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.


Saudi Arabia opens world’s largest camel hospital

Qassim Gov. Prince Faisal bin Mishaal, left, during a briefing on the world’s largest camel hospital that he inaugurated in Buraidah on Sunday. (SPA)
Updated 07 July 2020

Saudi Arabia opens world’s largest camel hospital

  • The emir also toured sheds spread over a large area which can accommodate 4,000 riding camels at the same time

Qassim Gov. Prince Faisal bin Mishaal on Sunday inaugurated the world’s biggest camel hospital in Buraidah. The Salam Veterinary Hospital will also have a modern research facility to diagnose diseases related to camels.
The governor said the project worth SR100 million is a national achievement and it will help enhance veterinary facilities in the Kingdom.
Prince Faisal toured the facility’s specialized central laboratories equipped with modern devices to conduct over 160 different types of analyses.
The emir also toured sheds spread over a large area which can accommodate  4,000 riding camels at the same time.
He was briefed on the model for the young camels unit, the ICU, CT scan unit, and the surgical theaters. The hospital is constructed on an area of 70,000 sq. meters.
Among the goals for establishing the hospital is to bring about a shift in embryology and the traditional fertilization process of camels, whose age ranges between 25 to 30 years. At present, they produce seven young camels per season. Additionally, the hospital will contribute to raising the rate of fetal production in camels from 100 fetuses to 700.