Page 3 - Financial Sector Development Program News Today

The Saudi Exchange Co. (Tadawul) launched on Sunday the TASI50 Index, which tracks the top 50 companies ranked by total market capitalization listed on the Saudi Exchange. Tadawul said in a statement that constituents in the index cover 90% of the free float market cap with a minimum annual traded value ratio (ATVR) of 5%, ensuring that the index comprehensively represents the largest companies in the market.

Tarabut, MENA’s first and leading open banking platform, announces the appointment of Munthir Alsheddie as the company’s Country Manager in the Kingdom of Saudi Arabia. Munthir Alsheddie brings over a decade of Saudi Arabian banking experience, with a focus on digital transformation, digital products, and innovation to enhance the customer experience. His background includes

RIYADH, Kingdom of Saudi Arabia, December 27, 2023 - Fintech Saudi and Kyndryl , the worlds largest IT infrastructure services company, have signed a memorandum of understanding...

Proceeds to accelerate growth and product development after a 4x revenue yearly increase

Hakbah, the leading Saudi-based fintech savings platform, announces its successful $5.1 million Series A fundraise.

Hakbah, the leading Saudi-based fintech savings platform, announces its successful $5.1 million Series A fundraising. The funding round was led by VentureSouq - the MENA-based venture capital firm with a global portfolio. Also participating were new investors M-Capital and Bunat Ventures; and existing investors Global Ventures and Aditum Investment Management Ltd.

The Saudi Central Bank (SAMA) and the Capital Market Authority (CMA) launched a new financial technology program, Makken, which aims to empower entrepreneurs and startups in the financial technology sector by providing them with technical support and cyber-security tools. The program aims to empower 150 national emerging financial technology companies over a period of three years by offering supported technical and qualitative services in the fields of cyber-security, cloud computing, and shared...

The SRC sukuk issuance was offered in five and seven-year dual tenors, marking the final two tranches under the government backed SAR20bn sukuk programme.

The Saudi Real Estate Refinance Company (SRC), a wholly

Saudi Real Estate Refinance, a unit of top sovereign wealth fund PIF, has successfully completed its latest sukuk issuance of SAR3.5 billion ($932 million). This marks the final two tranches under its SAR20 billion government-guaranteed sukuk programme.