Banking Revolution: The way forward

Saudi Arabia is gifted with oil reserves, a robust agricultural sector and mineral resources like gold. However, with an increasing population and an economic transformation fuelled by the diversification roadmap called 'Vision 2030', the Kingdom's real estate market is staring at the possibility of emerging as the country's most valuable player in the coming years.

Saudi has a fascinating line-up of hotels, apartments and villas and the Kingdom now plans to build new airports, railways, and highways, while upgrading its healthcare and education systems and formulating more investor-friendly policies, to become an economic powerhouse by 2030. Due to all these, the demand and prices of residential properties in this part of the world are steadily increasing.

Meanwhile, when it comes to the crypto crisis, FTX has gone bankrupt, thus putting a heavy toll on the digital currency sector. Bitcoin prices are now witnessing significant volatility. Ether too has followed a similar path. Since November 6, the sector has seen a bloodbath of over $260 billion.

However, decentralised crypto exchanges, (peer-to-peer marketplace connecting cryptocurrency buyers and sellers) and hardware wallet manufacturers (wallets containing the crypto user's private keys in a secure hardware device) have reported huge profits since the FTX's collapse. People are now looking for physical options to keep their private crypto keys safe. Cold wallets seem to be an answer to that.

Also, the banking sector is undergoing a change, as the financial institutions' way of interacting with their customers have been rapidly transformed, due to the emergence of the tech-savvy demographic forces called millennial and Generation Z. The cover story of the final edition of the Global Business Outlook for the year 2022 will revolve around the wave of behavioural shifts seen in the banking sector.

Thomas Kranjec Editor kimberly@gbomag.com

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