Overseas conferences of the Future Investment Initiative represent Saudi Arabia’s latest efforts to flex its financial might – Photo: Dmitry Mitrofanov/Getty Images

The Future Investment Initiative (FFI) will conclude its two day PRIORITY Summit in Miami today.

The event is a global conference sponsored by Saudi Arabia for industry leaders, policymakers, academics, and civil society to engage and share ideas on challenges and opportunities facing global society such as climate change, public health, and global finance. Notable attendees included former US Treasury Secretary Steven Mnuchin, Argentina’s economy minister, and several high-ranking Silicon Valley Bank (SVB) executives.

One of the scheduled events focused on global risk in the banking sector, garnering interest among  attendees amid SVB’s recent collapse following a bank run triggered by a loss in confidence impacted hundreds of companies worldwide, including many from the tech sector in which SVB specialized. A rapidly changing global environment and the increasing speed of information flows has generated concerns about future bank collapses and financial meltdowns.

Volatility in the tech and financial sectors remains high, particularly in the US and Western Europe. The conference is likely to draw greater attention to the greater role technology is playing in the global financial sector and prompt governments to think more strategically about ways to mitigate associated risks in the short to medium-term, particularly as cryptocurrency comes under greater scrutiny.