Page 6 - Financial Sector Development Program News Today

The latest tranche demonstrates strong investor confidence in SRC and the Kingdom's economy

RIYADH: Saudi shoppers can soon find more flexible payment options with two more buy now, pay later companies entering the consumer finance market. The Saudi Central Bank, also known as SAMA, has granted permits to Spotii and Madfu to provide consumer finance through the BNPL platform, the Saudi Press Agency reported. This move is projected to attract a new segment of

RIYADH: Saudi Arabia’s digital economy landscape has earned additional recognition as Saudi Payments, also known as Mada, received the Best Payment Experience of 2023 award at the Seamless Middle East, a commercial technology event held in Dubai. Operating under the umbrella of the Saudi Central Bank, Mada was awarded for its public transport payments services in the Kingdom’s

RIYADH: Saudi Arabia has more than 24 initial public offerings lined up for 2023 as it seeks to create boost the economy and create financing channels for emerging sectors. A report issued by the Capital Market Authority on Sunday said the Kingdom intends to boost its market’s appeal to foreign investors and increase their ownership as a percentage of the total market value of

He global Islamic finance industry is worth an estimated $4trn, according to the ICD-Refinitiv Islamic Finance Development Indicator (IFDI) Report 2022. Indeed, according to the report, this figure will rise to $6trn by 2026.It is unsurprising, then, that

Paymob, the leading financial services enabler in the Middle East, North Africa, and Pakistan (MENAP), announced that it has secured Saudi Arabia's Payment Technical Services Provider (PTSP) certification, making it fully operational. Paymob established its office in Riyadh in April 2023 and is dedicated to having a solid local presence in the Kingdom. There are over 1.14 million microbusinesses and SMEs in Saudi Arabia, with a growth rate of 12 percent per annum.

Islamic finance is worth trillions of dollars and is still growing, but which locations are the leading hubs in the industry?

Riyadh [Saudi Arabia], February 28 (ANI/NewsVoir): The world's global financial community will gather from 15-16 March in the Saudi capital Riyadh for the second edition of the Financial Sector Conference (FSC 2023). Leaders and senior executives from some of the most prominent international institutions will work alongside government ministers and top-level decision makers to help set the industry agenda for 2023 and explore innovative solutions to unprecedented challenges facing the sector...

CAIRO: Startups in the Middle East and North Africa region raised $247 million across 67 deals last month with Saudi Arabia scooping up more than half of the total deal value in the region. The Kingdom was the top destination for startup investments with $175 million raised across 20 deals with buy now, pay later fintech Tamara’s $150 million debt round representing 64 percent

As part of Vision 2030, the Saudi government has set a target of achieving 70% cashless payments by 2030.