Tagged: saudi arabia

Saudi Arabia-China Entrepreneurs Association Signs MoU with HKTDC to Boost Trade with Hong Kong

In a landmark move to fortify commercial ties between Hong Kong and Saudi Arabia, the Saudi Arabia-China Entrepreneurs Association (SCEA) signed a Memorandum of Understanding (MoU) with the Hong Kong Trade Development Council (HKTDC). The MoU was inked during the eighth Belt and Road Summit…. Read More

Saudi Arabia: SAMA Issues License to Digital Wallet Solution Provider, Announces Other Key Updates

The Saudi Central Bank (SAMA) has reportedly licensed “Alhulul AlMubassatah Financial Company (SiFi)” to provide E-wallet solutions. With SiFi, there are now 25 licensed companies “offering payment services in Saudi Arabia, in addition to 7 companies that have obtained initial approval to operate within SAMA’s… Read More

Governments, Fintech Centers Focused on Reviving Tech Sector Globally, Report Reveals

Ecosystems in the East and West are to promote startups and investments in AI, Web3, and crypto currencies have taken measures to add new life in a sector that has been facing headwinds from risk aversion and rising inflation rates, a review compiled by The… Read More

Saudi Arabia: SAMA Licenses Consumer Finance Firm, Approves Insurtech Rules, Shares Other Updates

The Saudi Central Bank (SAMA) licensed “Loan” to provide consumer microfinance solutions through financial technology. With Loan, there are now six authorized companies “offering consumer microfinance solutions in Saudi Arabia.” This decision reflects SAMA‘s endeavor “to support the finance sector, increase efficiency of financial transactions,… Read More

BNPL: Flynas, Fintech Tabby to Help Clients Pay Travel Tickets with Manageable Monthly Payments

flynas, the Saudi air carrier and the leading low-cost airline in the Middle East and the world, and Tabby, the MENA region’s shopping and financial services app, have announced a partnership “to provide travelers with flexible payment solutions, allowing flynas’ customers to pay for their… Read More

Saudi Central Bank (SAMA) Releases Latest Report Covering Nation’s Finance Companies Sector

The Saudi Central Bank (SAMA) issued the Annual Performance Report of the Saudi Finance Companies Sector 2022. The report outlines the sector’s key developments and financial results in 2022. According to the report, most indicators in the finance companies sector “grew at varying rates in… Read More

ESG, Saudi Arabia: Sustainability Is Fundamental Aspect of Vision 2030, Nation Committed to Achieving Net-Zero Target

Sustainability is a fundamental aspect of Vision 2030, and Saudi Arabia is committed to achieving its net-zero target by 2060; however, “the adoption of sustainability considerations remains its initial stages in Saudi Arabia.” As the concept of Environmental, Social, and Governance (ESG) gains momentum in… Read More

Mastercard and Nirvana Travel and Tourism to Provide Payment Solution to Clients in UAE, Saudi Arabia, Egypt, Jordan

Mastercard (NYSE: MA) and Nirvana Travel and Tourism – which claims to be one of the UAE’s leading travel and tourism management companies – have joined forces in a collaboration aimed at providing a payment solution “to customers who book travel services in the UAE,… Read More

Saudi Central Bank (SAMA) Announces Regulations for Payments, Payment Services

The Saudi Central Bank (SAMA) announces the issuance of the Implementing Regulations for the Law of Payments and Payment Services “to support the objective of enhancing soundness and efficiency of the payment systems infrastructure in Saudi Arabia.” The relevant regulatory and supervisory frameworks enable SAMA… Read More

Mastercard, Bankiom to Issue Virtual Prepaid Cards Across GCC Region

Mastercard (NYSE: MA) is partnering with Bankiom, a UAE-based lifestyle banking app, to introduce digital payment cards across the UAE, Saudi Arabia, Bahrain, Kuwait, and Oman. This partnership marks “a significant stride in Mastercard‘s ongoing commitment to advancing digitalization in the payments landscape throughout the… Read More

Tarabut Gateway, MENA’s Open Banking Platform, Partners with Qarar, the Credit Analytics Tech Firm

Tarabut Gateway, MENA’s open banking platform, announces a strategic partnership with Qarar, the region’s credit analytics technology provider and technology arm of SIMAH, the first and largest credit bureau in the Kingdom of Saudi Arabia. This strategic partnership is set to enhance the financial landscape… Read More

Fintech Thunes, Saudi Arabia’s Digital Bank ‘D360’ to Support Instant Cross-Border Payments

D360 Bank, Saudi Arabia’s innovative new digital bank is pleased to announce its partnership with Thunes, a global cross-border payment infrastructure platform. This collaboration will “empower D360 Bank’s customers in Saudi Arabia to make fast and cost-effective B2B business payments and international remittances worldwide.” Additionally,… Read More

Paymob, the Financial Services Enabler, Secures Saudi Arabia’s Payment Technical Services Provider Certification

Paymob, the financial services enabler in the Middle East, North Africa, and Pakistan (MENAP), announces that it has secured Saudi Arabia’s Payment Technical Services Provider (PTSP) certification, making it fully operational in the Kingdom. The PTSP certification, “issued by Saudi Payments is a significant operational… Read More

BNPL: Saudi Central Bank (SAMA) Seeks Public Consultation on Rules for Regulating Buy Now Pay Later Fintechs

The Saudi Central Bank (SAMA) seeks public consultation on the draft “Rules for Regulating Buy Now Pay later (BNPL) Companies.” In the interest of transparency and wider participation, SAMA reportedly “invites stakeholders and public to provide suggestions and observations on the draft Rules by visiting… Read More

MENA Region Open Banking Fintech Tarabut Gateway Raises $32M via Series A

Tarabut Gateway, which claims to be one of MENA’s leading open banking platforms, announces the completion of a US$32 million Series A fundraise. The investment round was “led by Pinnacle Capital, a leading alternative investment firm that focuses on KSA investments to provide unique alternative… Read More

Digital Banking: Saudi EXIM Bank Now Live on Temenos Core Solution

Temenos (SIX: TEMN) announced that Saudi Export-Import Bank (Saudi EXIM Bank) has implemented Temenos core banking platform, going live in just six months. Temenos enables Saudi EXIM Bank “to drive operational and financial efficiency, making it faster and easier for businesses to access trade finance,… Read More

Oil Prices Rise, Might Force Central Banks to Keep Interest Rates Higher for Longer, Says Fintech Industry Professional

Surging oil prices are likely to mean higher interest rates “for longer as the price rally adds to inflationary pressures,” warns the CEO of an independent financial advisory, asset management and fintech organization. The warning from deVere Group’s Nigel Green comes as the price of… Read More

Digital Transformation: NdcTech Enhances Core Banking Platform for Samba Bank to Scale Operations

NdcTech, a technology services firm transforming banks and financial institutions globally has successfully modernized the core banking system of Samba Bank onto the latest release of Temenos Transact. Samba Bank Limited is “a subsidiary of Saudi National Bank (SNB) KSA in Pakistan, offering personal and… Read More

Hong Kong Exchanges and Clearing Ltd Signs Cooperation Agreement with Nanjing Financial Affairs Office

Hong Kong Exchanges and Clearing Limited (HKEX) and the Financial Affairs Office of Nanjing Municipal People’s Government (Nanjing FAO) signed a Memorandum of Understanding (MOU) “to strengthen cooperation, and in particular support Nanjing-based companies that are interested in seeking a listing in Hong Kong.” Under… Read More

Saudi Central Bank (SAMA) Announces Licensing of Finance Firms Focused on Debt-based Crowdfunding

The Saudi Central Bank (SAMA) announced the licensing of two finance companies that are “specialized in debt-based crowdfunding, namely: Forus and Tameed.” The licenses were “granted to the companies after successful testing of their solutions in SAMA’s Regulatory Sandbox; an experimental environment dedicated to innovative… Read More

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