The Kingdom of Saudi Arabia is embarking on a transformative epoch of digitalization, propelled by the ambitious objectives delineated in Vision 2030, which aims to foster modernization, diversification, and a more promising horizon through technological advancements. In its pursuit of escalating the non-oil gross domestic product (GDP) to 50% within this decade, the nation has been allocating substantial resources to enhance its digital landscape and establish a conducive milieu for progress. The forthcoming LEAP 23 technology convention exemplifies the country's unwavering commitment to digitalization and to remain at the vanguard of technological breakthroughs.
Compliance with a continually growing number of rules and regulations has become a crucial part of organizational success in today's fast expanding and extensively regulated corporate sector. Companies across sectors are struggling to navigate complicated compliance standards and gain regulatory knowledge while maintaining operating efficiency and mitigating risk exposure or data breaches. This is where regulatory technology, sometimes known as RegTech, has emerged as a game changer.
Technology has evolved into a strong force in the dynamic world of finance, transforming the way we manage our accounts, conduct transactions, and access financial solutions.
Fintech, a fusion of finance and technology, has created creative solutions that are changing the financial industry's traditional environment. However, in the middle of fintech's fast advancement and transformational potential, one critical factor that must not be neglected is accessibility.
In the ever-evolving world of software development, the quest for excellence is a constant challenge. As technology continues to advance, software houses play a crucial role in creating innovative solutions that drive progress across various industries.
The introduction of financial technology has brought about significant changes in the investment landscape, revolutionizing the way individuals participate in financial markets. FinTech apps have emerged as powerful tools that enable the democratization of investments, providing access, convenience, and enhanced user experiences.
The world of personal finance is undergoing a radical transformation thanks to rapid advancements in financial technology. No longer confined to the realm of traditional financial institutions, individuals now have access to a plethora of tools and services that make managing their finances easier, more efficient, and more inclusive than ever before.
In today's rapidly evolving financial landscape, the intersection of finance and technology, known as fintech, has revolutionized the way financial services are delivered. Fintech companies, from established institutions to disruptive startups, are embracing cutting-edge technologies to enhance customer experiences, drive operational efficiency, and unlock new opportunities. Among these technologies, cloud computing has emerged as a game-changer, offering unparalleled scalability, agility, and cost-effectiveness.
Recently, there has been a growing recognition of the urgent need to address climate change and promote sustainable development on a global scale. Governments, businesses, and individuals alike are increasingly embracing the concept of sustainability, seeking innovative solutions to mitigate environmental risks and create a more equitable and resilient future. In this endeavor, financial technology, has emerged as a powerful tool driving the transformation towards sustainable and green finance.
While technological development and globalization have helped corporate operations, money laundering and other digital financial crimes have also benefited from these developments. More than 2% to 5% of the world's GDP, or between $800 billion to $2 trillion in a single year, is thought to be laundered internationally.
Open banking is revolutionizing the payments' industry through the adoption of Variable Recurring Payments (VRPs), offering a range of advantages over traditional methods. VRPs stand to open up enormous opportunities for businesses and consumers, from intelligent savings and overdraft protection, to bill payment efficiencies and enhanced security protocols.