Saudi Trade Finance Summit to address latest innovation and trends in financial sector

Swaied Alzahrani

RIYADH — The Middle East region is undergoing constant economic developments and social reformations with impactful transformation in Saudi Arabia. In lines with the overall growth in the Kingdom and Saudi's Vision 2030, Saudi Credit Bureau (SIMAH), the 1st licensed & pioneer credit bureau in Saudi Arabia for consumers and commercial, announced its participation as a platinum sponsor at the 7th Annual Saudi Trade Finance Summit.

To address the latest innovation and trends in the financial sector, the Saudi Trade Finance Summit organized by QnA International will be held on Nov. 13-14 in Riyadh. The high-profile event which exclusively brings together CEOs, presidents, chairman, group CFOs, Finance & Treasury heads from leading corporates to meet leading financial, banking and technological institutions to facilitate rigorous discussions on the current trends, challenges and opportunities the finance sector, can bring to shape the Kingdom’s economy through trade.

With the current economic climate and the number of developmental changes that are underway in Saudi Arabia, SIMAH is at the forefront with its development initiatives that are completely aligned with the summit’s vision of enhancing the national economy.

Supporting Saudi’s biggest Trade Finance event is an added opportunity for SIMAH to showcase its expertise and its insights into the trade financing requirements of Saudi Corporates.

Swaied Alzahrani, CEO, SIMAH, said “SIMAH believes that Saudi Trade Finance Summit with all its packages is a good opportunity to tackle some key issues related to the credit and finance market. For example, SIMATI and SIMAT reporting systems are very important in today’s financial system. Creditors consider information held by these systems a primary factor when they evaluate the creditworthiness of data subjects and monitor the credit circumstances of consumers. This information flow enables credit markets to function more efficiently and at lower cost than would otherwise be possible. Well-functioning financial markets contribute to sustainable growth and economic development, because they typically provide an efficient mechanism for evaluating risk and return to investment, and then managing and allocating risk. Financial infrastructure (FI) is a core part of all financial systems. The quality of financial infrastructure determines the efficiency of intermediation, the ability of lenders to evaluate risk and of consumers to obtain credit, insurance and other financial products at competitive terms.”

Established in 2002, operated since 2004 and issued more than 82 million credit reports since 2004 till end of December 2018 with data quality score of % 99.4, SIMAH’s newly trademarks come as a further phase of SIMAH new identity. New trademarks registered by Ministry of Commerce and Investment include FINDATA (a new innovative marketing concept in the credit reporting industry); SIMATI (consumer reporting system); SIMAT (commercial reporting system) and MOARIF (Legal Entity Identifier). MOARIF is the first Local Operating Unit in the MENA accredited by Global Legal Entity Identifier Originations (GLIEF), run by SIMAH and covers 18 countries.

“The Saudi Trade Finance Summit is a platform that will contribute to the credit information reporting in Saudi Arabia and the perfect place to celebrate the SIMAH becoming the 1st credit agency in MENA to have its own commercial Trademarks. SIMAH’s repeat participation at the 7th annual confirms the summit being a mature and respected platform for the trade finance industry of the Kingdom,” said Sidh NC, Director, QnA International.

In lines with Saudi's Vision 2030, the 7th annual Saudi Trade Finance Summit will provide a platform for the government authorities and the Kingdom’s booming private sector to have thought provoking trade finance conversations through its informative conference sessions and unparalleled networking opportunities that emphasize on the diversification of the economy to help realize the role of financial institutions and corporates in achieving the Kingdom’s Vision through sustainable growth. — SG