Latest news with #FinancialSectorDevelopmentProgram
Saudi Gazette
a day ago
- Business
- Saudi Gazette
Barq marks first year with 7 million users and SR73 billion in transactions, powering Saudi Arabia's digital shift
In a scene that reflects the Kingdom's rapid shift toward a cashless economy, Barq, the digital payments application, has recorded exceptional performance in its first year of operation. The number of its users has surpassed 7 million, representing 150 nationalities from around the globe. The app has encompassed a wide range of digital payments and money transfers, contributing effectively to advancing the Kingdom's non-cash economy objectives. In its first year, Barq issued more than 6.5 million digital payment cards, enabling users to conduct their transactions with ease and security. The app offers banking services through an advanced digital platform tailored to meet the needs of individuals as well as small and medium-sized enterprises (SMEs), providing innovative payment solutions under a license granted by the Saudi Central Bank (SAMA). Since its launch in July of last year, the app has processed over 500 million financial transactions, with a total transaction volume reaching SR73 billion, cementing its position as the fastest-growing digital wallet in the Kingdom and one of the leading success stories in the digital financial transformation aligned with the Saudi Vision 2030 goals. Barq has also strengthened its international presence through strategic partnerships, facilitating payments for visitors and residents from outside the Kingdom. This initiative supports the digital tourism sector and contributes effectively to the objectives of the Financial Sector Development Program and Vision 2030, by fostering a digitally empowered society and an innovation-driven economy. With a clear vision for empowering individuals and businesses, Barq continues to shape the digital payments landscape in the Kingdom, playing a vital role in realizing the Vision 2030 aspiration of building a thriving cashless society.
Saudi Gazette
5 days ago
- Business
- Saudi Gazette
Societe Generale appointed as primary dealer for Saudi local debt instruments
Saudi Gazette report RIYADH — The Saudi Ministry of Finance and the National Debt Management Center (NDMC) have signed an agreement with Societe Generale, appointing the French banking giant as a primary dealer for the Kingdom's local debt instruments. With this move, Societe Generale joins five other international institutions — BNP Paribas, Citigroup, Goldman Sachs, J.P. Morgan, and Standard Chartered Bank — already designated as primary dealers. It also becomes part of a group that includes ten local institutions: the Saudi National Bank (SNB), Saudi Awwal Bank (SAB), AlJazira Bank, Alinma Bank, AlRajhi Bank, Albilad Capital, AlJazira Capital, AlRajhi Capital, Derayah Financial Company, and Saudi Fransi Capital. The agreement aligns with the Financial Sector Development Program (FSDP), a key pillar of Saudi Vision 2030, aimed at strengthening the Kingdom's financial sector and enhancing the depth and resilience of its capital markets. The Ministry of Finance emphasized that the NDMC continues to play a pivotal role in facilitating access to Saudi Arabia's local debt markets by broadening the investor base. This diversification is intended to ensure sustainable access to the secondary market and support its ongoing for subscription in the primary market of Saudi local debt instruments are received on a scheduled monthly must submit their applications through the appointed primary dealers, who serve as the gateway to market participation under the current regulatory framework.
Saudi Gazette
15-07-2025
- Business
- Saudi Gazette
King Salman chairs Cabinet session, endorses international cooperation and national development initiatives
Saudi Gazette report JEDDAH — The Custodian of the Two Holy Mosques King Salman bin Abdulaziz chaired the Cabinet session held Tuesday in Jeddah, where the Council reviewed the Kingdom's international engagements, local policy advancements, and approved several key agreements. The Cabinet praised Saudi Arabia's active participation in regional and global meetings, including its commitments at the World Summit on the Information Society in Switzerland, where the Kingdom reaffirmed its support for digital cooperation and sustainable development through modern technologies. Locally, the Council acknowledged achievements under the Financial Sector Development Program and the Human Capability Development Program, noting their role in enhancing financial sustainability and preparing national talent for global competitiveness. It also commended the introduction of artificial intelligence into public education curricula as a strategic step to equip future generations with critical digital skills. The Cabinet celebrated Saudi Arabia's global leadership in international tourism revenue growth during Q1 2025, highlighting the sector's rapid development and growing international environmental matters, the Council welcomed the praise received during the UN high-level meeting on sand and dust storms, particularly regarding the Kingdom's efforts in early warning systems and scientific Cabinet approved an MoU between Saudi Arabia and the UAE in the financial sector, agreements with Somalia on recruitment of domestic and general workers, MoU with Denmark for cooperation in logistics services, and MoU with the Arab Administrative Development Organization on educational assessment and also approved amendments to the Documentation, Arbitration, and Legal Practice laws to align with the Civil Transactions Law. The cabinet approved the Medical Referrals Center Regulation and three-year extension of the Easy Mortgage Program.
Saudi Gazette
13-07-2025
- Business
- Saudi Gazette
Saudi banking sector assets hit $1.2 trillion in 2024
Saudi Gazette report RIYADH — Saudi Arabia's financial sector exceeded key Vision 2030 benchmarks in 2024, with total banking sector assets reaching SR4.49 trillion, or 131% of the program's target of SR3.43 trillion, according to the annual report released Sunday by the Financial Sector Development Program (FSDP). The report highlights the sector's achievements in supporting economic growth and outlines strategic goals for the coming years. Among the key indicators, the Tadawul All Share Index (TASI), excluding Aramco, reached a market capitalization of 86.7% of GDP, while private credit accounted for 69% of GDP. Insurance premiums reached 2.59% of non-oil GDP, surpassing the 2024 target by 9%. Small and medium enterprise (SME) loans made up 9.4% of total lending, hitting 94% of the annual goal. Assets under management stood at 26.3% of GDP, reaching 89% of the target. Finance Minister Mohammed Al-Jadaan, who chairs the FSDP committee, said the report reflects the Kingdom's continued success in bolstering financial resilience and enabling broader economic transformation. He noted that fintech continues to play a vital role in sector growth, with 261 licensed fintech firms operating by the end of 2024. In parallel, the Saudi Central Bank (SAMA) approved the launch of D360 Bank, a digital-only financial institution, as part of the Kingdom's push toward a cashless economy. Digital payments surged to 79% of total consumer transactions last year, underscoring the sector's digital maturity. Al-Jadaan also noted continued momentum in the capital markets, with 44 new company listings in 2024 bringing the total number of listed firms to 353. The report, Al-Jadaan said, showcases the scale of reform and growth across all sectors of the Kingdom in this transformative era under the leadership of King Salman and Crown Prince Mohammed bin Salman. The Financial Sector Development Program is one of the key Vision 2030 initiatives, aimed at building a diversified, resilient economy and strengthening Saudi Arabia's regional and global standing in financial services.
Arab News
13-07-2025
- Business
- Arab News
STC Bank launches new savings product ‘Numu+'
STC Bank has launched a unique savings product — 'Numu+' — which will encourage customers to save through an innovative concept. It includes valuable rewards and gifts, such as luxury cars, cash, and electronic devices, offered by the bank as an incentive to grow their personal savings. 'Numu+' was primarily designed as an account that enables customers to save through a unique experience via the bank's app. The product is in line with Vision 2030, specifically the Financial Sector Development Program, and the goal of raising the savings rate across the Kingdom from six to 10 percent. It also continues STC Bank's efforts to introduce innovative digital products that enhance the financial solvency of various customer segments. STC Bank's continued growth is driven by its customer-centric digital financial services platform, which allows individual users to open a bank account with an IBAN number. This allows customers to enjoy a host of benefits, including the 'Numu+' savings service, instant local and international transfers at competitive rates via mobile numbers, card services, an online store, expense monitoring and financial planning features, and other daily financial transactions, all of which have become easier than ever before.
