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Saudi Arabia set to revolutionise the Fintech industry using Blockchain Technology

Saudi Arabia set to revolutionise the Fintech industry using Blockchain Technology

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The global financial system comprises of transactions that involve trillions of dollars a day, not to forget billions of people. And though the current system, at a glance, seems to be working fine, it’s riddled with various issues that need to be addressed, and now.

But the solution to this innovation bottleneck has emerged: Blockchain. Touted to be the next generation internet tech, blockchain has the potential to bring about a transformation in global financial systems.

With the research arm of Islamic Development Bank planning to use Blockchain technology to develop sharia-compliant products and Al Rajhi Bank having completed a cross border transaction within a few seconds using Blockchain technology, Saudi Arabia is steering away from being an oil dependant nation to a blockchain powered nation, taking a cue from its neighbour, UAE.

But the technology is still in its nascent stage, creating a strong need to understand Blockchain and its implications on the banking and financial sector.

Experts in the blockchain space believe that businesses that do not implement blockchain are putting themselves at the risk of becoming obsolete. With digital banking and blockchain-based solutions for fintech, traditional banks may soon find themselves left behind.

With regulatory government bodies like SAMA in Saudi Arabia and the Government of Dubai paving the way for businesses and government agencies to offer Blockchain based services, the Middle East market has now become a highly lucrative space for investors as well as solution providers. In fact, IDB recently signed an agreement with Ateon, a specialised consultancy in financial technology development based in Saudi, to build blockchain-based Sharia- compliant financial products, while Bank Aljazira has implemented a blockchain-based Identity Management System, the first of its kind in the region.

In light of these developments, Bizwingz Production House is hosting Saudi Arabia’s very first blockchain conference, Decoding Blockchain KSA 2018. The conference offers unique networking opportunities for attendees to connect with Fintech and Blockchain industry leaders and innovators who are looking to explore the distributed ledger technology, while providing an ideal platform to understand the promising technology of Blockchain in the modern Middle East world.

The conference offers VCs, bankers, government officials, payment companies and more the opportunity to not only actively exchange information but to also establish powerful strategic alliances.

In fact, most recently, Mohammed AlSehli, who is the founder of Arabianchain and the chairman of the conference, was part of a committee discussing Blockchain in KSA and met with the Saudi Arabian government, which has now adopted Blockchain into the National Digitization Strategy 2030.

The conference will present a range of speaker sessions through which participants are given the opportunity to meet with innovators who offer business solutions that will help banks and financial institutions reduce costs and improve efficiency and integrity.

Come watch the best minds in the blockchain industry from across the pan-Saudi region, as well as the rest of the world, convene on a single platform on the 23rd and 24th of April, 2018 at (venue).

Registrations are open – Ensure your participation for the ultimate knowledge-sharing conference at the earliest.

Register Your Interest on http://www.decodingblockchain.com/

 

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