The Saudi Central Bank (SAMA), in cooperation with the Bank for International Settlements (BIS), has concluded the BIS Innovation Summit in Riyadh, marking the end of a high-level gathering focused on financial innovation, regulatory development, and the future of global financial systems.
The BIS Innovation Summit was held with the participation of SAMA Governor Ayman Al-Sayari and BIS General Manager Pablo Hernández de Cos, along with numerous central bank governors, policymakers, and financial technology experts from across the region and around the world.
The two-day summit brought together experts and policymakers to discuss the opportunities and challenges posed by technological innovation in the financial sector, as well as the role of central banks from the Middle East and Africa in facilitating technological advancements while safeguarding financial stability.
Discussions at the BIS Innovation Summit focused on the current state of international efforts to develop payment systems, including evaluating the progress made in implementing the G20 Roadmap of cross-border payments, designed to enhance systems and address associated challenges, and other efforts to modernize infrastructure for high-speed, low-cost, more secure, and transparent cross-border transactions, encompassing multilateral cooperation.
The BIS Innovation Summit also explored the far-reaching implications of emerging technologies, the evolving regulatory framework required for effective risk mitigation, and the critical balance needed between fostering innovation and safeguarding long-term financial stability across global markets.
Established in 1930 in Basel, Switzerland, the BIS is the world’s oldest international financial institution that plays a crucial role in shaping policies and best practices to enhance the resilience of the global financial system. Al-Sayari was recently elected to the BIS Board of Directors, which comprises governors representing 16 of the world’s major economies, in addition to the European Central Bank.
