SAMA Takes part, in the “Future of the Financial System Conference

The Deputy Governor of the Saudi Central Bank (SAMA) for Supervision, Dr. Fahd bin Ibrahim Al-Shathri participated in the “Future of the Financial System” conference, held as part of the activities accompanying the “Expo 2020” exhibition, in Dubai.

In speech, at the opening session of the conference, Al-Shathri touched new developments in the global and regional financial services industry amid the challenges of the pandemic, and the importance of exchanging experiences and enhancing knowledge about the challenges and opportunities facing the financial sector.

He pointed to the impact of digital shift and the risks associated with it, in addition to the importance of raising the level of supervisory and overseeing procedures, at central banks and regulators.

While strengthening ways of cooperation between central banks, with regard to green finance, payment systems, and Islamic finance, the SAMA top official stressed that the rapid and digital development in the financial sector, and the reliance on service providers and the performance of remote operations, are accompanied by a rise in cyber and operational risks, which requires unifying efforts between the regulatory and supervisory authorities to understand and keep pace with these changes, in the financial system.

He drew attention to the Saudi Central Bank’s endeavor to exchange experiences and knowledge, and discuss opportunities and challenges for a better financial future, with all regulating, supervisory and overseeing authorities relating to the financial sector.