In partnership with “Fintech Saudi Arabia” and “Alinma Investment Co.”, Alinma Bank held its second meeting titled “The Financial Sector Future” within Fintech 19, during December 2019 at the Ritz-Carlton Hotel in Riyadh. During this gathering, the following presentations were submitted: “Financial Technologies and their Impacts” by Alinma Bank, “Strategy of Providing Financial Products and Services” by the Saudi Financial Technology Co. (wholly owned by Alinma Bank), “Achievements of Financial Technology in Saudi Arabia since the Launch of the Fintech Saudi Arabia Initiative” by the Fintech Saudi Arabia, “Global Trends and Investments in Fintech Areas” by Alinma Investment Co., “Global Experiences in Fintech Industry” by Devoteam Company. The meeting concluded with a discussion session on “Fintech Industry: Developments and Challenges” in which the audience provided specialized inputs and discussions.
Speaking about the second meeting of Alinma Fintech, Mr. Abdulmohsen Al-Fares, the CEO of Alinma Bank, clarified the importance of the contribution of Saudi banks in enriching the local markets with new digital products and services that cope with the best global trends. This, he explained, contributes to supporting the areas and capabilities of financial inclusiveness, developing and supporting digital financial transactions to create a qualitative shift in the financial products and services in the Kingdom. He added that this effort comes to enhance the response of banks and financial institutions with innovation to develop banking products and services as well as supporting the achievement of 2030 vision in the field of developing the financial sector and increasing its efficiency. Mr. Al-Fares concluded that Alinma Bank has the technological infrastructure, knowledge environment and technical specialization represented by the Saudi Financial Technology Company, which the Bank has established to provide “fintech” services with international standards.
It is worth noting that attendees were from various government sectors, banks, Fintech companies and interested investors and specialists. The gathering represents the second cooperation with Fintech Saudi Arabia, which aims to build partnerships, raise awareness and transform ideas and visions into projects and plans to support the Fintech system and enable the Kingdom to be an advanced center for financial technologies. Fintech Saudi Arabia is one of the most important initiatives launched by the Saudi Arabian Monetary Authority (SAMA) in line with the Kingdom’s 2030 vision in supporting entrepreneurship and enhancing the technology of financial services and financial inclusion.