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Riyad Bank Launches New Fintech Fund

Riyad bank Chief Executive Officer Tariq Al Sadhan
Riyad bank Chief Executive Officer Tariq Al Sadhan
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Riyad Bank Launches New Fintech Fund

Riyad bank Chief Executive Officer Tariq Al Sadhan
Riyad bank Chief Executive Officer Tariq Al Sadhan

Riyad Bank has announced on Tuesday the launch of its Digital Partnership Program and its association with a venture capital fund of SR 100 million ($ 26.6 million). The program aims to forge strategic partnerships with entrepreneurs and technology companies, provide solutions and support in the field of financial technology, and create new industries and innovative business models.

The conference themed “Fintech 100” was held on the sidelines of the Future Investment Initiative 2019 in Riyadh.

Riyad Bank CEO Tariq Al Sadhan said that the proliferation of technology has fueled the emergence of fintechs, which have impacted business models and increased tech-savvy customers.

He added that the bank is partnering with digital startups and entrepreneurs to enhance digital services and expedite the process of launching new products.

Sadhan also noted that the fund aims at empowering innovation and supporting entrepreneurs through Research and Development (R&D), in addition to the funds.

He concluded that the Fintech Fund will be looking into defining a proper mechanism for the Sandbox experimental environment and further support entrepreneurship.

Saudi Arabian Monetary Authority (SAMA) has granted 14 fintech firms permits to join the Sandbox experimental environment for offering fintech services.

The Public Investment Fund (PIF) is organizing the third annual Future Investment Initiative 2019 (FII) themed ‘What is next for global business?’, under the patronage of Saudi Arabia’s King Salman, from October 29th to 31st 2019 in Riyadh.

FII aims to explore the latest innovations, opportunities, and challenges shaping the global investment landscape, as well as emerging businesses covering a range of sectors, including energy, banking, technology, transportation, entertainment, sports, and healthcare.

Many analysts and experts have previously stated that the Saudi Vision 2030 will help establish the Public Investment Fund as one of the leading Sovereign Wealth Funds on the global level.

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Israel's Shekel and Bonds Slide as Gaza Ceasefire Buckles

New Israeli Shekel banknotes are seen in this picture illustration taken November 9, 2021. REUTERS/Nir Elias/Illustration/File photo
New Israeli Shekel banknotes are seen in this picture illustration taken November 9, 2021. REUTERS/Nir Elias/Illustration/File photo
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Israel's Shekel and Bonds Slide as Gaza Ceasefire Buckles

New Israeli Shekel banknotes are seen in this picture illustration taken November 9, 2021. REUTERS/Nir Elias/Illustration/File photo
New Israeli Shekel banknotes are seen in this picture illustration taken November 9, 2021. REUTERS/Nir Elias/Illustration/File photo

Israel's currency fell alongside its bonds and stock market on Tuesday as a wave of deadly airstrikes by its military in Gaza threatened the complete collapse of an already fragile two-month ceasefire with Hamas.

Concerns about both the humanitarian and economic costs of a return to intense fighting spiked as Israel's resumption of bombing of Gaza, which it said was a "preemptive offensive" to try to force the release of its remaining hostages, prompted anger from Hamas.

Israel's shekel dropped as much as half a percent against both the dollar and euro, while many of its government bonds, which suffered a wave of rating downgrades last year due to the war, had their biggest falls in over a month, Reuters reported.

Ronen Menachem, chief markets economist at Mizrahi Tefahot Bank, said a resumption in the conflict could see further falls in the shekel and a renewed rise in Israel’s bond market risk premium.

"The market will react based on whether this is perceived as a defined and limited operation or the opening of a broader campaign," he said.

Israel's Prime Minister Benjamin Netanyahu said he had instructed the military to take Tuesday's "strong action" in response to Hamas's refusal to release the remaining 59 hostages it holds following its October 7, 2023 attacks and its rejection of other ceasefire proposals.

The Palestinian militant group accused Netanyahu of breaching the ceasefire deal and jeopardizing efforts by mediators to secure a permanent truce.

Negotiating teams from Israel and Hamas had been in Doha as mediators from Egypt and Qatar sought to bridge the gap between the two sides after the end of an initial phase in the ceasefire, in which 33 Israeli hostages and five Thais were released in exchange for some 2,000 Palestinian prisoners.