SDAIA Launches Awareness Campaign About Protection of Personal Data

The Saudi Authority for Data and Artificial Intelligence (SDAIA)
The Saudi Authority for Data and Artificial Intelligence (SDAIA)
TT

SDAIA Launches Awareness Campaign About Protection of Personal Data

The Saudi Authority for Data and Artificial Intelligence (SDAIA)
The Saudi Authority for Data and Artificial Intelligence (SDAIA)

The Saudi Authority for Data and Artificial Intelligence (SDAIA) launched on Wednesday an awareness campaign under the slogan "Understand the Meaning of Your Data.”

The initiative aligns with the authority's efforts to promote awareness of the personal data protection system in the Kingdom. As the national reference for data and AI, SDAIA oversees all aspects of organizing, developing, and managing data and AI in the Kingdom.

Chief of the National Data Management Office at SDAIA Alrebdi bin Fahd Al-Rebdi stated that the campaign aims to increase individuals' awareness of the personal data protection system and their rights.

It also seeks to educate them about the importance of protecting their personal data, understanding cases of personal data disclosure, and the obligations of entities under the system's provisions.

Al-Rebdi added that through this campaign, SDAIA aims to clarify that personal data owners have several rights under the system. These include the right to know the purpose for which their personal data was processed, the right to request correction of their personal data, and the right to request destruction of this data after the processing purpose has ended.



Microsoft Executive: AI to Transform Wealth Management

FILE PHOTO: A view shows a Microsoft logo at Microsoft offices in Issy-les-Moulineaux near Paris, France, January 25, 2023. REUTERS/Gonzalo Fuentes/File Photo
FILE PHOTO: A view shows a Microsoft logo at Microsoft offices in Issy-les-Moulineaux near Paris, France, January 25, 2023. REUTERS/Gonzalo Fuentes/File Photo
TT

Microsoft Executive: AI to Transform Wealth Management

FILE PHOTO: A view shows a Microsoft logo at Microsoft offices in Issy-les-Moulineaux near Paris, France, January 25, 2023. REUTERS/Gonzalo Fuentes/File Photo
FILE PHOTO: A view shows a Microsoft logo at Microsoft offices in Issy-les-Moulineaux near Paris, France, January 25, 2023. REUTERS/Gonzalo Fuentes/File Photo

Artificial intelligence will bring major upheaval to wealth management, a Microsoft executive said, as the technology's potential to process information vastly reduces the hurdles required to compete with established banks.

AI's ability to condense financial data will allow just a few people to offer services that previously occupied entire teams in a bank, said Martin Moeller, head of AI & GenAI for financial services, EMEA, at Microsoft.

"Generative AI will reshape the competitive landscape," Moeller told Reuters. "AI will, for example, significantly lower the threshold for market entry for startups, similar to what the digitalization and internet wave did decades ago."

Since early 2024, Swedish payment service provider Klarna has been using AI from Microsoft's partner OpenAI which performs the work of 700 employees.
The world's largest asset manager, UBS, also sees great potential for AI. CEO Sergio Ermotti said this month it could boost productivity and make jobs easier.
Moeller said generative AI will reduce costs for newcomers, and it can also help family offices, private wealth managers for the super-rich that compete with wealth managers.
"Banks that have so far been barely active in wealth management could enter the business with the help of AI without having to invest much in customer advisors," he said.
AI's advance is gaining momentum from changing customer behavior, with young entrepreneurs increasingly willing to manage their investments themselves, Moeller said.
In response, many banks are working to enable customers to independently consolidate information using AI.
"Customers should have access to complex information 24 hours a day, seven days a week," said Moeller. "Portfolio construction can also be handled by conventional AI."
AI currently does not advise on products or specific investment decisions, but the next stage of development, so-called "agentic AI", which makes independent decisions without human involvement, is expected to arrive in around two years.