Saudi Arabia launches technology regulation challenge

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The Saudi G20 Presidency and the Bank for International Settlements innovation hub today launched the G20 TechSprint Initiative to highlight the potential for new technologies to resolve regulatory compliance and supervision challenges. (Techsprint)
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Updated 30 April 2020

Saudi Arabia launches technology regulation challenge

RIYADH: The Saudi G20 Presidency and the Bank for International Settlements innovation hub today launched the G20 TechSprint Initiative to highlight the potential for new technologies to resolve regulatory compliance and supervision challenges.

The Saudi G20 Presidency and the innovation hub, through its center in Singapore, published organizational and supervisory challenges, calling for innovation pioneers to identify challenges in regulatory reporting, analytics, monitoring and supervision.

The challenges have been developed from submissions received from Financial Stability Board member jurisdictions.

With the unprecedented challenges arising from the coronavirus disease (COVID-19) pandemic, the initiative is relying on regulatory financial authorities to continue their work to ensure the ability of the global financial system to perform in a stable, effective and comprehensive manner.

HIGHLIGHTS

  • The Saudi G20 Presidency and the Bank for International Settlements innovation hub, through its center in Singapore, published organizational and supervisory challenges, calling for innovation pioneers to identify challenges in regulatory reporting, analytics, monitoring and supervision.
  • The Saudi G20 Presidency will award cash prizes of $50,000 for each problem solved.
  • The names of the winners will be announced in October.
  • The winners will be invited to display their efforts in November.

It also realizes the need for tools that enable the bodies to detect vulnerabilities and share information.

Ahmed Alkholifey, governor of the Saudi Arabian Monetary Authority, said: “We and the innovation hub of the Bank for International Settlements are awaiting from the global community of financial technology to help employ technical solutions to urgent financial and regulatory challenges, including supporting the regulatory and supervisory frameworks to confront the COVID-19 pandemic.”

He added: “The G20 initiative for technical acceleration would support the efforts of the supervisory and regulatory authorities in reaping the technical benefits to ensure the ability of the global financial system to continue to support families and businesses.”

The names of the winners will be announced in October, and the Saudi G20 Presidency will award cash prizes of $50,000 for each problem solved.

The winners will be invited to display their efforts in November. Some solutions will be included in a distinguished report on the event.


Third Saudi aid plane arrives in Beirut

KSRelief aircraft contains medical supplies, ventilators and other relief goods for blast victims. (Photo/Supplied)
Updated 09 August 2020

Third Saudi aid plane arrives in Beirut

  • KSRelief teams are also active in treating blast victims

RIYADH: A third King Salman Humanitarian Aid and Relief Center (KSRelief) plane loaded with aid arrived in Beirut on Saturday as part of a relief air bridge that was set up to help the people in wake of the Beirut blasts.

The air bridge was established on the directives of King Salman to provide urgent humanitarian aid to Lebanon.
KSRelief Adviser Dr. Ali bin Hamed Al-Ghamdi said the third plane is loaded with ventilators, hospital and medical equipment, as well as various medicines and disinfectants. It also contains food, tents, mattresses, blankets and cooking supplies.
So far, 200 tons of aid from the Kingdom have been flown to Lebanon with specialized teams to follow up and supervise the distribution operations.
KSRelief teams are also active in Lebanon in treating victims of the blast.
Earlier, two Saudi aircraft carrying more than 120 tons of medicines, equipment, and emergency supplies were dispatched to Beirut.
KSRelief Supervisor General Dr. Abdullah Al-Rabeeah said in a statement that the assistance highlights the pivotal role of the Kingdom of Saudi Arabia in providing humanitarian assistance to all people in need around the world with complete impartiality.

The Saudi aid will help alleviate the sufferings of Lebanese people.

Maj. Gen. Mohammad Khair, Chief of the High Relief, Commission in Lebanon

The twin blasts devastated large areas of the Lebanese capital and destroyed vital infrastructure, including grain storage silos and port facilities.
Lebanon, already reeling from an economic and currency collapse, now faces the threat of food shortages and a major hit to exports and imports.
Countries around the world have rushed to help Lebanon in the wake of the port explosion on Aug. 4.
The secretary-general of the High Relief Commission in Lebanon, Maj. Gen. Mohammad Khair, thanked the Kingdom for the urgent humanitarian aid provided through KSRelief.
In a press statement, he praised the historical relations between the two countries, noting the Saudi aid will help alleviate the suffering of Lebanese people.
Residents in the Kingdom can also help Lebanon by making donations through KSRelief’s website.