Mulham: The Capital Market Authority's (CMA's) hosting of the 'Money20/20 Middle East' conference, which began in Mulham and runs until Wednesday, represents an important step in consolidating the Kingdom's position as a leading regional hub for innovation and a supporter of finance-technology (fintech) sector development, in line with Saudi Vision 2030's goals, said CMA Board Chairman Mohammed bin Abdullah El-Kuwaiz.

According to Saudi Press Agency, during his participation in a panel discussion at the conference, El-Kuwaiz noted that financial supervision is undergoing a profound transformation driven by artificial intelligence. He indicated that the Saudi capital market has shifted from a risk-based approach to advanced indicator-monitoring systems, achieving exceptional gains in efficiency and effectiveness that have improved supervisory monitoring by nearly 80%.

El-Kuwaiz highlighted that the market capitalization of the Saudi stock market has reached nearly SAR10 trillion after about 40 years since its establishment, which is double the size of banking assets that stand at SAR5 trillion since the licensing of the first bank in the mid-1950s. Additionally, he stated that the Saudi market no longer relies solely on trading through investment positions but has evolved into an exchange of diverse investment perspectives. This has helped balance trading volumes between individual and institutional investors, thereby enhancing market stability, he noted.