Algorithmic trading represents 25% of traded value in KSA: ElKuwaiz

Mohammed ElKuwaiz, Chairman of the Capital Market Authority (CMA), said algorithmic trading currently represents a quarter of the traded value in Saudi Arabia.

The fintech sector facilitates and safeguards consumer and investor transactions, ElKuwaiz said in his speech at the 24 Fintech 2024 Conference held in Riyadh today, Sept. 3.

He added that the "Buy Now, Pay Later" feature is one of the first services licensed in the Kingdom. It had become the most popular among consumers.

The authority seeks to provide regulatory solutions for various institutions, such as cloud-computing frameworks.

Crowdfunding platforms play the most effective role in enabling fintech companies to finance and invest in the Kingdom's economic projects, ElKuwaiz said, underscoring the shift towards debt instead of equity.

He also stated that artificial intelligence (AI) has significantly contributed to the decision-making process in most legal procedures in the stock market, noting that technology monitors market movements and takes action in case of any glitches.