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Saudi start-up wins Visa award for digital finance

RIYADH: A Riyadh start-up has won top prize in a Visa-sponsored competition that seeks to improve digital shopping. Amwal Tech, which was set up last year, came top in the Saudi heat of the Visa Everywhere Initiative, taking a SR150,000 ($40,000) prize for its all-in-one encrypted transaction and identity app that processes payments quickly and safely. Lamaa, a Saudi financial tech firm, was runner-up with prize money of SR100,000, and also won a separate “social impact award” with a SR50,000 prize. Monak, a “digital lifestyle” company, came third and won SR50,000.
Business

Bank of China to launch in Riyadh in 2021, confirms official

RIYADH: In yet another sign of increasing cooperation between the world’s second-largest economy and the Arab world, the Bank of China is set to open its first branch in Riyadh later in 2023, reported Asharq. It quoted Jun Tian, head of the team for the launch, as saying that the bank’s branch in the Saudi capital is expected to begin operations by the end of October or at the beginning of November.
Business

UBS and Swiss Govt. Guarantee Credit Suisse Losses

ZURICH: UBS and the Swiss government signed on Friday an agreement to cover up to 9 billion Swiss francs ($10 billion) in losses from its emergency takeover of Credit Suisse, the country’s largest bank, Reuters reported. The deal comes with various conditions, including a requirement that UBS keeps its headquarters in Switzerland, the government said in a statement. The loss protection agreement will become effective with the completion of the Credit Suisse takeover, expected as early as June 12, UBS said in a separate statement.
Business

NEOM’s Green Hydrogen Project Receives Saudi Arabia’s First Sustainable Guarantee

RIYADH: Saudi Arabia’s green hydrogen project being developed at NEOM received the Kingdom’s first sustainable guarantee from the British bank, Standard Chartered, which agreed to extend funding support for its contractor Larsen & Toubro to build the necessary renewable energy infrastructure.  Located at Oxagon, the world’s largest green hydrogen plant is being built by NEOM Green Hydrogen Co., which is an equal joint venture between ACWA Power, Air Products and the $500-billion giga-project.
Business

‘Saudi Female Entrepreneurs Shine in Women in Tech Competition’

CAIRO: Going by the success of the “Women in Tech” competition, it is evident that female-led startups are set to revolutionize Saudi Arabia’s technology sector.  
Business

“2 Fintech Firms Receive Open Banking Certifications from Saudi Central Bank”

RIYADH: Saudi Arabia is fostering personalized financial products and services tailored to customer needs with the Kingdom’s monetary authority, granting open banking certifications to two fintech companies.  The Saudi Central Bank, or SAMA, has permitted Umg Alholol Trading Co. and Drahim App to test their open banking solutions in its regulatory sandbox, reported the Saudi Press Agency.  This brings the total number of innovators permitted to operate under the central bank’s regulatory sandbox to 45. 
Business

Mirfa 2 RO Plant in UAE Secures $620m for Financial Closure

RIYADH: Abu-Dhabi-based Mirfa 2 water desalination project has secured funding of 2.3 billion dirhams ($620 million), achieving financial closure of what will become the UAE’s third-largest reverse osmosis plant.  Abu Dhabi National Energy Co., or TAQA, announced the financial closure alongside French low-carbon services company ENGIE and Emirates Water and Electricity Co. in a bourse filing. 
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