Algorithmic trading accounts for about 25% of all transactions in the Saudi capital market, according to Mohammed Al-Khuwaiz, president of the Saudi Capital Market Authority (CMA), demonstrating the significance of digitisation.
On Tuesday, during the opening day of the 24 Fintech Conference in Riyadh, he participated in a dialogue session and stated that approximately 70% of all trading volumes worldwide, particularly in developed markets, are driven by algorithmic trading.
According to Al-Khuwaiz, “buy now, pay later” is a legitimate industry that is in high demand among the populace and can be simplified to safeguard consumers and investors. According to him, “the financial sector was among the first to adopt digital transformation, since trade started in the 1970s, long before the Internet was introduced.”
According to the head of CMA, Saudi Arabia was among the first nations to implement digital trade in the 1990s, and currently, over 90% of all traded volumes are accounted for by this trade. “The focus of spending, its importance, and digitisation in financial services are illustrated by the fact that the financial services sector represents about 15% of global spending on information technology,” he continued.
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