Riyadh: The Saudi Central Bank (SAMA), in collaboration with the Bank for International Settlements (BIS), has successfully concluded the Innovation Summit in Riyadh. The summit saw participation from SAMA Governor Ayman Al-Sayari and BIS General Manager Pablo Hern¡ndez de Cos, alongside several central bank governors and financial experts from various regions globally.
According to Saudi Press Agency, the two-day summit provided a platform for experts and policymakers to engage in discussions about the opportunities and challenges that technological innovation presents within the financial sector. A significant focus was placed on the role that central banks in the Middle East and Africa can play in facilitating these technological advancements while ensuring financial stability.
The discussions primarily revolved around the current state of international efforts to enhance payment systems. This included evaluating the progress of the G20 Roadmap for cross-border payments, which aims to improve systems and address challenges associated with them. The summit also explored the modernization of infrastructure for high-speed, low-cost, secure, and transparent cross-border transactions, emphasizing multilateral cooperation. Additionally, the implications of emerging technologies, regulatory frameworks for risk mitigation, and the balance needed between innovation and financial stability were significant points of discussion.
The BIS, established in 1930 in Basel, Switzerland, is recognized as the world's oldest international financial institution, playing a key role in shaping policies and best practices to enhance the resilience of the global financial system. Recently, Al-Sayari was elected to the BIS Board of Directors, which includes governors representing 16 of the world's major economies, alongside the European Central Bank.