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Minister of Finance opens the 14th edition of the Euromoney Saudi Arabia Conference 3 Riyadh

On the other hand, the demand for investment in domestic and international debt issues increased by more than three times during the first half of the year. The first issuance in Euro was more than four times subscribed. The nominal value of government Sukuk was reduced to SR1,000 in order to diversify the investor segment and enhance trading and individual savings. In this year, governmental Sukuk have been issued covering a pace of 30 years for the first time. The general debt management office at the ministry of finance has gained a number of prizes, including the best source for debt tools in promising markets prize, and the best source of sovereign debt tools in the Middle East for 2019 prize, reflecting the international appreciation for Saudi financial transparency that administers the State's budget indicating the growth of the great confidence the Saudi economy is enjoying in compliance with the developmental and strategic projects.

Our financial sector is committed to introducing further reforms in order to expand financial services and implement legislation and measures to combat money laundering and terrorist financing. Our progress in these areas recently led to the Kingdom's inclusion in the Financial Action Task Force (FATF), taking place alongside 37 other countries and it was the first Arab country to achieve membership, he said.

Al-Jadaan confirmed that boosting the financial sector requires a quick matching with the FinTech. He highlighted the transformation of financial institutions in the Kingdom including how emerging technologies are driving the explosion of FinTech fueled by digitally-savvy millennials. It also explored the use of FinTech to enhance database infrastructure and develop customer-centric business models as an important means of enhancing e-commerce-related areas. This include measures of real estate mortgage, experimental environment for financial technology at the Saudi Arabian monetary agency and the Saudi capital market. In this context, seven specialized companies in FinTech have gained license to work in the digital payments sector.

Source: Saudi Press Agency