NEWS
KSA
The MCI said joint operations would be conducted
in coordination with the ministries of labour and
social development, municipal and rural affairs and
telecommunications & information technology.
An MCI official said the ministry will implement intensive
inspection campaigns on stores selling and maintaining
mobile phones in various regions of the Kingdom.
Business establishments not complying with the rule will
face penalties under the provisions of the Anti-Commercial
Concealment Law.
Anyone found guilty of commercial concealment will be
jailed for two years and fined SR1 million, whether citizen
or expatriate. Expatriates will be deported after the end
of the prison term. Also, such a shop will be closed and
the convict will not be allowed to do the same business
for five years.
Telecom transition
As reported in Arab news in early June, the Ministry of
Commerce and Investment (MCI) was gearing up for
inspection as the deadline for 50% Saudisation in the
telecom sector ended on the 1st of Ramadan. By Sept. 3,
the sector should be fully nationalised.
Financial
technology set
to transform
Financial
Services in KSA
The Kingdom of Saudi Arabia’s
financial sector is likely to encounter
significant disruption from new financial
technologies in the coming years,
but could emerge stronger and more
streamlined, according to experts
gathering for the Euromoney Saudi
Arabia Conference this May.
Financial technology - or “FinTech” - is
generating huge opportunities for
banks, investors and new start-up
www.intelligentcio.com
Meanwhile, the MCI said the Authority of Small & Medium
Enterprises supports entrepreneurs in the telecommunication
sector to achieve the strategic vision in supporting the
private sector.
Nationalisation of the mobile sector aims at creating job
opportunities for male and female Saudis, who wish to work
in this field.
companies around the world, but is
also generating a new range of risks for
central banks and financial institutions.
Progress on implementing FinTech in the
Kingdom has been relatively slow until
recently, but new initiatives designed
to enhance the business environment,
reform regulatory support and provide
access to capital are helping to create
a positive ecosystem for FinTech
deployment in Saudi Arabia.
In a special panel at the Euromoney
Saudi Arabia Conference, senior experts
from within the Kingdom and leading
international companies will discuss
the growing influence and impact of
FinTech on the financial sector.
Mamdooh Al Sedairy, Chief Information
Officer of Tadawul, will bring his
experience in implementing and
managing one of the world’s most
sophisticated trading systems for the
Saudi Stock Exchange. In 2014, Tadawul
and NASDAQ began a major project to
replace the SAXESS trading platform
with NASDAQ’s latest trading platform,
X-stream INET Trading, which was
launched in September 2015. The new
platform is fastest recorded trading
engine in the world.
INTELLIGENTCIO
9