Tweeq, a Saudi fintech which aims to provide a feature-rich spending account for individuals and SMEs, has signed exclusive partnership agreements with Mastercard, the leading technology company in the global payments industry and Paymentology, a leading digital commerce service and payment solution provider.
Tweeq, a Saudi fintech which aims to provide a feature-rich spending account for individuals and SMEs, has signed exclusive partnership agreements with Mastercard and Paymentology, a leading cloud-based issuer payment processor.
Saudi insurance sector poised for increased M&A activity in 2021: analysts
19/02/2021 Argaam Special Share
by Parag Deulgaonkar
Saudi Arabia’s insurance market is set to witness consolidation, with mergers and acquisitions (M&As) gaining pace during the year, according to analysts.
“We expect continued M&As in the insurance sector. However, given the pandemic is still ongoing, we consider that some potential M&A activity could take more time to complete,” Panagiotis Toskas, Associate Director – Insurance, Fitch Ratings, told
Argaam.
In January, the Saudi Central Bank (SAMA) reiterated the need for insurance companies to look at M&A deals since the sector is a key driver of the Kingdom’s economy and a pillar of the Financial Sector Development Program.
Saudi Arabia to implement inter-bank instant money transfer on Feb. 21: SAMA
11/02/2021 Argaam
Logo of Saudi Central Bank
Saudi Arabia will implement the inter-bank instant money transfer on Feb. 21, 2021, according to a statement by the Saudi Central Bank (
SAMA).
The new system will help financial entities, companies and individuals carry out inter-bank instant money transfers 24/7.
“The new system is smoothly applied to banks and FinTech companies. It helps cut operating costs, provide innovative solutions, in addition to money transfers at lower fees,” according to the statement.
The new money transfer system will enhance the Kingdom’s position as a leading FinTech hub with less dependence on cash, in line with the goals of the Financial Sector Development Program under Vision 2030.
RIYADH: The Saudi Central Bank (SAMA) has issued a statement encouraging companies in the insurance sector to consider merger and acquisition (M&A) deals.
SAMA stressed the sector’s importance to the Saudi economy, and the part it plays in the government’s Financial Sector Development Program.
SAMA cited the merger of Walaa Cooperative Insurance and Metlife AIG ANB Cooperative Insurance, and of Gulf Union National Cooperative Insurance and Al-Ahlia Insurance, as successful examples of such deals and how they helped boost the financial solvency of the companies involved by improving the insurers’ capital.
Research shows that M&As can make the sector more competitive and strengthen its financial position.