Fsdp Quarterly Newsletter Q1 2024 Vf · Page 5

 
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Financial Sector Development Highlights 
SAMA Governor: The Middle East & North Africa Region 
Holds Strengths that Can Be Invested in Development 
The Financial Stability Board (FSB) Regional Consultative 
Group for the Middle East and North Africa (RCG MENA) 
met on Tuesday, February 6, 2024, at the headquarters 
of the Saudi Central Bank (SAMA) in Riyadh, to discuss 
financial stability issues affecting the region, including 
the implementation of the global regulatory framework 
for crypto-asset activities, and the lessons learned from 
the turmoil that affected the global banking sector in 
2023. 
The meeting was co-chaired by H.E. Ayman Alsayari, 
Governor of the Saudi Central Bank (SAMA), and H.E. 
Hassan Abdulla, Governor of the Central Bank of Egypt, 
and was attended by Mr. Klaas Knot, Chair of the 
Financial Stability Board. 
The group members discussed the challenges related to 
the global and regional financial stability vulnerabilities, 
including the financial risks arising from the high-interest 
rate environment and non-bank financial intermediation 
(NBFI). 
In his remarks, Governor of SAMA pointed out that the 
MENA region's advantages, embedded in economic 
diversification, rapid technological progress, and the 
strategic location, remain significant source for the 
region's development, highlighting the affirmation of the 
IMF in its Regional Economic Outlook that the Middle East 
and Central Asia region is resilient to an adverse macro 
financial risks scenarios. Alsayari stressed the importance 
of using different approaches of financial stability 
policies that take into consideration the region's 
economic 
and 
financial 
circumstances 
and 
the 
interconnectedness between its economies. 
During the meeting, members received an update on the 
FSB's work program for 2024 and discussed the FSB's 
report on the initial lessons learned from the banking 
disturbances in 2023. 
The total number of companies licensed by the Saudi 
Central Bank (SAMA) in the 1st quarter of 2024 was 4 
companies, which are: 
• Fintech in debt-based crowdfunding: 
- “Thara" to provide debt-based crowdfunding 
solutions. 
• Fintech in Payment services: 
1- "Network 
International 
Arabia" 
to 
provide 
payment services through points-of-sale (POS). 
2- "Barraq" to offer e-wallet services. 
• Fintech in financing activity to small and medium 
enterprises, finance leases, and consumer finance: 
- “Alpha Arabia Finance Company" to provide 
financing activity to small and medium enterprises, 
finance leases, and consumer finance. 
SAMA Governor Meets President of The European
Central Bank in Riyadh 
H.E. Mr. Ayman Al-Sayari, Governor of the Saudi Central 
Bank (SAMA), welcomed H.E. Ms. Christine Lagarde, the
President of the European Central Bank (ECB), at SAMA's 
headquarters in Riyadh on Thursday, February 1, 2024. 
The two sides discussed the recent developments in 
central banking, the outlook for the global economy, as
well as other financial banking issues of mutual interest. 
Several events were organized on the sidelines of the visit 
including 
a 
high-level 
panel 
discussion 
titled
"Interconnectedness and Increasing Capital Flow" with 
participation from Their Excellencies Mr. Ayman Al-
Sayari, Governor of SAMA and Ms. Christine Lagarde, 
President of ECB. 
The panel discussions focused on the macro-financial
vulnerabilities and risks stemming from increased
interconnectedness; regulatory and supervisory efforts to 
addres