Latest news with #SaudiCentralBank
Arab News
3 days ago
- Business
- Arab News
STC Bank wins Temenos' ‘Fast Track Growth' award
STC Bank has been awarded the Fast Track Growth award at the annual Temenos Forward Awards in Madrid, Spain, in acknowledgment of its remarkable growth in users since its launch as a full-fledged digital bank just three months ago. STC Bank is one of the leading digital banks in the Kingdom. It began its journey as a digital wallet before transitioning into a fully licensed digital bank under the supervision of the Saudi Central Bank. The bank's rapid growth is attributed to its ease of use and innovative features, such as instant money transfers via mobile number, competitive rates on international remittances, bill payments, and more. Existing wallet users can seamlessly migrate to the bank's platform, while new customers can open a bank account in less than two minutes. Temenos, a global leader in banking software for more than 32 years, has been instrumental in supporting the banking sector through its core banking platform, Temenos Core. This platform empowers users with access to modern digital lending and deposit solutions. With Temenos Core, the bank has successfully launched a microservice and data-driven architecture and is expanding into innovative lending and digital deposit solutions, reinforcing its strategy of modular, data-driven offerings. This collaboration supports STC Bank's commitment to adopting advanced technology to redefine banking standards in the Kingdom and the broader GCC region.
Argaam
22-05-2025
- Business
- Argaam
Etihad Atheeb changes subsidiary name to Al-Hulul Al-Muntilga
Etihad Atheeb Telecommunications Co. (GO) received, on May 21, a letter of no objection from the Saudi Central Bank (SAMA) to change the name of its subsidiary from Hulool Al-Intilaq Finance to Al-Hulul Al-Muntilga Co. In a statement to Tadawul, the telecom company said that this change aligns the trade name with the licensing requirements and approved regulatory standards and meets the requirements of the regulations and rules issued by the competent authorities without any material impact on the company's obligations, operations, or dealings with official bodies or related parties. Etihad Atheeb also confirmed that its subsidiary continues to complete regulatory procedures with the relevant authorities, including the Ministry of Commerce. Any future updates regarding SAMA's final licensing of Al-Hulul Al-Muntilga will be announced in due course, the statement added. In March, GO said that its unit, Hulool Al-Intilaq Finance, received preliminary approval from the Saudi Central Bank (SAMA) to operate as a micro-consumer financing company in the Kingdom, Argaam reported earlier.
Saudi Gazette
21-05-2025
- Business
- Saudi Gazette
Liquidity in Saudi economy rises by over SR134 billion in Q1 2025
Saudi Gazette report RIYADH — Domestic liquidity in the Saudi economy recorded notable growth during the first quarter of 2025, increasing by SR134.4 billion (4.6 percent). Total liquidity reached SR3055.872 billion by the end of the quarter, compared to SR2921.472 billion at the end of the fourth quarter of 2024. On an annual basis, liquidity rose by SR232.126 billion, representing a growth rate of 8.2 percent compared to the same period in 2024, when liquidity stood at SR2823.745 billion, according to data published in the monthly statistical bulletin issued by the Saudi Central Bank (SAMA) for March 2025. The bulletin recorded a monthly growth of approximately one percent or SR22.188 billion, marking the highest liquidity level in the Kingdom's history. The increase reflects the broadest definition of money supply (M3). 'Other quasi-cash deposits' stood at SR266.867 billion, contributing 9 percent to the total. 'Cash in circulation outside banks' ranked fourth, amounting to SR251.535 billion, contributing about 8 percent. Quasi-cash deposits include resident deposits in foreign currencies, deposits against letters of credit, outstanding transfers, and repurchase agreements (repos) with the private sector.
Saudi Gazette
21-05-2025
- Business
- Saudi Gazette
Liquidity in Saudi economy rises by over SR134 billion in 1 Q 2025
Saudi Gazette report RIYADH — Domestic liquidity in the Saudi economy recorded notable growth during the first quarter of 2025, increasing by SR134.4 billion (4.6 percent). Total liquidity reached SR3055.872 billion by the end of the quarter, compared to SR2921.472 billion at the end of the fourth quarter of 2024. On an annual basis, liquidity rose by SR232.126 billion, representing a growth rate of 8.2 percent compared to the same period in 2024, when liquidity stood at SR2823.745 billion, according to data published in the monthly statistical bulletin issued by the Saudi Central Bank (SAMA) for March 2025. The bulletin recorded a monthly growth of approximately one percent or SR22.188 billion, marking the highest liquidity level in the Kingdom's history. The increase reflects the broadest definition of money supply (M3). 'Other quasi-cash deposits' stood at SR266.867 billion, contributing 9 percent to the total. 'Cash in circulation outside banks' ranked fourth, amounting to SR251.535 billion, contributing about 8 percent. Quasi-cash deposits include resident deposits in foreign currencies, deposits against letters of credit, outstanding transfers, and repurchase agreements (repos) with the private sector.
CairoScene
20-05-2025
- Business
- CairoScene
Saudi Remittances Reach Highest Monthly Level in Nearly Nine Years
Digital tools and rising demand are driving a surge in cross-border transfers. Expatriate remittances from Saudi Arabia reached SAR 15.5 billion (USD 4.13 billion) in March 2024, marking a 29.61% increase compared to the same month last year. According to data released by the Saudi Central Bank (SAMA), this figure represents the highest monthly level recorded in nearly nine years. Transfers by Saudi citizens also rose significantly, reaching SAR 6.5 billion—a 27% year-on-year increase and the highest amount in close to three years. The sharp rise in remittance activity has been attributed to improved labour market conditions and the growing adoption of digital payment tools across the Kingdom. Digital platforms have emerged as the dominant method for cross-border transfers, with more than half of surveyed users indicating plans to increase their use of these services. Fewer than one-third said they intended to continue using cash or money orders for sending money abroad. Remittance behaviour in Saudi Arabia continues to be driven by familial support, urgent financial needs, and costs related to health and education. While the Kingdom remains one of the world's top remittance-sending markets, ongoing challenges persist. Around one-third of users cited cost and fee transparency as key concerns, particularly with cash-based transfers where service charges and exchange rates are less clear.
