Latest news with #FinancialSectorDevelopmentProgram
Yahoo
16-05-2025
- Business
- Yahoo
Saudi Arabia Loan Aggregator Market Report 2025: Retail Digital Payments Hit 70% as Tech Adoption Transforms Saudi Financial Services - Competition, Forecast & Opportunities to 2030
Saudi Arabia's loan aggregator market, valued at USD 43.65M in 2024, is set to reach USD 63.78M by 2030, fueled by digital fintech growth and regulatory support. Key drivers include digital transformation and mobile banking adoption, while challenges remain in data security. Rising demand for Islamic finance and personalized loans enhances market potential. Major players like STC Pay and Lendo lead this evolving market. Saudi Arabian Loan Aggregator Market Dublin, May 16, 2025 (GLOBE NEWSWIRE) -- The "Saudi Arabia Loan Aggregator Market, By Region, Competition, Forecast & Opportunities, 2020-2030F" has been added to offering. The Saudi Arabian loan aggregator market, valued at USD 43.65 million in 2024, is expected to reach USD 63.78 million by 2030, growing at a CAGR of 6.58%. Significant growth is anticipated due to increased digitalization, fintech advancements, and regulatory backing from the Saudi Central Bank (SAMA). Consumers are increasingly using online platforms for seamless loan comparisons, enhancing market competition and transparency. As digital banking and AI-driven financial services become more prominent, user experience and loan accessibility are improving. The collaboration between banks, fintech firms, and aggregators is expected to further propel market expansion by offering personalized loan options and streamlining borrowing processes for individuals and businesses. The Saudi insurance sector also shows robust potential, with a 26.9% increase in Gross Written Premiums (GWP) reported by SAMA in 2022. The Financial Sector Development Program (FSDP) targets an increase in GWP as a share of non-oil GDP to 2.4% by 2025 and 4.3% by 2030, positioning it as a key contributor to the Saudi Arabia loan aggregator market. Key Market Drivers Digital Transformation and Fintech Adoption: Digital banking services have surged, integrating technology-driven solutions to enhance customer experiences. Loan aggregators now leverage AI, big data, and automation to provide tailored loan options, reducing the effort required to find suitable financing. By 2023, digital transactions accounted for 70% of retail payments, indicating a strong shift in consumer behavior and accelerating fintech adoption. Key Market Challenges Data Security and Privacy Concerns: Safeguarding sensitive consumer data remains a primary challenge. Despite SAMA's strict data protection regulations, maintaining robust cybersecurity frameworks is crucial for fintech companies and aggregators. Investments in encryption technologies and compliance with Saudi Arabia's Personal Data Protection Law (PDPL) are essential to building consumer trust. Key Market Trends Expansion of Islamic Finance Loan Aggregators: As a global hub for Islamic finance, Saudi Arabia sees growing demand for Shariah-compliant lending solutions. Loan aggregator platforms are incorporating Islamic finance products, leveraging AI-driven compliance checks and blockchain-based smart contracts, aligning with Saudi Arabia's Vision 2030 initiative. Key Market Players Creative Future for Digital Brokerage Lendo Saudi Arabia Foras Debt Crowdfunding Company Bonoky Digital Debt Crowdfunding Company (Raqamyah) Tamam Financing Co. Saudi Digital Payment Company (STC Pay) Amlak International Finance Company HALA Payments Company Tazapay Pte. Ltd. Report Scope Loan Type: Home Loans Credit Cards Personal Loan Auto Loan Others Mode of Operation: Online Offline Region: Northern & Central Western Southern Eastern Key Attributes: Report Attribute Details No. of Pages 81 Forecast Period 2024 - 2030 Estimated Market Value (USD) in 2024 $43.65 Million Forecasted Market Value (USD) by 2030 $63.78 Million Compound Annual Growth Rate 6.5% Regions Covered Saudi Arabia For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Saudi Arabian Loan Aggregator Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
Yahoo
16-05-2025
- Business
- Yahoo
Saudi Arabia Loan Aggregator Market Report 2025: Retail Digital Payments Hit 70% as Tech Adoption Transforms Saudi Financial Services - Competition, Forecast & Opportunities to 2030
Saudi Arabia's loan aggregator market, valued at USD 43.65M in 2024, is set to reach USD 63.78M by 2030, fueled by digital fintech growth and regulatory support. Key drivers include digital transformation and mobile banking adoption, while challenges remain in data security. Rising demand for Islamic finance and personalized loans enhances market potential. Major players like STC Pay and Lendo lead this evolving market. Saudi Arabian Loan Aggregator Market Dublin, May 16, 2025 (GLOBE NEWSWIRE) -- The "Saudi Arabia Loan Aggregator Market, By Region, Competition, Forecast & Opportunities, 2020-2030F" has been added to offering. The Saudi Arabian loan aggregator market, valued at USD 43.65 million in 2024, is expected to reach USD 63.78 million by 2030, growing at a CAGR of 6.58%. Significant growth is anticipated due to increased digitalization, fintech advancements, and regulatory backing from the Saudi Central Bank (SAMA). Consumers are increasingly using online platforms for seamless loan comparisons, enhancing market competition and transparency. As digital banking and AI-driven financial services become more prominent, user experience and loan accessibility are improving. The collaboration between banks, fintech firms, and aggregators is expected to further propel market expansion by offering personalized loan options and streamlining borrowing processes for individuals and businesses. The Saudi insurance sector also shows robust potential, with a 26.9% increase in Gross Written Premiums (GWP) reported by SAMA in 2022. The Financial Sector Development Program (FSDP) targets an increase in GWP as a share of non-oil GDP to 2.4% by 2025 and 4.3% by 2030, positioning it as a key contributor to the Saudi Arabia loan aggregator market. Key Market Drivers Digital Transformation and Fintech Adoption: Digital banking services have surged, integrating technology-driven solutions to enhance customer experiences. Loan aggregators now leverage AI, big data, and automation to provide tailored loan options, reducing the effort required to find suitable financing. By 2023, digital transactions accounted for 70% of retail payments, indicating a strong shift in consumer behavior and accelerating fintech adoption. Key Market Challenges Data Security and Privacy Concerns: Safeguarding sensitive consumer data remains a primary challenge. Despite SAMA's strict data protection regulations, maintaining robust cybersecurity frameworks is crucial for fintech companies and aggregators. Investments in encryption technologies and compliance with Saudi Arabia's Personal Data Protection Law (PDPL) are essential to building consumer trust. Key Market Trends Expansion of Islamic Finance Loan Aggregators: As a global hub for Islamic finance, Saudi Arabia sees growing demand for Shariah-compliant lending solutions. Loan aggregator platforms are incorporating Islamic finance products, leveraging AI-driven compliance checks and blockchain-based smart contracts, aligning with Saudi Arabia's Vision 2030 initiative. Key Market Players Creative Future for Digital Brokerage Lendo Saudi Arabia Foras Debt Crowdfunding Company Bonoky Digital Debt Crowdfunding Company (Raqamyah) Tamam Financing Co. Saudi Digital Payment Company (STC Pay) Amlak International Finance Company HALA Payments Company Tazapay Pte. Ltd. Report Scope Loan Type: Home Loans Credit Cards Personal Loan Auto Loan Others Mode of Operation: Online Offline Region: Northern & Central Western Southern Eastern Key Attributes: Report Attribute Details No. of Pages 81 Forecast Period 2024 - 2030 Estimated Market Value (USD) in 2024 $43.65 Million Forecasted Market Value (USD) by 2030 $63.78 Million Compound Annual Growth Rate 6.5% Regions Covered Saudi Arabia For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Saudi Arabian Loan Aggregator Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Arab News
27-04-2025
- Business
- Arab News
Saudi Arabia proposes lower bank guarantee requirements for finance licenses
RIYADH: Saudi Arabia is considering steps to lower the bank guarantee requirements for financial companies seeking licenses, part of efforts to bolster the Kingdom's financial sector. In a statement, the Saudi Central Bank, known as SAMA, said it has launched a public consultation on a draft update to the Finance Companies Control Law through the National Competitiveness Center's 'Istitlaa' platform. The draft proposes regulatory changes aimed at supporting sector growth and stability. The draft update highlights SAMA's ongoing efforts to support the financial sector's stability and growth by increasing the aggregate financing amount offered by a company. 'The update includes easing the requirements for companies applying for licenses by reducing the bank guarantees required to submit licensing applications,' said SAMA. It added: 'The update also includes a revision of relevant provisions stipulated by related parties and outlines cases of expiration of licenses granted to finance companies.' Under the draft, the minimum bank guarantee would be cut to 20 percent of the minimum required capital, compared to the current requirement of 100 percent, according to the regulatory proposal reviewed by Arab News. This change is designed to enable finance companies to provide more liquidity and raise their contribution to Saudi Arabia's gross domestic product. The draft also introduces clearer criteria for approving new activities by finance companies, requiring applicants to demonstrate adequate risk management frameworks, sufficient financial resources, and compliance with governance standards. It defines specific cases where licenses can be revoked, including prolonged inactivity or violation of regulatory obligations. The public comment period will be open for 30 days, after which SAMA will assess feedback before finalizing the new regulations. Strengthening the financial sector is a key priority under Saudi Arabia's Vision 2030. As part of this effort, the Kingdom launched the Financial Sector Development Program to transform its stock exchange into a strong, internationally competitive investment platform. In 2018, Saudi Arabia also introduced the Fintech Saudi initiative, helping the Kingdom emerge as a leading fintech hub in the Middle East by fostering innovation and expanding digital payments. SAMA has played a critical role in these initiatives, implementing progressive regulations, including a regulatory sandbox for supervised testing of advanced technologies and specialized licenses for fintech businesses.
Arab News
26-04-2025
- Business
- Arab News
Saudi Arabia's financial transformation is Vision 2030 success story
Saudi Arabia has undertaken several reforms over the last decade, most of which are the byproduct of Vision 2030, which have transformed the financial sector and businesses, as well as society as a whole. A key driver of this transformation was the implementation of the Financial Sector Development Program and the emergence of the Saudi Exchange, or Tadawul, as a global market. The FSDP was introduced in 2017 as a part of Saudi Arabia's Vision 2030 to boost the capital market. The plan aims to transform the stock exchange into a robust international investment platform. It also aims to improve trading infrastructure, settlement processes, and market capitalization to over $3 trillion. This has led to increased online platforms, fintech capabilities, and transparency. Tadawul's inclusion in the MSCI Emerging Markets Index in 2019 further solidified its global position. Another major reform was starting fintech innovation. Since the launch of the Fintech Saudi initiative in 2018, Saudi Arabia has been a leading fintech hub in the Middle East, fostering innovation and widespread digital payments. The Saudi Central Bank has facilitated this growth through progressive laws. This includes a regulatory sandbox for supervised testing of advanced technologies, specialist licenses for fintech businesses, and the availability of banking infrastructure and Application Programming Interfaces. Moving to green finance, Saudi Arabia is focusing on financial sector innovation and sustainability, implementing green financing programs as a part of its Vision 2030 objectives. Since 2022, the country has promoted environmentally friendly investment and finance green projects through sustainable laws and by issuing green bonds. These proactive initiatives have made Saudi Arabia a key player in the global transition to a more environmentally responsible economic model. Saudi Arabia has also increased its accessibility and appeal to foreign investors by connecting the market to the global financial system. This strategic policy change has led to a significant increase in foreign capital inflow, indicating global trust in the stability of the Kingdom's financial system. When it comes to developing the Saudi debt-financing market, the Kingdom established the Debt Management Office to manage its debt while balancing financial policies and risks. The DMO was restructured into the independent National Debt Management Center, which collects data, negotiates arrangements, implements hedging measures, manages investor relations for public debt, and ensures good credit ratings. This specialized body has improved public financial controls and maintained a sound fiscal position, thereby enhancing Saudi Arabia's financial standing. Since the launch of Vision 2030, Saudi Arabia has been leading the fintech revolution with over 226 fintech enterprises, thanks to its well-functioning telecommunications sector and heavy investment in infrastructure. 'A key driver of this transformation was the implementation of the Financial Sector Development Program and the emergence of the Saudi Exchange, or Tadawul, as a global market.' Dr. Yaseen Ghulam STC Bank, the Saudi Digital Bank, and SARIE are leading the way in consumer digital banking and payment systems. Digital banking helps customers save time, reduce transaction costs, and promotes competition, leading to increased economic activity and growth. With consumer consent, these facilities allow permitted third-party providers access to financial data, fostering competition and innovation in the financial industry. Digital wallets, smartphone apps, and online banking have become crucial elements of the current Saudi banking experience. Opening a bank account can be done online, especially beneficial in rural areas. Customers can use banking apps on their phones or computers to register and open an account in minutes. Mobile banking has boosted financial inclusion by providing credit, insurance, and financial services to previously marginalized individuals and regions. Saudi Arabia's Vision 2030 and the FSDP aim to boost financing for over 1.3 million small- and medium-sized companies by increasing the banking system's SME financing ratio to 11 percent by 2025. This is supported by institutions including Monshaat, Saudi Venture Capital Company, the Esterdad Initiative, and loans facilitated through the Indirect Lending Initiative. The government recommends financial institutions allocate 20 percent of their loan portfolios to the SME industry. Monshaat's various schemes, along with the fintech revolution, are also contributing to increased funding for SMEs. The Public Investment Fund is also improving SME funding, with Saudi Aramco's Taleed program providing over SR3 billion ($798 million). These funding channels were made possible by government reforms and support for smaller businesses to help improve diversification of the economy, which is the main objective of Vision 2030. Another important development has been the rise in financial literacy. The Financial Literacy Strategy, a key component of Vision 2030, aims to enhance this aspect in the Kingdom. The Financial Literacy Entity within the FSDP has been instrumental in achieving this goal. Fintech companies such as Darahim and Fatafeat are working to boost financial literacy. Saudi Arabia's Ministry of Education has mandated the inclusion of a Financial Knowledge course in school curricula. In addition, Thameen and Smart Investor are awareness initiatives run by the Capital Market Authority. A report issued in 2023 from the Saudi Central Bank indicates that financial literacy has increased, with 38 percent of adults now understanding basic financial concepts. Future initiatives include removing cultural barriers and providing religious context. Access to financial institutions, workshops, and mentorship programs is crucial in rural areas. Investing in regional financial literacy materials, using technology for Arabic online resources, and forming partnerships with financial institutions can help overcome barriers. Collaboration with local institutions, Islamic banks, and experts can also establish customized financial education channels. • Dr. Yaseen Ghulam is an associate professor of economics and director of research at Al-Yamamah University in Riyadh.
Argaam
23-04-2025
- Business
- Argaam
POS transactions hit SAR 11.5B last week: SAMA
POS device The point-of-sale (POS) transactions in Saudi Arabia reached nearly SAR 11.5 billion in the week ended April 19, compared to about SAR 12.3 billion a week earlier. The number of POS transactions reached about 202 million last week, compared to nearly 209.1 million in the previous week, according to data issued by SAMA. POS transactions represent consumer expenditure through debit and credit cards at major shopping centers, retail outlets, pharmacies, and others. The data indicated that the value of sales via POS increases in the weeks that coincide with the disbursement of salaries to government employees (the 27th of each month), in addition to the weeks that coincide with school vacations and the weeks preceding Eid Al-Fitr and Eid Al-Adha. On the other hand, the value of sales decreases in the weeks preceding salary disbursement and those coinciding with the start of the back-to-school season. The moving average value of POS transactions stood at SAR 13.60 billion in 2025. Adopting the four-week moving average, the value of POS transactions soared during 2024 compared to 2023 and 2022. The average value of sales ranged between SAR 11 billion and SAR 14 billion in 2024, compared to SAR 10 billion to SAR 13 billion in 2023 and SAR 9 billion to SAR 12 billion in 2022. Consumer spending was focused on the restaurants and cafes sector, representing 14.7% (SAR 1.68 billion) of last week's total POS transactions, followed by the food and beverage (F&B) sector at 14.4% (SAR 1.65 billion). Riyadh led in terms of POS transaction value by region, with approximately SAR 4.1 billion, representing 35.9% of the total. Jeddah followed with SAR 1.67 billion (14.6%), as follows: According to the latest data from the Saudi Central Bank (SAMA), e-payments in the retail (individuals) sector reached 79% of total payments carried out by individuals in the Kingdom during 2024. This achieved the target ratio in the Financial Sector Development Program, one of Vision 2030's programs, which aims to reach an e-payment ratio of 70% by 2025. Over the past few years, Saudi Arabia has witnessed remarkable progress and rapid growth in e-payment adoption, thanks to the myriad strategic efforts and initiatives launched by SAMA, in cooperation with the financial sector, to support the growth of the payments sector and stimulate the use of various e-payment methods in the Kingdom.
