Latest news with #RegulatorySandbox
Syyaha
23-07-2025
- Business
- Syyaha
Saudi Arabia's Hakbah Recognized by CNBC as one of World's Top Fintechs in 2025
Saudi Arabia's Hakbah was named one of the 'World's Top Fintechs in 2025' by CNBC for the company's growth track record, increase in savings among underbanked, and social impact using AI to modernize and digitize social savings in a way that helps build, enable and empower a new fully inclusive Saudi savings Hakbah app and digital platform was designed to make it fast, easy and safe for residents to participate in and benefit from Jameya group savings programs, a traditional and culturally important practice that helps individuals and families increase savings habits as well as answer short special which is permitted by the Saudi Central Bank (SAMA) and operates within the Regulatory Sandbox, has surpassed more than 1.3 million registered users with more than 70 percent coming from a youth population that needs assistance building positive savings habits. Hakbah customers have reported using the fintech app to enable them to save for life-changing needs for themselves and their families that they previously couldn't afford. This includes things like paying for critical medical care, fertility treatments to start a family, wedding expenses, travel expense, university tuition and small AbuSaida, Hakbah Founder, said that bringing the social savings concept into the AI and digital age creates a far more practical and applicable new social savings culture while preserving the core purpose and cultural heritage of the social savings practice. He said that while supporting short financial needs, Hakbah helps build new savings habits among its users that have long-term benefit for them and their families while contributing to the financial stability of communities across the AbuSaida said: 'We greatly appreciate that such a highly respected international business organization like CNBC is recognizing the unique model we've created that marries the power of social savings and the Jameya concept to make a real and lasting impact on people's lives. What's equally important is that this is a validation of the Saudi Arabia and SAMA strategy to promote the creation of an ecosystem across the national financial community that encourages collaboration and partnership to help increase savings across all segments of the population as a high priority strategic goal in alignment with Saudi Vision 2030.' Hakbah has established a range of strategic partnerships under this national vision with organizations including Riyad Bank, Fransi Bank, ANB, Alrajhi Bank, flynas and Tawuniya, the country's leading national insurance company that supports Hakbah users by providing life insurance throughout the term of their Jameya.
Saudi Gazette
18-06-2025
- Business
- Saudi Gazette
Alsulaiman Group acquires Taajeer Finance to lead digital transformation and growth in financial services
Alsulaiman Group, one of Saudi Arabia's leading family-owned conglomerates, has announced the acquisition of Taajeer Finance Company. This strategic move signifies the Group's official entry into the dynamic and rapidly growing financial services sector in the Kingdom. The acquisition comes at a time of accelerated transformation in Saudi Arabia's financial sector, fueled by increased investment in fintech and regulatory support from the Saudi Central Bank (SAMA), including initiatives like the Regulatory Sandbox. It also aligns with the Financial Sector Development Program under Vision 2030, which seeks to promote financial inclusion and expand access to digital financial solutions for individuals and businesses. Saud Alsulaiman, CEO of Alsulaiman Group, commented on the acquisition: 'Our acquisition of Taajeer Finance is a strategic step that reflects our belief in the financial sector's potential for innovation and growth. We aim to build a modern financing platform that delivers accessible, efficient, and smart solutions, empowering individuals and entrepreneurs, while also contributing to the Kingdom's Vision 2030 goals.' Through this acquisition, Alsulaiman Group seeks to create a fully integrated and innovative financial ecosystem. The Group plans to leverage its strengths in retail and digital transformation to deliver customer-centric financial solutions that will support national economic growth. Taajeer Finance, established in 1997 and known for its leadership in auto financing, is entering a new phase of transformation. The company will expand its offerings to include personal financing, lifestyle financing, and SME financing, further contributing to entrepreneurship and financial inclusion across the Kingdom. Taajeer will continue to serve customers through a hybrid model, integrating physical branches, digital channels, and smart tools such as its 'Rosom' bill payment service for fast and easy transactions. Faisal Malaeka, Chairman of the Board at Taajeer Finance, shared his thoughts on the acquisition: 'This marks a pivotal milestone in the company's journey. Over the past years, we have built a solid foundation of trust and leadership in the financing sector. Today, we embark on a new chapter of inclusive growth through our partnership with Alsulaiman Group. We are confident that this alliance will bring a qualitative leap in service and financial innovation in the Saudi market.' The acquisition strengthens Alsulaiman Group's diversified investment portfolio, which includes sectors such as retail, logistics, and real estate development. This move reinforces the Group's longstanding commitment to innovation, sustainable growth, and contributing to national economic development.
Saudi Gazette
18-06-2025
- Business
- Saudi Gazette
Alsulaiman Group acquires Taajeer Finance to lead digital transformation and frowth in financial services
Alsulaiman Group, one of Saudi Arabia's leading family-owned conglomerates, has announced the acquisition of Taajeer Finance Company. This strategic move signifies the Group's official entry into the dynamic and rapidly growing financial services sector in the Kingdom. The acquisition comes at a time of accelerated transformation in Saudi Arabia's financial sector, fueled by increased investment in fintech and regulatory support from the Saudi Central Bank (SAMA), including initiatives like the Regulatory Sandbox. It also aligns with the Financial Sector Development Program under Vision 2030, which seeks to promote financial inclusion and expand access to digital financial solutions for individuals and businesses. Saud Alsulaiman, CEO of Alsulaiman Group, commented on the acquisition: 'Our acquisition of Taajeer Finance is a strategic step that reflects our belief in the financial sector's potential for innovation and growth. We aim to build a modern financing platform that delivers accessible, efficient, and smart solutions, empowering individuals and entrepreneurs, while also contributing to the Kingdom's Vision 2030 goals.' Through this acquisition, Alsulaiman Group seeks to create a fully integrated and innovative financial ecosystem. The Group plans to leverage its strengths in retail and digital transformation to deliver customer-centric financial solutions that will support national economic growth. Taajeer Finance, established in 1997 and known for its leadership in auto financing, is entering a new phase of transformation. The company will expand its offerings to include personal financing, lifestyle financing, and SME financing, further contributing to entrepreneurship and financial inclusion across the Kingdom. Taajeer will continue to serve customers through a hybrid model, integrating physical branches, digital channels, and smart tools such as its 'Rosom' bill payment service for fast and easy transactions. Faisal Malaeka, Chairman of the Board at Taajeer Finance, shared his thoughts on the acquisition: 'This marks a pivotal milestone in the company's journey. Over the past years, we have built a solid foundation of trust and leadership in the financing sector. Today, we embark on a new chapter of inclusive growth through our partnership with Alsulaiman Group. We are confident that this alliance will bring a qualitative leap in service and financial innovation in the Saudi market.' The acquisition strengthens Alsulaiman Group's diversified investment portfolio, which includes sectors such as retail, logistics, and real estate development. This move reinforces the Group's longstanding commitment to innovation, sustainable growth, and contributing to national economic development.
Crypto Insight
18-06-2025
- Business
- Crypto Insight
Malaysia launches Digital Asset Hub to test stablecoin, programmable money
Malaysia has launched its Digital Asset Innovation Hub initiative, which will serve as a regulatory sandbox, enabling fintech and digital asset firms to test new technologies under the oversight of the country's central bank. On Tuesday, Prime Minister Anwar Ibrahim announced the initiative during the Sasana Symposium 2025 in Kuala Lumpur, according to a report by The Business Times. He described the hub as the 'beginning of a new chapter' for Malaysia's digital economy. Ibrahim said the sandbox will allow use cases such as programmable payments, ringgit-backed stablecoins and supply chain financing to be explored in a controlled environment. 'Our ambition is clear — to align infrastructure, policy and talent across both the public and private sectors in pursuit of a digitally capable, future-ready Malaysia,' said Anwar. Malaysia eyes fintech lead The hub sits at the heart of Malaysia's broader push to become a regional fintech hub. During the event, the governor of the Central Bank of Malaysia, Abdul Rasheed Ghaffour, said the country needs to modernize its financial infrastructure to remain relevant in a rapidly evolving ecosystem. He cited ongoing efforts such as the modernization of the Rentas payment system, cross-border payment connectivity and exploration of asset tokenization as essential to building long-term resilience. In April, Anwar met with Binance founder Changpeng Zhao. Despite Zhao's legal issues and a 2021 reprimand from Malaysian authorities, Binance later entered the market through a minority stake in MX Global, which operates under local regulatory oversight. Singapore takes a different path Malaysia's digital asset sandbox comes as Singapore is tightening its reins. On May 30, the Monetary Authority of Singapore (MAS) announced that any firm or individual providing overseas digital token services without proper licensing must cease operations. The country set a June 30 deadline for local crypto service providers to stop offering digital token (DT) services to overseas markets unless licensed under the Financial Services and Markets Act 2022. The MAS said there will be no transitional arrangements; firms must obtain a license or cease operations. Under Section 137 of the Act, any Singapore-based entity offering DT services abroad is presumed to operate from Singapore and must comply with licensing rules. Violators face fines of up to 250,000 Singaporean dollars ($200,000) and up to three years in prison. Source:
Arabian Business
17-06-2025
- Business
- Arabian Business
DFSA tokenisation regulatory Sandbox receives 96 global applications from six countries
The Dubai Financial Services Authority (DFSA) has announced the next phase of its Tokenisation Regulatory Sandbox, beginning engagement with firms selected to join its Innovation Testing Licence programme. The DFSA, which regulates the Dubai International Financial Centre, allows entities to test financial products and services under a controlled environment through its regulatory sandbox. The Authority launched its Innovation Testing Licence in 2017 and continues to build a market that aligns with the needs of traditional and non-traditional financial institutions, investors, and entrepreneurs, the authority said in a statement. DFSA tokenisation Sandbox attracts interest from UK, EU, Canada, Singapore and Hong Kong The DFSA introduced its Investment Token regime in 2021 to regulate tokens used as investment instruments. It implemented a Crypto Token regime in 2022 as a framework for classifying, recognising, and governing crypto tokens. In June 2024, the DFSA refined its approach with amendments including streamlined token-recognition criteria and the first approvals of stablecoins. The DFSA's Tokenisation Regulatory Sandbox launched in March 2025 and received 96 expressions of interest from across the United Arab Emirates, United Kingdom, European Union, Canada, Singapore, and Hong Kong. The expression of interest process provided the DFSA with insight into the diversity and maturity of tokenisation models being developed. Applications included proposals to tokenise financial assets and instruments, such as bonds including Islamic bonds or sukuk, units in a fund including money market funds and property funds, and the trading and safe custody of those assets. The initiative attracted interest from established financial institutions exploring tokenisation use cases and start-ups looking to scale digital asset solutions in a regulated environment. 'The global interest in our Tokenisation Regulatory Sandbox signals the importance of, and growing appetite for, responsible innovation, and recognises the appeal of DFSA's regulatory approach to innovation. As a regulator, our role is to support innovation and its positive contribution to the financial markets in ways that maintain market integrity and protect the public interest within the DIFC. By working closely with local and global firms through the sandbox, we are encouraging responsible innovation and helping to ensure that new ideas are tested against regulatory expectations,' Charlotte Robins, Managing Director, Policy & Legal said. Following a review, applicants were assessed based on their business model, clarity of use case, and readiness to test. Some firms were invited into the sandbox for testing under the Innovation Testing Licence, while others were considered suitable for full authorisation under existing rules due to the maturity of their operations and experience in other regulated jurisdictions. The DFSA will work with the firms selected for the Innovation Testing Licence to develop testing plans. Sandbox participants will begin trials within a controlled environment in the coming weeks. The outcomes from this cohort will help inform regulatory policy and refinements to the DFSA's digital assets and innovation frameworks. The DFSA's Tokenisation Regulatory Sandbox supports the DIFC's position as a hub for digital finance and aligns with Dubai's Economic Agenda D33, which aims to make Dubai one of the world's top four financial hubs by 2033.
