RIYADH: Saudi Tadawul Group"s innovation arm Wamd wants to concentrate on building data capabilities over the next six to seven months, revealed its CEO. Talking to Arab News on the sidelines of the Capital Market Forum in Riyadh, Mohammed Al-Nory explained that Wamid will leverage on the data that exists today in Edaa, the securities depository center, Muqassa, the securities clearing center and the Saudi Exchange. “This type of technology will allow the three subsidiaries, also the group, to capture the data in a more transparent and easy way,” he said. “If you look at all market participants, they would like to have more data that will allow them to take more informed investment decisions. We, as a group, have huge data. If we provide all market participants with more data, it means we are elevating the market and giving them the tool to take more informed investment decisions,” Al-Nory added. On the group level, he said there is a clear roadmap when it comes to strategy and where the company wants to be. “Wamid’s role is to enable this strategy to be executed smoothly through investing in technology and data,” he said. Al-Nory, who is driving Wamid’s plans and strategy to further develop the Saudi Capital Market, said he is optimistic about delivering innovative solutions for the financial sector and beyond. He wants to solve market players’ challenges by unlocking the power of technology and data while boosting economic growth, As a company responsible for innovation, technology and data, Wamid’s immediate target is to cover the region, but Al-Nory insists, “our ultimate target is to take it also to the global level.” Asked about the status of the agreement to buy 51 percent stake in financial technology provider, Direct Financial Network Co., also known as DirectFN, Al-Nory explained that they are awaiting some regulatory approvals which they expect to receive soon. Once the transaction is completed, Al-Nory said it will not only enhance the investor experience but also help push products not only within Saudi but across 20 different countries.