New funding rules to ‘revolutionize’ traditional Saudi banking models - expert
Published 08 May,2021 via Arab News - Economy RIYADH - Saudi Arabia’s new rules on crowdfunding and open banking platforms will revolutionize traditional models and benefit financial technology (fintech) providers, developers, and corporate bank customers, an international expert has predicted.
Paul Kayrouz, head of fintech, blockchain, and emerging technology at global consultancy firm PwC Middle East, said traditional banks would need to think hard about their business models to remain relevant.
“Digital banking is here to stay. So, for these incumbents, they have to decide where they place themselves on this spectrum, to what extent they want to adopt digital banking and make strategic moves to have strong relationships with their customers,” he added.
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