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HSBC at Riyadh FII forum: We invested $9 billion in FinTech sector

Published: Updated:

The CEO of HSBC Global Banking & Markets Samir Assaf said during a session in the second day of the Future Investment Initiative Forum convened in Saudi Arabia’s capital, Riyadh, that FinTech is a great opportunity for the banking industry as the sector is flexible and can adapt easily.

While he said banks need to have real partnerships with technology giants, Assaf pointed to a partnership between HSBC and Alibaba in Hong Kong to provide IT services, especially in iCloud computing, data collection and technology use.

Assaf revealed that the HSBC Group invested a huge amount in technology amounting to $9 billion in order to reach the current situation.

On Wednesday, the Future Investment Initiative Forum continued with the participation of a wide presence of experts and leaders from around the world, covering areas of artificial intelligence and digital transformation, at a time when the Saudi investment environment has seen attractive reforms for foreign investment in various fields.

This comes at a time when Saudi Arabia’s economy is growing and the cash reserves of 1.8 trillion Saudi riyals (480 billion dollars) have increased by 1.4 percent, confirming the strength, importance and centrality of Riyadh in the world, both on the investment and economic levels.