that their productivity is enhanced and wastages for the economy are reduced. 10. on the other hand, if adopted without giving due thought, technology is likely to follow the law of unintended consequences and has the potential of becoming a cause of spreading systemic and financial instability. we have seen how social media can spread false rumors and negative news like wildfire thus creating panic and instability in financial markets. further, technology also presents some very unconventional challenges that pertains to electronic identification, data privacy and cyber security, etc. the more financial systems depends on electronic platforms and digital records, the more susceptible they are to cyber - attacks, which can disrupt the flow of funds across the economy, cease economic activity and threaten the overall financial stability. with this in mind, sbp has issued various regulations and page 7 of 10 guidelines including the frameworks for enterprise technology governance and risk management, security of internet banking and payment cards, prevention against cyber - attack, and risk management in outsourcing arrangements by financial institutions. 11. to promote the adoption of technology, sbp has continuously been taking initiatives on the infrastructure side, to promote the adoption of technology for facilitation of masses. sbp has worked with fbr and customs and other provincial tax authorities like sindh revenue board for collection of taxes and custom duties using alternate delivery channels. sbp is in the process of launching a knowledge management system that will facilitate the interaction of general public with sbp. we are also working with bill & melinda gates foundation and karandaaz pakistan to build a micro payment gateway that will introduce fully interoperable faster payments for consumers and businesses alike. this initiative will not only help to modernize the clearing and settlement infrastructure for reducing cost, improving efficiency, enhancing security, but will also help in digital on - boarding of customer using open api based platforms and directory services. ladies and gentlemen! 12. to adopt innovative technologies and promote the digitization of economy, sbp has always encouraged the role of banks and non - banks in the financial sector of pakistan. we believe that non - banks like fintechs and bigtechs can play a big role in transforming the economic landscape of pakistan. china is a great example for us where entities like alibaba, tencent and jd. com have innovatively used technology to provide efficient services to the masses. sbp page 8 of 10 is also facilitating the entrance of non - banks particularly in payments and banking and in the past have issued enabling regulations on

remarkable interest of the world top investors in the kingdom ’ s investment opportunities. your wise directives have emphasized that the development and investment efforts should cover all the kingdom ’ s regions, which were supported by your regional field visits around the kingdom to increase growth and investment capacities and expand the economic base. custodian of the two holy mosques, inflow of direct investments to various productive sectors is a strong evidence of the kingdom ’ s investment attraction and the interest of both local and foreign investor. part of these investments flow through the capital market which plays a very important role in the economy. it provides additional channels for project financing, and, at the same time, it offers to investors diverse investment instruments. your government has made strenuous efforts to develop the saudi capital market by utilizing state - of - the - art dealing technologies ; increasing the number of financial firms operating in the market and continued floating of joint - stock companies on the market for public subscription. these steps call for optimism as they would further stabilize and deepen the market and enhance investors'confidence and investment awareness. however, the need for boosting more awareness efforts of all categories of market participants on the market is still a challenge that has to be dealt with. custodian of the two holy mosques, in pursuance of mobilizing all efforts to accelerate the pace of economic development, you have issued your wise directives requiring timely dissemination of economic and other information and data with further transparency so as to be available to everyone seeking them as dissemination of accurate information reinforces creditability and helps in thoroughly identification of the economic situation. we are all confident that your continuous efforts in the restructuring process to improve and develop the structure of the domestic economy and continue expanding the private sector's activities will boost economic developments witnessed in the domestic economy. may allah guide your steps to greater success.