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Kingdom of Saudi Arabia Banking Perspectives 2020

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Kingdom of Saudi Arabia Banking Perspectives 2020 Kingdom of Saudi Arabia Banking Perspectives 2020 KPMG in Saudi Arabia March 2020 Foreword Our evaluation of the key financial and providing incentives and indicators for the past year infrastructure support to achieve these. suggests a positive outlook for The program is aptly supported by Saudi the banking environment in Saudi Arabian Monetary Agency (SAMA) which is defining and shaping regulations Arabia, with promising profit catering to the evolving model of growth fueled by a proactive banking. government and a range of initiatives driven by the regulators. We foresee the banks will continue their preference to finance large public We are pleased to introduce you to the infrastructure projects but higher first edition of our annual Kingdom of volumes and yields are expected from Saudi Arabia Banking Perspectives report growth in SME and mortgage finance. 2020. We have examined pertinent Moreover, non-technological aspects issues and trends affecting global such as workforce diversity, women banking today, with a particular focus on empowerment and ever-relevant Saudi Arabia. cost optimization continue to have a significant bearing on management’s Banks today face profound industry operating style and stakeholder challenges driven by evolving customer expectations. Khalil Ibrahim Al Sedais expectations, digital challengers and increasing regulatory compliance. Banks across the Kingdom would soon Office Managing Partner, Riyadh However, big challenges often mean be striving for a future that is more KPMG in Saudi Arabia big opportunities and therefore, the interconnected, more collaborative and disruptors of today are likely to create a frictionless – one where trust, growth future paradigm that is far beyond the and delivering value are paramount. In usual ambitions. A customer-centric our Kingdom of Saudi Arabia Banking innovation approach, guided by big data Perspectives 2020, our thought leaders and regulatory eminence is reshaping the has delved into the more granular way banks have traditionally operated. aspects of the factors driving the global, regional and local banking landscape. We The government is committed to building look forward to discussing these themes a stronger financial sector, which is with you as part of our endeavors to seek underpinned by the Financial Sector facts and provide insights. Development Program of Vision 2030, defining specific targets for the industry Ovais Shahab Head of Financial Services Sector KPMG in Saudi Arabia 4 Kingdom of Saudi Arabia Banking Perspectives 2020 Contents Executive Summary 06 Financial Results 2019 08 Industry Highlights 10 Performance Highlights 12 Banking Environment 14 1. Dynamic Banking Environment: Shifting Sands 16 2. Mergers and Acquisitions: Driving the Change 18 3. SME Lending: Banking on the Untapped Potential 20 4. Restructuring: Imperative or an Opportunity? 22 Regulatory and Compliance 24 5. VAT: More Compliance, more Costs? 26 6. FATF: Focus on effective AML/CTF Regulations 28 7. Sharia Compliance: A Practitioners Perspective 30 Information Technology 32 8. Fintech: Can Banks stay away from Fintechs? 34 9. Cybersecurity: Building Trust 36 Culture and Governance 38 10. Culture, Conduct and Public Trust 40 KPMG in Saudi Arabia 42 Kingdom of Saudi Arabia Banking Perspectives 2020 5 Executive Summary On a country level, Saudi Arabia The agreement with crypto-currency has witnessed a variety of positive Ripple and the announcement to work developments, fueled by firmer with the UAE on a new digital currency, government spending and economic and the establishment of the Sandbox, growth in multiple sectors, including providing the hard-pressed construction sector several local and international firms a which has posted growth in recent real-life environment to test new digital periods. With the key non-oil drivers solutions, are all testament to SAMA’s such as finance, trade and government positive attitude towards fintech. services posting gains, the medium-term economic outlook continues to remain With an approximate 90% smartphone positive. ownership rate and a tech-savvy population that prefers a mobile interface Although it is one of the biggest for its banking interactions, digital financial sectors by assets in the MENA solutions present a highly competitive region, the Saudi banking industry yet cost effective avenue for streamlining has weathered the storm of recent services, boosting banking inclusion, economic downturn relatively well; an enhancing customer experience and advantageous market, credit environment increasing process efficiencies. and a stringent governance mechanism – with each bank reported to be serving The rapid advancement in digital approximately 2.5 million people on technologies also fuels an increasing average. Overall, total assets across the threat on the cybersecurity front. With listed banks grew by 11.98% during FY an increasing realization that there is 2019 with a healthy 4.46% growth in net no 100% secure environment, banks profits before zakat and income tax. This are looking to continuously develop was coupled with a 10.51% growth in the their cybersecurity infrastructure total deposit base across these banks. As with adequate tools, techniques and such, despite subdued growth in recent processes to be able to detect, protect, years across credit underwriting and respond and recover from cybersecurity deposit acquisition, Saudi banks continue attacks. to be well-positioned to take advantage of the improving economic outlook and The static nature of M&A in Saudi an evolving technological landscape. banking sector has already begun to undergo a shift, with mergers and new A decade after the global financial market entrants poised to shake up the crisis, banks face fresh challenges market structure and competition. If the from new-age disruptive forces driven merger between SABB and Alawwal by technological changes, regulatory Bank in mid-2019 was any indicator of a developments, evolving growth new trend, we expect to see the creation strategies and evolving market demand. of mega financial institutions with high underwriting capacity and profitability. Despite recent challenges, Saudi Arabia has witnessed a robust growth in the In terms of new market entrants, several adoption of financial technology, partly institutions in the GCC and other global due to the banking sector’s cognizance of entities have applied for licenses to its potential to be a major disruptor. operate in the Kingdom. 6 Kingdom of Saudi Arabia Banking Perspectives 2020 The higher pricing power of ‘merged on account of SAMA’s prudence. This is dependency by global financial markets. giants’ and ‘aggressive growth strategies’ epitomized by its continued focus and As a result, banks around the globe are of new entrants would post stiff initiatives to critical areas such as anti- expected to be affected across various challenges for existing market players. money laundering and counter-terrorism aspects in a significant way, ranging financing (AML/CTF), cybersecurity, from legacy contract management In the regulatory landscape, SAMA, the responsible lending and financial to financial reporting issues and from Kingdom’s monetary policy regulator, inclusion. valuation bases to changes in future continues to play a vital role in supporting business and pricing models, processes, the overall financial sector. In addition, For banks, the ensuing regulatory systems and strategies. SAMA started with an objective to further strengthen compliance and the financial impact a data gathering exercise for an initial the sector, the government launched the of potential noncompliance have assessment of the sector’s readiness Financial Sector Development Program ramifications in the form of increasing and expectation of potential impacts of (FSDP) as part of Vision 2030. FSDP cost of compliance which some experts this change. aims to enable financial institutions to estimate could rise to 10% of revenue. support private sector growth, without This has implications for how banks While lending to the corporate sector has contradicting the strategic objectives approach data governance with a need to traditionally been the preferred growth of maintaining stability in the financial move towards sophisticated automation, tool for most Saudi banks, the Kingdom’s sector. According to SAMA, money leveraging on technology made available increasing banking penetration, housing supply (M3) reported an increase of by regtechs. demand and improved credit reporting 7.1 percent y-o-y, which is attributed to system are facilitating strong credit factors such as increase in time and The area of financial reporting has also growth across the retail and SME saving deposits, currency outside banks had its fair share of developments for the segments. It is up to the corporates now and because of government’s efforts banking sector in recent years. The most to align their strategies and work with to move out of deflation. Moreover, in notable change was the implementation the disruptive forces to cater to evolving line with the Vision 2030 objectives, the of International Financial Reporting market demand and potential, while government remains committed toward Standard 9 (IFRS 9) that resulted in a maintaining robust governance. implementing initiatives to bolster the fundamental change in the computation economy and attract both foreign and and recognition of credit losses for domestic investment. 2018, demanding to be a continued area of management’s judgement at year- From
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