lebanon's dollar bond maturing in 2025 trading at a paltry 8.5 cents on the dollar - a fraction of the 70-cent level at which bonds are considered distressed.

Lebanon tumbled into default in the spring of 2020 after the country's financial system plunged into a deep economic crisis in 2019. With an effectively non-functioning government wracked by discord and corruption, few expect a debt deal anytime soon.

"Lebanese bonds started getting bids after the death of Nasrallah," said Kaan Nazli, a portfolio manager with Neuberger Berman, referring to Hezbollah leader Sayyed Hassan Nasrallah, whose death was announced on Sept. 28.

"Lebanon was in the 'it could not get worse' category," said Nazli, adding that the latest events could spark change.

Bruno Gennari, emerging markets strategist with KNG Securities, said rumors that Washington could use Hezbollah setbacks to push Lebanon to appoint its first president in two years had given hope.

"Is all about Hezbollah getting weaker," he said.

S&P Global Ratings said last week Israel's military action in Lebanon "put severe pressure" on Lebanon's already battered economy, and would "further delay economic and financial reforms, and the longer-term recovery of fiscal and external accounts."

S&P has a selective default rating on Lebanon's foreign currency debt.

Given their incredibly low prices, any glimmers of good news could boost Lebanon's bonds again, Nazli said

"If you see any headline on a presidential election, or even just a schedule for one - that could be a sign that things are moving forward," he said.