SABB presented important insights about the future of trade finance in Saudi Arabia during the 7th Annual Saudi Trade Finance Summit.
The event, held in Riyadh, was attended by a group of decision-makers, senior experts, professionals, and leaders in the trade finance sector from various governmental and private institutions.
SABB, which was the platinum sponsor of the summit, participated in providing solutions, exchanging ideas to develop trade finance tools, discussing the laws, strategies, and trends of trade finance, during the summit sessions.
SABB also received the “Best Bank for Commodity Finance” award.
The annual summit is considered to be one of the most important events in the Kingdom’s trade finance sector.
Ahmad Alalawi, head of origination and client advisory at SABB, participated with a working paper titled “Saudi Trade Finance Trends and Challenges in 2020,” where he discussed effects of the global trade wars on Saudi trade, the new opportunities in changing the local regulatory environment, and new trade products and the value they can add to the Saudi market.
Another working paper was presented by Sean Bowey, head of global trade and receivables finance products at SABB, titled “Saudi Trade Market Digitization as a Part of an International Trend,” where he stressed that trade finance is coming to unprecedented growth, pointing out to the benefits to banks and customers in Saudi Arabia as an outcome. He also highlighted the importance of developing global standards and digital products in relation to finance, and emphasized the importance of digitization as an important factor to increase transparency, and developing the secondary market.
SABB has launched several products and services aimed at promoting the role of trade finance, in an effort to stimulate the economy and business development in order to achieve the objectives of Vision 2030.