SAMA wins Best Risk Manager award among the world’s central bank

Saudi Arabian Monetary Agency (SAMA) has been given the Best Risk Manager award by the Central Banking Awards Committee.
Updated 28 January 2019
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SAMA wins Best Risk Manager award among the world’s central bank

RIYADH: The Central Banking Awards Committee (SBAC) has awarded the Saudi Arabian Monetary Agency (SAMA) the Best Risk Manager award, at the central banks level for 2018-2019.
The award was the culmination of SAMA’s efforts to effectively and fully implement risk management methodology in the organization as a whole, and to ensure that these risks are adequately managed and closely monitored.
“SAMA has achieved all professional requirements in the application of best practices and international standards. After examining all criteria and requirements for winning the award, SAMA was the best among all central banks, henceforth it was rated as the world’s best risk manager,” the statement said.
Commenting on the event, the SAMA governor Dr. Ahmed bin Abdulkarim Al-Khilaifi stressed that Saudi monetary authority attaches great importance and commitment to risk management, in order to identify, in advance, all types of risks it may be exposed to, adding that: “We are proud that SAMA has received the Risk Manager Award for 2019.”
The awards ceremony will be held on March 13 in London.


Saudi-backed SoftBank invests $125 million in Alphabet venture to put cellphone antennas in the sky

Updated 25 min 29 sec ago
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Saudi-backed SoftBank invests $125 million in Alphabet venture to put cellphone antennas in the sky

  • SoftBank’s year-old HAPSMobile and Alphabet’s Loon separately have been trying to fly networking equipment at high altitudes
  • The goal is to provide high-speed Internet where ground-based towers are unreachable

SAN FRANCISCO, USA: A SoftBank Corp. business seeking to find a way to fly cellphone antennas high in the atmosphere to provide internet in underserved areas said on Wednesday it was investing $125 million in an Alphabet Inc spinoff working on the same problem.

SoftBank’s year-old HAPSMobile and Alphabet’s Loon, which spun out last July from the research incubator of the Google parent, separately have been trying to fly networking equipment at high altitudes to provide high-speed Internet where ground-based towers are unreachable.
Loon carries the gear with a large balloon, while HAPSMobile uses a large drone.
Despite Internet coverage gaps in rural areas or during natural disasters, mobile network operators, governments and other potential customers have yet to demonstrate much enthusiasm for buying skyborne technologies.
Also in the competition to fill the coverage gaps are several billionaire entrepreneurs, including Elon Musk, Richard Branson and Jeff Bezos. Each is backing separate early-stage ventures that want to beam Internet from satellites in near-Earth orbit.
Loon and HAPSMobile said on Wednesday that collaboration could be the key to adoption. They are discussing the possibility of using each others’ technology, standardizing their airborne and ground networking gear and joining forces in regulatory discussions, they said in a statement.
The companies described their partnership as a “long-term” tie-up of one of Japan’s top three wireless carriers and one of the world’s biggest tech companies.
“I’m confident we can accelerate the path toward the realization of utilizing the stratosphere for global networks by pooling our technologies, insights and experience,” Junichi Miyakawa, SoftBank’s chief technology officer and HAPSMobile’s chief executive, said in the statement.
“Even in this current era of coming 5G services, we cannot ignore the reality that roughly half of the world’s population is without Internet access,” Miyakawa added.
Loon has tested balloons for nearly a decade and expects to hold its first commercial trial in Kenya this year.
HAPSMobile emerged from technology developed by dronemaker AeroVironment Inc, which owns 10 percent of the SoftBank subsidiary.
Loon said it has the option to later invest $125 million in HAPSMobile.