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Saudi Arabia and UK Collaborate at London Forum to Celebrate Achievements and Discuss Future Vision

LONDON: Economic and trade relations between the UK and Saudi Arabia were further cemented in London this week as delegations from the two countries convened to mark the progress of the Kingdom’s Vision 2030 initiative and explore fresh avenues for collaboration. The UK Saudi Business, Trade and Partnership Forum, hosted at Mansion House in the heart of the City of London by the Saudi British Joint Business Council and the Saudi National Competitiveness Center, drew government officials, business leaders, and experts from both nations.
Business

Oil Prices Head for Second Weekly Loss on Demand Concerns

SINGAPORE: Oil prices looked set to post their second straight weekly loss as they continued to fall on Friday over demand concerns and skepticism that the US and Iran could strike a nuclear deal, according to Reuters. Brent crude futures dropped 35 cents, or 0.5 percent, to $75.61 a barrel by 7:04 a.m. Saudi time, while the US West Texas Intermediate crude futures eased 35 cents, or 0.5 percent, to $70.94.
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

Saudi fintech firm raises $3.2m in seed funding

RIYADH: EdfaPay, a Saudi-based fintech startup that helps companies use their smartphones for payment, has raised $3.2 million in a seed funding round. The funding round was led by Sanabil 500 MENA, Nufud Wealth International, Atmiid Investment, Basmah Commercial Investment, and a group of local and international angel investors. EdfaPay aims to utilize the capital to strengthen its operations in the Kingdom and expand to Pakistan and South American countries.
Business

Saudi Central Bank Certifies Tarabut Gateway for Open Banking

CAIRO: As part of its efforts to become a global fintech hub, Saudi Arabia has granted open banking certification to Dubai-based Tarabut Gateway.  Following the approval from the Saudi Central Bank, also known as SAMA, the fintech company aims to intensify its operations in the Kingdom.  Tarabut Gateway, the region’s leading regulated open banking platform, has become one of the early recipients of SAMA’s permit to carry out its operations in Saudi Arabia.
Business

Saudi Banks’ April Profits Jump 3.4% to $1.55B

RIYADH: The aggregate profit of banks operating in Saudi Arabia increased by 3.4 percent year on year in April to reach SR5.78 billion ($1.55 billion), according to the latest figures released by the Saudi Central Bank, also known as SAMA.  The report, however, noted that the aggregate profits of Saudi banks fell by SR1.65 billion month on month in April. In March, banks in Saudi Arabia reported an aggregate profit of SR7.43 billion. 
Business

Saudi Payments wins award for top transaction experience in 2023.

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 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 urban mobility space.
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