Latest news with #FinancialSectorDevelopmentProgramme
Arabian Post
4 days ago
- Business
- Arabian Post
MoneyGram Enhances Cross-Border Payments with New Saudi Deal
Arabian Post Staff -Dubai MoneyGram, a global leader in digital payments, has announced the resumption of its money transfer services through a newly reinvigorated partnership with Bank AlJazira, one of Saudi Arabia's prominent banking institutions. This move marks a significant step in advancing the Kingdom's financial landscape, offering seamless physical and digital cross-border money movement solutions across the country. The collaboration will allow MoneyGram to leverage Bank AlJazira's expansive network of physical locations, ensuring that customers in Saudi Arabia can send and receive funds swiftly and securely. It also highlights the growing importance of digital channels in a nation increasingly shifting toward a more digitally integrated economy. The resumption of these services comes at a crucial time, with Saudi Arabia's Vision 2030 blueprint pushing for greater financial inclusion and a more robust digital ecosystem. ADVERTISEMENT MoneyGram has long been a key player in the cross-border payments industry, with its services spanning more than 200 countries and territories. In Saudi Arabia, the company is now positioned to meet the demands of an expanding customer base that increasingly seeks more accessible, secure, and instantaneous ways to transfer funds internationally. The partnership with Bank AlJazira, a major player in Saudi's banking sector, offers a wide-reaching solution for those in the Kingdom who rely on international money transfers for both personal and business purposes. Saudi Arabia has long been one of the largest remittance markets globally, with millions of people relying on money transfer services to send funds to family members overseas. Saudi Arabia's vision to become a global financial hub in the region has paved the way for international financial institutions to enter the market, forming partnerships to enhance the ease of conducting international transactions. The latest collaboration between MoneyGram and Bank AlJazira exemplifies this trend, aligning with the Kingdom's ongoing push to modernise financial infrastructure, streamline cross-border payments, and ensure broader access to digital services. The financial ecosystem in Saudi Arabia is rapidly evolving. The country's push for digital transformation is supported by extensive government initiatives, including the Saudi Payments Company and the Financial Sector Development Programme. These initiatives aim to facilitate a more secure, transparent, and inclusive financial landscape. As part of this ongoing transformation, the re-establishment of MoneyGram's services through a leading bank like AlJazira offers not only more efficient payment processing but also greater accessibility to the broader public. MoneyGram's digital capabilities will complement Bank AlJazira's offerings, ensuring that both physical and digital touchpoints are well-integrated for consumers who demand flexibility in their money transfers. This move also benefits both businesses and individuals, particularly those who may prefer using mobile apps or websites to send money to and from international locations. The recent resumption of services takes place amidst growing competition in the cross-border payment space. With numerous global players, including Western Union, PayPal, and emerging fintech startups, expanding their presence in Saudi Arabia, MoneyGram's ability to leverage a strong local partnership enhances its positioning in the market. The company's collaboration with Bank AlJazira provides it with an opportunity to tap into a network of customers who value both security and convenience. Bank AlJazira, with its strong reputation in the Kingdom, offers a well-established platform that can seamlessly integrate with MoneyGram's international remittance network. This partnership will allow consumers and businesses alike to experience an enhanced service offering, particularly in terms of speed and ease of access to funds. With a robust infrastructure already in place, this new initiative seeks to further enhance the efficiency of cross-border payments for people within and outside Saudi Arabia. With Saudi Arabia focusing on economic diversification and growing international trade partnerships, the enhanced digital and physical money transfer services come at an opportune moment. The Kingdom's ambitious Vision 2030 plan, which includes bolstering the digital economy and expanding financial services, presents a dynamic backdrop for collaborations like this. By tapping into the burgeoning digital economy, MoneyGram and Bank AlJazira are aligning themselves with the country's long-term goals.
Biz Bahrain
29-05-2025
- Business
- Biz Bahrain
BIBF and Financial Academy signs strategic partnership to develop human capital in Saudi insurance sector
The Bahrain Institute of Banking and Finance (BIBF) signed a strategic partnership agreement with the Financial Academy in Riyadh to deliver specialised training programmes and professional workshops in the field of insurance across the Kingdom of Saudi Arabia. The partnership aims to enhance the capabilities of national talent and improve the performance of the insurance sector. The agreement was signed by Dr. Ahmed Al Shaikh, CEO of BIBF, and Manaa Al Khamsan, CEO of the Financial Academy. Dr. Ahmed Al Shaikh said that the partnership marks a strategic step forward in supporting professional qualification pathways within Saudi Arabia's insurance market. It includes the launch of a suite of specialised training programmes and advanced workshops, delivered exclusively in partnership with the Financial Academy, as well as joint efforts in developing professional qualifications and micro-credentials that address rapid industry shifts and evolving market needs. On his part, Al Khamsan highlighted that this high-impact partnership reflects the Financial Academy's pioneering role in nurturing and advancing human capital within the financial sector, particularly insurance, by adopting global best practices and standards in professional education. He also noted the alignment of the training offerings with the Financial Sector Development Programme under Saudi Arabia's Vision 2030. He added that the agreement reflects the confidence that regional and international institutions place in the Academy's capabilities and its distinguished status as a leading provider of professional training and development in the Kingdom's financial sector. BNA(R)
Gulf Business
11-03-2025
- Business
- Gulf Business
UAE approves National Investment Strategy 2031, boosts socio-economic policies
Image: WAM The UAE Cabinet, chaired by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, convened at Qasr Al Watan in Abu Dhabi, approving a series of strategic initiatives, including the National Investment Strategy 2031, social support policies, and key international agreements. The meeting was attended by senior UAE leaders, including Sheikh Mansour bin Zayed Al Nahyan, UAE Vice President, Deputy Prime Minister, and Chairman of the Presidential Court and Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Deputy Prime Minister, and Minister of Defence for the UAE and Crown Prince of Dubai. Sheikh Mohammed announced that the UAE aims to double its annual foreign direct investment ( National Investment Strategy to focus on key sectors The strategy will focus on key sectors such as industry, logistics, financial services, renewable energy, and information technology. 'The UAE continues to develop its economy, expand global markets, attract investments, and create the most business-friendly environment in the world,' Sheikh Mohammed said, as quoted by state news agency WAM. The strategy includes 12 new programmes and 30 initiatives, including the Financial Sector Development Programme, One-Market Programme, Institutional Innovation Attraction Programme, and the ' The goal is to raise FDI's share of total investments to over 30 per cent and its contribution to GDP to 8 per cent. Strengthening international partnerships The cabinet reviewed the UAE's strategic partnerships with African nations, with Sheikh Mohammed highlighting that 95 per cent of approved initiatives have been successfully implemented. The UAE's total trade volume with Sub-Saharan Africa has grown from Dhs126.7bn in 2019 to Dhs235bn over five years — an 87 per cent increase. 'The UAE will continue to build new economic bridges across the world and reinforce its role as a global trade hub,' he added. The cabinet also approved 28 international agreements, including comprehensive economic partnership agreements (CEPAs) with Malaysia, New Zealand, and Kenya. Advancing the digital economy and sustainability Sheikh Mohammed reiterated the UAE's commitment to its National Digital Economy Strategy, aiming to increase the digital economy's contribution to GDP from 9.7 to 19.4 per cent over the next six years. The cabinet also approved the launch of the National Green Certificates Programme for buildings, a voluntary classification system assessing sustainability standards in commercial, industrial, and residential developments. Healthcare and social development initiatives In healthcare, the cabinet endorsed a National Policy for Combating Health Risks, aimed at enhancing emergency preparedness, response scenarios, and recovery plans. The Executive Regulations for Organ and Human Tissue Donation and Transplantation were also approved, ensuring better access to life-saving treatments. The UAE now has 13 licensed transplant centres, with a 30 per cent increase in transplant procedures covering kidney, liver, heart, lung, and pancreas transplants. On the social front, the cabinet approved reforms to the national social support system, increasing the budget by 29 per cent to Dhs3.5bn and expanding the number of beneficiaries by 37 per cent. Additionally, 3,200 individuals have transitioned from financial aid recipients to active workforce contributors. The cabinet also approved regulations governing social support disbursement for unemployed individuals, as well as an Inflation Allowance for eligible categories, including beneficiaries of social assistance programs. Research, development, and workforce initiatives The cabinet approved the restructuring of the Emirates Research and Development Council, chaired by Sheikh Abdullah bin Zayed, to set national research priorities, develop policies, and enhance collaboration between the government, private sector and academia. Additionally, the UAE approved a Remote Work System from Outside the Country for federal government employees, enabling the recruitment of global talent for specialised projects and studies. Legislative developments The cabinet issued multiple executive regulations, including the Federal Law on the Protection of New Plant Varieties, laws governing healthcare professions, mental health, and commercial fraud. A Pharmaceutical Policies Committee was also established, chaired by Dr Thani bin Ahmed Al Zeyoudi, to oversee the sector's regulatory framework. Sheikh Mohammed concluded the meeting by reaffirming the UAE's commitment to economic growth, innovation, and social development. 'The teams continue their work, our growth trajectory accelerates, and every day, we witness our nation's future becoming greater, stronger, and more prosperous.'
