Tagged: saudi arabia

August 1, 2020 @ 2:34 pm By Omar Faridi  |  

IFN Islamic Fintech, a “one-stop-shop” for industry knowledge, networking, and communication in the global Islamic financial technology space, revealed on July 30, 2020, that there are now at least 142 Fintech firms globally that reportedly provide Shariah-compliant products and services. As reported in late June… Read More

July 27, 2020 @ 11:51 pm By Omar Faridi  |  

The UK’s Fintech sector is the largest in Europe. It managed to secure $4.9 billion in total investments last year, across 359 different deals. There also appears to be some sort of consistent or coherent Fintech Sector Strategy for Saudi Arabia, and also a strategy… Read More

June 23, 2020 @ 11:42 pm By Omar Faridi  |  

Over 80% of banking customers in the Middle East say they’re ready or willing to use Fintech apps, however, many traditional lenders have not started integrating financial technology products, according to a recent study by Big Four auditing firm Deloitte. The study revealed that 18%… Read More

June 10, 2020 @ 10:30 am By Samantha Hurst  |  

India-based fintech Tabby announced this week it raise of $7 million through its latest funding round, which was led by Raed Ventures with participation from MSA Capital and existing investor Arbor Ventures. Founded in 2019, Tabby states it provides customers with the flexibility to pay… Read More

May 19, 2020 @ 7:40 am By JD Alois  |  

Geidea, a Saudi based payments company, has launched BETA testing for its new range of SME products. Geidea currently claims 70% market share in Saudi Arabia and is the top service provider to banks in the country, according to the company. In February, Geidea became… Read More

May 12, 2020 @ 1:52 pm By Samantha Hurst  |  

 Securrency, a global financial services technology infrastructure and products company, announced on Tuesday it has formed a new partnership with investment management and banking firm, Musharaka Capital to develop a compliant platform for issuing digital securities in Saudi Arabia.    The companies reported that they… Read More

May 1, 2020 @ 9:56 pm By Omar Faridi  |  

The Gulf Cooperation Council (GCC), an intergovernmental political and economic union consisting of the Arab states of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, is expected to experience a significant increase in the use of Fintech platforms and services. The anticipated… Read More

April 27, 2020 @ 11:12 pm By Omar Faridi  |  

Global Ventures, a Dubai-based venture capital firm that recently finalized a $50 million investment round, has released a new report that discusses the state of Fintech in the Middle East region. Global Ventures’ extensive 59-page report covers the ongoing growth and development of the Fintech… Read More

April 20, 2020 @ 7:35 am By Omar Faridi  |  

The Saudi Arabian Monetary Authority (SAMA), the nation’s reserve bank which is also responsible for ensuring the growth and soundness of the Kingdom’s financial system, confirmed on April 19, 2020 that it will allow nine more Fintech firms to provide services through a regulatory sandbox… Read More

March 14, 2020 @ 11:23 am By Omar Faridi  |  

Two Fintech companies are teaming up to develop a new banking service for young people living in Saudi Arabia, who may prefer to make cashless payments from their mobile devices. Digital Bank challenger Moven, which was established by Brett King in 2010, will be partnering… Read More

March 11, 2020 @ 10:11 am By Samantha Hurst  |  

Nexo Standards, a Brussels-based nonprofit organization for global payments, announced on Tuesday it has named Saudi Payments its latest Principal Member and the first in the association’s history from the Kingdom of Saudi Arabia.  According to Nexo Standards, Saudi Payments is a wholly-owned subsidiary of… Read More

March 8, 2020 @ 8:25 pm By Omar Faridi  |  

HPS, a payments technology and services company, has reportedly been chosen by the Saudi Arabia Monetary Authority (SAMA) to offer a QR-based payment platform. The HPS deal is part of the Middle Eastern country’s larger Fintech development initiative. HPS will be overseen by Saudi Payments,… Read More

February 25, 2020 @ 8:20 am By JD Alois  |  

Yesterday, the G20 issued a joint communique outlining shared goals for the group of the larget 20 economies in the world. The actual event is being hosted by Saudi Arabia with meetings ongoing. The document, embedded below, recognized the value of “digitalization of the economy”… Read More

January 29, 2020 @ 2:48 am By Omar Faridi  |  

The venture capital division of the most profitable firm in the world, Saudi Aramco, has reportedly invested $5 million in a blockchain-enabled oil trading platform, called Vakt. Vakt’s management confirmed the news on January 28, noting that Saudi Aramco Energy Ventures is now among its… Read More

January 9, 2020 @ 12:04 pm By Omar Faridi  |  

Crude oil production in Saudi Arabia slowed down considerably last year, from 10,643 BBL/D/1K in December 2018 to only 9,890 BBL/D/1K in November 2019. Steady and continuous drops in crude oil production may be attributed to several different factors, such as the attendant impact on… Read More

November 5, 2019 @ 7:24 am By Omar Faridi  |  

Saudi Arabia-based Riyad Bank, one of the largest financial institutions in the Middle Eastern Kingdom, has decided to invest SAR 100 million (appr. $26.7 million) into its newly-launched Fintech startup investment program. Riyad Bank says it’s planning to accelerate the launch of new financial products… Read More

October 2, 2019 @ 11:57 pm By JD Alois  |  

This week, the Saudi Capital Market Authority (CMA) approved multiple “Financial Technology Experimental Permits.” The regulator granted the permits to: Buthoor Solidarity, Afaq and Emkan Alarabiya. Each company received permission to create an equity crowdfunding platform. The permission was given by Royal Decree No. (M/30)… Read More

August 21, 2019 @ 1:00 am By Cali Haan  |  

The Saudi Ministry of Finance has warned Saudi citizens that transactions involving cryptocurrencies could have “negative consequences” for traders because they occur, “outside the monitoring umbrella within Saudi Arabia,” Zawya reports. According to FX Street, the country’s “Special Governmental Committee for Awareness on Dealing with… Read More

April 28, 2019 @ 9:48 pm By Samantha Hurst  |  

International payment systems provider Vocalink, a Mastercard company, announced last week it has partnered with the Saudi Payments, a fully owned subsidiary of the Saudi Arabian Monetary Authority (SAMA), to launch real-time payments in Saudi Arabia. According to Vocalink, the partnership will enable account-to-account payments… Read More

February 27, 2019 @ 3:58 pm By Samantha Hurst  |  

Temenos AG (SIX: TEMN), the Switzerland based banking software provider, announced on Wednesday it has been selected by Al Rajhi Bank, a Saudi Arabia-based bank, to enhance its Islamic lending and financing product capabilities. The bank has opted for a complete renovation using Temenos T24 Transact as well as… Read More