22.06.18  “The financial education challenge” Closing session of the seminar “La economía ante el blockchain. Lo que está por venir”, UIMP – APIE (Santander) Javier Alonso Deputy Governor  Good afternoon. It is a pleasure to be here again in Santander and to have the opportunity to close this seminar, successfully organised year after year by the Menéndez Pelayo International University and the APIE (the Spanish Association of Economics Journalists). As always, I much appreciate their kind invitation to be a part of this traditional event on the calendar. Last year, the seminar turned on how the digital agenda affects the economy and industry. This year, it is structured around one technological development in particular, the blockchain. The interest in new technologies is thus clearly apparent. Undoubtedly, new technologies are one of the challenges facing the economy in general, and the banking industry in particular. I have repeatedly addressed this challenge in recent interventions, in which I highlighted the fact, moreover, that at the Banco España we have recently created an Associate Directorate General for Financial Innovation and Market Infrastructures, with the aim of building up our knowledge on the challenges the provision of financial services is going to face in this setting of technological developments, and on the consequences for the financial system in general, and for banks in particular.
This is reflected in the diversity of banking services and products offered in the Kingdom and their highly advanced level. Currently, 15 banks are operating in the Kingdom with a network of 1,251 branches at the end of the first quarter of 2006, including the branches of Gulf and foreign banks such as the Gulf International Bank, the Emirates Bank, BNP Paribas and Deutsche Bank which was opened last week. In addition, licenses were granted to several Gulf and foreign banks to open branches in the Kingdom. Also, the establishment of a Saudi bank with a paid-up capital of Rls 15 billion has been approved. Preparations are currently underway on finalizing the procedures of its establishment under the name of “Bank AlEnma”. On this occasion, I congratulate the NBK on the commencement of its operation in the Kingdom, and I wish the Bank and its staff good luck and success. BIS Review 70/2006  1