Latest news with #SAMA
Zawya
10 hours ago
- Business
- Zawya
HCLSoftware accelerates Saudi Arabia's Vision 2030 with XDO blueprint at Riyadh executive summit
Riyadh, Saudi Arabia: HCLSoftware, a global leader in enterprise software solutions, is deepening its commitment to Saudi Arabia's Vision 2030 digital transformation agenda through strategic technology investments, positioning the Kingdom as the Middle East's leading digital powerhouse. At the recently concluded Executive Summit in Riyadh, attended by over 60+ senior executives from banking, insurance, fintech, cybersecurity, and GRC domains, HCLSoftware demonstrated how its Xperience-Data-Operations (XDO) Blueprint — a comprehensive framework integrating Experience, Data, and Operations serves as the foundational architecture enabling Saudi enterprises to leverage next-generation solutions for sustained market leadership. Emphasizing HCLSoftware's strategic commitment to Saudi Arabia's digital future, Kalyan Kumar, Chief Product Officer, HCLSoftware, said, 'Saudi Arabia's Vision 2030 sets a global benchmark for digital transformation ambition. As organizations navigate this transformation, the integration of Experience, Data, and Operations becomes essential for sustainable growth. We're focused on supporting Saudi enterprises as they balance innovation with the compliance and operational requirements that are fundamental to their success.' Vikrant Chowdhary, Senior Vice President, Growth Markets at HCLSoftware, opened the forum by highlighting the company's expanding Riyadh delivery hub and growing Tier-one client portfolio. Diving into the XDO Blueprint, they emphasized how it delivers unified board-level governance across experience, operational efficiency, and data-driven growth—critical capabilities for the Kingdom's open-banking and digital-government transformation. Bernardo Rodrigues, Regional Solution Manager at Immersive Labs, addressed the critical human element in cybersecurity in his session on Vision 2030's Digital Shield: Harnessing Critical Skills for Cyber Resilience and Continuous Compliance. Through live cyber-range demonstrations, Rodrigues showcased how Saudi organizations can benchmark their security teams against Saudi Arabia Monetary Authority (SAMA's) stringent requirements while building the continuous skills validation capabilities essential for maintaining cyber resilience. As the Kingdom accelerates business transformation, cybersecurity practices must evolve to keep pace with real-world threat scenarios—an approach that dovetails with the XDO Blueprint's focus on operational excellence and risk-aware g A session on AI-powered Business Flow Observability showcased how HCL Hive on iObserve platform delivers end-to-end transaction visibility from mobile interfaces to core banking systems. Through machine-learning algorithms that correlate technical anomalies with business impact, Hive automates compliance reporting aligned with SAMA's monitoring and audit standards. This unified observability accelerates incident resolution and delivers audit-ready evidence, streamlining operations for Saudi financial institutions. Shining the spotlight on challenges in BFSI environments, Huda Albenmousa, Country President, PayTabs, Saudi Arabia, underscored the critical role of intelligent automation and unified business observability in driving faster, seamless customer experiences while ensuring operational efficiency within the highly regulated BFSI sector. During a panel discussion with HCLSoftware leaders, she highlighted how the convergence of XDO is transforming institutions from reactive responders to predictive, autonomous operators, setting a new standard for agility and compliance in banking. In a customer session with a prominent development fund in the Kingdom of Saudi Arabia, senior executives discussed how they are advancing digital transformation within Saudi Arabia's housing sector through the strategic use of HCL BigFix Workspace and HCL BigFix Enterprise. By collaborating with HCLSoftware and aligning with the XDO Blueprint, they are establishing a new standard for operational efficiency and service excellence in a vital sector. The summit concluded on a high note as HCLSoftware honoured three Saudi organizations with the Customer Success Awards and announced the winner of an Abu Dhabi Grand Prix experience, demonstrating the company's unwavering commitment to driving digital transformation excellence and celebrating customer achievements across the Middle East region. About HCLSoftware HCLSoftware is a global leader in software innovation and the software division of HCLTech. We develop, market, sell, and support transformative solutions across various industries, including business and industry, intelligent operations, total experience, data and analytics, and cybersecurity. Our commitment to customer success and our core values of integrity, inclusion, value creation, people-centricity, and social responsibility drive us to deliver best-in-class software products that empower organizations to achieve their goals. With a rich heritage of pioneering spirit, HCLSoftware serves more than 20,000 organizations, including a majority of the Fortune 100 and almost half of the Fortune 500. Learn more about how we can help you achieve your goals. Media Contact: Animesh Biswas
The Standard
19 hours ago
- Business
- The Standard
Labeling the unbearable: Nairobi data workers reel in the worst for $12 per hour
Naftali Wambalo is hired by the outsourcing company SAMA in Nairobi as a data labeler.
Arab News
a day ago
- Business
- Arab News
Expat remittances in Saudi Arabia jump 21% in May to over $4bn
RIYADH: Expatriate remittances from Saudi Arabia rose to SR15.2 billion ($4.05 billion) in May, marking a 21 percent increase compared to the same month last year. According to data by the Saudi Central Bank, also known as SAMA, transfers by non-Saudis reached nearly SR70 billion during the first five months of 2024, an annual rise of almost 26 percent. Money sent abroad by Saudi citizens reached SR29.8 billion, up 13 percent year on year, the central bank's monthly bulletin showed. The significant uptick in outbound transfers reflects several economic and social factors shaping the Kingdom's labor market and remittance behavior. Among these are the rising number of foreign workers, improving wages, and growing reliance on digital payment solutions that facilitate cross-border transfers more efficiently. Saudi Arabia is home to more than 16.41 million non-Saudis as of May, who make up over 44 percent of the population, according to data by Global Media Insight. As the Kingdom continues to develop under Vision 2030, many expats are taking on higher-paying jobs in health care, construction, logistics, and technology sectors. Improved career opportunities have led to increased disposable income, part of which is regularly sent back to support families in their countries of origin. In the Expat Insider 2024 survey conducted by international expat network InterNations, 75 percent of expatriates in the Kingdom said their career prospects had improved significantly since relocating to Saudi Arabia. This placed the country second globally in the 'Working Abroad Index,' just behind Denmark. The findings reflect growing expat satisfaction and underscore the rising earning potential in the Saudi labor market. Fintech adoption has also contributed to the remittance boom. Companies like stc pay, UrPay, and Tahweel Al-Rajhi offer fast and affordable remittance services integrated with mobile wallets, enabling low-cost and convenient international transfers. According to a 2024 World Bank brief, the average cost of sending $200 from Saudi Arabia was 5.5 percent in the fourth quarter of 2023, making it one of the least costly G20 countries for remittance outflows. In comparison, the G20 average stood at 6.5 percent, with countries like South Africa at 12.8 percent and Japan at 7 percent ranking among the highest. The global average cost for remittances was 6.4 percent, well above the UN Sustainable Development Goal target of 3 percent by 2030. The growth in remittances by Saudi nationals may be attributed to a combination of factors, including the expansion of the working-age population, increased international travel, overseas investments, and education-related transfers. Young Saudis studying abroad, owning property overseas, or supporting family members outside the Kingdom all contribute to rising personal transfers. The overall increase in outbound remittances aligns with broader macroeconomic trends. As Saudi Arabia pushes to diversify its economy and empower the private sector, higher employment levels and better wage conditions are translating into more outbound flows. At the same time, remittances play a vital role in supporting economies across South Asia, the Middle East, and Africa, where many Saudi-based expats originate. The Kingdom's commitment to financial innovation, coupled with a strong expat-driven economy, will likely keep remittance flows elevated in the months ahead.
Argaam
2 days ago
- Business
- Argaam
SAMA expects new payment interface to support entry of e-stores
The Saudi Central Bank (SAMA) expects the newly launched payment interface to facilitate the entry of new e-commerce stores, particularly local businesses that have previously faced technical and regulatory challenges. The initiative is part of efforts to unify integration standards with the Mada system, with the goal of enhancing the competitiveness of the Saudi market and expanding the base of payment service providers. According to Al Eqtisadiah newspaper, SAMA stated that the interface targets five key beneficiary groups: payment gateways, technical payment service providers, hosting banks and financial institutions, relevant government and private entities within the e-commerce ecosystem, and individual consumers—who will benefit from a more seamless and secure payment experience. The central bank explained that the interface will allow banks and financial institutions, in their role as hosting entities, to establish direct financing relationships with e-commerce merchants. This will enable financing based on actual sales generated through e-payments, allowing financial institutions to provide funding solutions backed by merchants' transaction data. According to data available with Argaam, SAMA launched the new e-payment interface earlier this month as part of a strategic initiative to improve payment system efficiency and accelerate the Kingdom's digital transformation in line with the rapid growth of the e-commerce sector.
Syyaha
6 days ago
- 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.
