Al -Jadaan: 70% of retail payments in Saudi Arabia electronically

Saudi Finance Minister, Mohammed Al -jadan, revealed that the financial sector in the kingdom has succeeded in expanding the goal of financial inclusion, as the share of electronic payments in the Kingdom has reached 70% of the total payments, a percentage it reached during 202%, and he explained that the percentage of 2022 Now the goal would be to achieve the percentage. Electronic payments up to 80% by 2030. Al -Jadan said at the opening of the first issue of the Financial Technology Conference “Fentak 24″ in Riyadh, the kingdom has a comprehensive and advanced payments infrastructure, and a comprehensive framework is established to regulate the work of financial technology, ” to improve culture of innovation, improve the organizational and legislative environment, develop digital infrastructure, attract distinctive powers, develop their skills and attract investments. Financial technology sector enables and allows new activities to improve the sector, while the commitment to the controls is ensured to maintain financial stability. The future scene of the financial sector, the Governor of the Saudi Central Bank, Ayman Al -Sayyari, confirmed his speech in ‘Fintek 24’ that the number of financial technology companies working in the Kingdom has risen by 57% since the beginning of 2023, reaching 230 companies by the end of the second quarter. Al -Sayyari pointed out that financial technology has huge capabilities to increase its role in reforming the future scene of the Saudi financial sector, and expects to become an engine for economic growth, while becoming a larger part of the financial system. On the role of financial technology in the growth of the money market, Muhammad al -qwaiz, head of the Saudi Capital Market authority, explain at the conference that 15% of global spending on information technology goes to the Financial Services Sector, Adding: In dealing with Financial Technology Companies The Greatest Interest in Collective Financing Platforms, which created huge operations, then we witnessed a shift throughout the time from the collective financing platforms of shares to the collective financing platforms for debt. “Digital trading in stocks since the 1970s began before the rise of the Internet, digital trading has acquired more than 90% of trading in the Saudi financial market, according to confirming Al -qweaz, which indicated that” digital trading in the kingdom has begun since the 1970s before the rise of the Internet. “He added that the algorithm trade amounts to 60% to 70% of global trade volumes, especially in the advanced markets. The Saudi Stock Exchange has reached about 25% of trading sizes, although they are new to this type of trade.