Intelligent CIO Middle East Issue 08 | Page 9

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