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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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Russia's Central Bank Holds Off on Interest Rate Hike

People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)
People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)
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Russia's Central Bank Holds Off on Interest Rate Hike

People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)
People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)

Russia's central bank has left its benchmark interest rate at 21%, holding off on further increases as it struggles to snuff out inflation fueled by the government's spending on the war against Ukraine.
The decision comes amid criticism from influential business figures, including tycoons close to the Kremlin, that high rates are putting the brakes on business activity and the economy.
According to The Associated Press, the central bank said in a statement that credit conditions had tightened “more than envisaged” by the October rate hike that brought the benchmark to its current record level.
The bank said it would assess the need for any future increases at its next meeting and that inflation was expected to fall to an annual 4% next year from its current 9.5%
Factories are running three shifts making everything from vehicles to clothing for the military, while a labor shortage is driving up wages and fat enlistment bonuses are putting more rubles in people's bank accounts to spend. All that is driving up prices.
On top of that, the weakening Russian ruble raises the prices of imported goods like cars and consumer electronics from China, which has become Russia's biggest trade partner since Western sanctions disrupted economic relations with Europe and the US.
High rates can dampen inflation but also make it more expensive for businesses to get the credit they need to operate and invest.
Critics of the central bank rates and its Governor Elvira Nabiullina have included Sergei Chemezov, the head of state-controlled defense and technology conglomerate Rostec, and steel magnate Alexei Mordashov.
Russian President Vladimir Putin opened his annual news conference on Thursday by saying the economy is on track to grow by nearly 4% this year and that while inflation is “an alarming sign," wages have risen at the same rate and that "on the whole, this situation is stable and secure.”
He acknowledged there had been criticism of the central bank, saying that “some experts believe that the Central Bank could have been more effective and could have started using certain instruments earlier.”
Nabiullina said in November that while the economy is growing, “the rise in prices for the vast majority of goods and services shows that demand is outrunning the expansion of economic capacity and the economy’s potential.”
Russia's military spending is enabled by oil exports, which have shifted from Europe to new customers in India and China who aren't observing sanctions such as a $60 per barrel price cap on Russian oil sales.