Riyadh: Overcoming Obstacles in Financial Transactions
In the fast-paced world of technology, financial transactions have become easier, but challenges still remain, according to Nabil Koshak, CEO of the Saudi Venture Capital Company.
Speaking at the Arab Forum of Anti-Corruption Agencies and Financial Intelligence Units in Riyadh, Koshak emphasized the importance of investing in technologies to combat obstacles and crimes.
As global markets become more interconnected, corruption poses a significant threat and risk for investors.
Koshak highlighted the need for businesses and financial institutions to address market corruption, stating that investing in this sector attracts capital from top venture capital and financial firms worldwide.
The effects of corruption on economic stability and sustainable development have led to a growing trend among investors to proactively confront these risks.
Koshak pointed out the impact of Saudi Vision 2030 on sectoral investment and innovation, leading to an increase in funding and venture investment in the Kingdom.
By integrating anti-corruption measures into decision-making frameworks, investors are reshaping responsible investment standards and demonstrating a commitment to ethical business conduct.
The digital economy in Saudi Arabia provides a strong regulatory framework, encouraging investment in technologies to combat digital crimes.
Koshak praised Saudi entrepreneurs and investors for their contributions to developing technologies in crime prevention, citing companies like Mozoon and Amwal.
He stressed the importance of supporting entrepreneurs and innovators to find solutions that align with the challenges of digital transformation.
As the digital economy evolves, Koshak emphasized the need for innovation and creativity to address emerging challenges, particularly in the fight against financial crime.