Global Banking Monitor

Sunday, July 21, 2024

Stripe employees get to sell $1bn of shares

It's good news for the Stripe employees...

Strategies for Upskilling Your Workforce in an AI-Driven Economy

In an era where artificial intelligence (AI)...

Five Strategies for Enhancing Internal Communications in Banks

In the fast-paced world of banking, effective...
HomeNewsSeamless Saudi Arabia 2023:...

Seamless Saudi Arabia 2023: Highlights and Key Insights

Saudi Arabia is in the midst of a digital transformation, positioning itself as a prominent global investment hub. Seamless was Saudi Arabia’s event dedicated to e-commerce, retail, fintech, digital marketing, logistics and payments. It was hosted at the Riyadh Front Exhibition Centre from 4 to 5 September 2023. The event managed to attract over 20,000 delegates.

This initiative was led by Ayman Mohammed Al-Sayari, who is the governor of the Saudi Central Bank.

Seamless Saudi Arabia a stepping stone in Saudi Vision 2030

The Seamless Saudi Arabia 2023 falls under the Saudi Vision 2030 which is a strategic framework to reduce Saudi’s dependency on oil. The main incentive behind it is to diversify the nations economy and create job opportunities. With Seamless attracting global attention, many of the key points of the vision 2030 will be achieved. In particular this includes promoting non-oil international trade and friendly ties with other countries.

Seamless Saudi Arabia

One of the most important for the event was GFK.

Consumer Insights Revealed at Seamless Saudi Arabia 2023

GFK, a renowned global leader in the market and consumer intelligence discussed insights into the preferences, concerns, and behaviors of Saudi Arabian consumers at the Seamless Saudi Arabia 2023 event.

The study conducted by GFK also emphasised on the transformations happening under Saudi Arabia’s Vision 2030 initiative.

Sustainability and Consumer Behavior

Prachi Satoskar, Commercial Director at GFK, emphasised the need for brands and leaders to recognize that sustainability doesn’t always translate to premium pricing. With the right partner, strategic planning under market and ecological pressures can be achieved. Satoskar also stressed the importance of using data science, business intelligence expertise, and AI-backed technology to meet sustainability targets.

The GFK report also highlighted the evolving role of women consumers in Saudi Arabia. It suggested that while maintaining traditional values appeared important to women, these consumers aspire to actively participate in society. They also stressed the importance of inclusivity in brand campaigns and strategies. Brands were encouraged to integrate women’s stories into their campaigns to resonate with this audience effectively.

Green Motivations and Consumer Decisions

GFK further discussed the sustainability aspect of business. It was suggested that combining green measures with economic considerations would drive consumer adoption of businesses.

Conclusion

In summary, Saudi Arabia’s efforts to bring about a digital transformation and its emergence as a global investment hub are reflected well in the Seamless Saudi Arabia 2023. With thousands of attendees, including influential speakers, the event showcased the nation’s commitment to fostering innovation. 

Latest Featured Post

Apple Pay processes $6 trillion in 2022

For those executives who haven't been watching the continued growth of Apple Pay, the recent metrics published by Capital One will make for stimulating...

Latest Award

Sohar International: Best Ecosystem Banking App Award 2023

We have been closely following the recent launch of Sohar International Bank's latest mobile app. The update added a totally new set of features...

Recently published

More from Author

Riding the Digital Wave: Fintech Trends Reshaping Kazakhstan’s Finance Landscape

Explore the fintech trends reshaping Kazakhstan's financial landscape, from the rise of digital payments and open banking to the growth of super-app ecosystems and the democratisation of capital markets.

Scalapay’s $10,000 Scholarship Boosts Abbl’s Startup Journey

How Scalapay, the Australian FinTech unicorn, is nurturing startups with its $10,000 Scale Up Scholarship program

FinTech Boom in MENA: Top FinTech Investments of August 2023

The Middle East and North Africa (MENA) region are witnessing a...

Strengthening Fintech Ties: Israel and Bahrain Regulators Sign Cooperation

Context of the partnership In a noteworthy development focused on fostering innovation...

Stripe employees get to sell $1bn of shares

It's good news for the Stripe employees who, the WSJ reports, are being allowed to sell their stock to investors keen to get in on the pre-IPO action. This is very good news for Stripe employees! You can find out a lot more detail in the WSJ's...

Strategies for Upskilling Your Workforce in an AI-Driven Economy

In an era where artificial intelligence (AI) is reshaping the landscape of work, preparing your teams for an AI-first workplace has become an imperative for businesses aiming to stay competitive. As AI continues to advance, it is not only automating routine tasks but also augmenting human capabilities,...

Five Strategies for Enhancing Internal Communications in Banks

In the fast-paced world of banking, effective internal communications are paramount to success. They not only facilitate the smooth operation of daily activities but also foster a collaborative environment that can drive innovation and improve customer service. Here are five strategies that can significantly enhance internal communications...

Unicredit reportedly in talks to buy Vodeno

UniCredit is considering an acquisition of Vodeno, aiming to enhance its banking services and technological capabilities. This strategic move could transform the banking sector, showcasing UniCredit's commitment to innovation and leadership in financial services. For more details, please visit BNN's post here: UniCredit Eyes Expansion Through Potential...

Raiffeisen’s Russia Deal Raises Questions as Executive Linked to Sanctioned Tycoon Emerges

Raiffeisen Bank International AG says it may finally have a way to move some of its assets out of Russia. What it hasn’t explained is why the complex, €1.5 billion ($1.7 billion) string of transactions ends up with an executive who has a long history working for...

Nigeria Announces Takeover of Banks Acquired by Ousted Bank Governor

Nigeria said it will take possession of two banks that the government alleges were bought at a major discount by former Central Bank Governor Godwin Emefiele using proxies. “We have completed our investigation on this acquisition and we are on the verge of recovering these two banks for...

Record High Interest in Fed’s Bank Term Funding Facility

Banks borrowed a record amount from the Federal Reserve’s newest backstop facility in the most recent week as increasing wagers on interest-rate cuts made it a more attractive choice. Data from the Fed showed an all-time high $131 billion in borrowing from the Bank Term Funding Program, or...

Nigerian Central Bank Allows Crypto Trading, Lifts Previous Ban

Nigeria's central bank has lifted a ban on transacting in cryptocurrencies, while saying global trends had shown a need to regulate such activities, the bank said in its latest circular. The Central Bank of Nigeria (CBN) in Feb. 2021 barred banks and financial institutions from dealing in or...

Russian Central Bank Signals Caution, Requires Months of CPI Decline Before Considering Rate Cuts – RBC

Russia's central bank will need two to three months to make sure that inflation is steadily declining before taking any decision on interest rate cuts, the bank's governor Elvira Nabiullina told RBC media on Sunday. The central bank raised its key interest rate by 100 basis points to...

Debanking Unraveled: A Recap of Events and Current Standing of Banks

UK banking rules are in the midst of a shake-up after a turbulent year which saw former Ukip leader Nigel Farage spark a crisis at one of Britain’s largest banks. The so-called debanking row led to a clampdown on unfair closures of customer accounts. The issue came to the...

Decelerating US Inflation Provides Boost to Economy

U.S. prices fell in November for the first in more than 3-1/2 years, pushing the annual increase in inflation further below 3%, and boosting financial market expectations of an interest rate cut from the Federal Reserve next March. The report from the Commerce Department on Friday also showed...

Bank of Japan Takes Steps Toward Normalization, but Full Transition Remains Incomplete

The news that economic policy minister Yoshitaka Shindo would be in attendance at the Bank of Japan’s policy meeting had sparked market speculation about a shift in policy sooner than expected. It is rare for a minister to sit in a BoJ meeting and, in the past,...