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Angus Fletcher, State Street’s global head of digital solutions, told Asharq Al-Awsat that digital assets have progressed beyond proof-of-concept technology toward fundamentally redesigning financial market operations. The convergence of digital assets, digital money and artificial intelligence is creating the foundation for an entirely new operating model across the financial sector, Fletcher added in the interview published Friday. Saudi Arabia can harness these developments to construct updated infrastructure that aligns with its long-term economic diversification strategy.
Fletcher outlined three core layers that should underpin this modern financial framework, according to the Asharq Al-Awsat interview. The first layer involves digital money such as tokenized deposits, regulated stablecoins and other digital cash instruments designed for efficient settlement processes. A second layer focuses on systems for identity, governance, compliance, cybersecurity and operational resilience while a third intelligence layer applies artificial intelligence to enhance liquidity and collateral management, risk monitoring and overall operational efficiency.
The State Street executive told Asharq Al-Awsat that tokenizing investment funds and private markets represents one of the Kingdom’s most significant near-term opportunities. Developing digital money solutions alongside improved collateral mobility and cross-border investment flows could further accelerate Saudi Arabia’s integration into global markets, he noted. Artificial intelligence-enabled services would additionally support the Kingdom’s emergence as a more efficient and interconnected international financial center.
State Street Corporation said in a statement that it maintains $127 billion in assets under custody and administration together with $60 billion in assets under management for clients in the Kingdom. The company launched its Middle East and North Africa regional headquarters in Riyadh in October 2025 after securing approval from the Ministry of Investment, according to its corporate announcements. State Street upgraded its Saudi license to a Managing Investment and Operating Funds license in June 2026, enabling local fund administration services as part of a fully integrated investment servicing model.
The Saudi Central Bank has pursued payment digitization initiatives to anchor the Kingdom’s ambitions as a global financial hub, a strategy reported by Asharq Al-Awsat in January 2026. These measures include updated regulatory frameworks that open the sector to regulated foreign investment and license additional international electronic payment applications while expanding acceptance of global wallets across point-of-sale and e-commerce platforms. A unified electronic services portal now delivers more than 25 digital transactions to individuals, businesses and government entities.
The Bank for International Settlements documented Saudi Arabia’s innovation programs, including a regulatory sandbox that has tested tokenized deposits on blockchain networks and artificial intelligence tools reducing application processing times by over 95 percent. Fletcher’s assessment aligns with these ongoing reforms that seek to strengthen financial sector competitiveness under Vision 2030, according to government planning documents. State Street has operated in the Kingdom for more than 25 years and continues to expand its local capabilities in support of capital market growth.
