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Saudi Arabia to increase digital technologies in financial sector

Saturday, 06 13 2020, Category: Technology, Country: Saudi Arabia
Saudi Arabia is continuing to develop digital technologies in the financial sector in line with the requirements of the Fourth Industrial Revolution, which increases efficiency in performance in the sector, and raises the degree of safety and transparency of operations, while the Kingdom is accelerating the application of various financial solutions to create a safer and more reliable environment, through better use Financial practices. Ziyad bin Bandar Al-Youssef, Deputy Governor of the Saudi Arabian Monetary Agency for Development and Technology, said that in light of the global changes taking place in the world today, especially in the field of the Fourth Industrial Revolution and modern digital technologies, many parties, including central banks, closely monitor the developments of so-called block chain technologies (Block Chain) and distributed notebooks.

Al-Youssef added that some central banks began to explore and experiment with these technologies in order to reach a deeper understanding of the technical aspects and study their impact on the future of the financial sector, pointing out that the Monetary Agency has always been keen to see these technologies and the experiences of some other countries. The talk of the Deputy Governor of the Saudi Arabian Monetary Agency for Development and Technology came at a time when the centers of international studies and media were considered “the Monetary Agency” as a main example of the legislator who keeps pace with development to try out new and advanced technologies, using modern digital technologies, including blockchain technologies, which confirms keeping up with Saudi Arabia Concurrent with global trends.

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