Abdulrahman R. Albassam

🚨 Top Banking News in the Gulf Region - Last Week 🚨 And, the topic of the week was AI, since everything on Gitex was literally about AI of anything. When it comes to banking, every body is wondering what can be done and how it can be enabled, so I tried to mention a couple of bullet points below. TOP NEWS LAST WEEK 1. The UAE introduced VAT exemptions for investment funds, crypto, and digital services, positioning the country as a leading global financial hub. This move will attract more foreign investments and bolster the fintech ecosystem. 2. Saudi Exim Bank signed a $50M credit facility with DL Hudson to support Saudi Arabia’s non-oil exports, reinforcing the Kingdom’s diversification strategy. 3. Emirates NBD Capital reported record bond issuances in 2024, reflecting robust demand for financing despite global interest rate challenges. 4. The rise of Generative AI (GenAI) in banking continues, with GCC banks adopting AI to drive efficiency, reduce operational costs, and enhance customer experience. As the conversation around GenAI grows, we see a clear opportunity to move beyond traditional chatbots and rethink how we deliver customer-facing solutions in mobile banking. Here’s how GenAI is revolutionizing the sector: ✅ Hyper-Personalized Financial Planning & Budgeting: Imagine AI that understands a customer’s unique financial goals, offering real-time advice on investments, savings, and even spending habits as well as offering dynamic, real-time budget adjustments. Something going beyond the traditional PFM solutions ;) ✅ Voice-Enabled Banking: Voice-activated banking assistants are the next frontier, offering hands-free solutions for payments, transfers, and financial queries. Imagine about embedding them to CarPlay systems and headphones for hands free usage. ✅ Fraud Prevention: GenAI can alert users in real-time when unusual activities are detected in their accounts, significantly enhancing security. ✅ Emotionally Intelligent Banking: Customer interaction will be more intuitive and empathetic, thanks to AI that recognizes and responds to user sentiment during stressful financial situations. Even, real time translation capabilities will take mobile banking apps beyond their preliminary “multi-language” capabilities. But while the potential is exciting, it’s crucial to consider key challenges when implementing GenAI: • Building a strong business case is essential to justify the costs of GenAI deployment. • Data quality and integration must be addressed to ensure AI systems are working with accurate, relevant information. • Regulatory compliance and ethical concerns around privacy and bias need to be tackled proactively to avoid any legal risks. Do you agree? What are your thoughts on the future of GenAI in banking? Drop a comment! 👇 #Banking #Finance #GenerativeAI #DigitalTransformation #Fintech #CustomerExperience #AI #MobileBanking #FinancialTechnology #UAE #GulfRegion #DigitalBanking #Innovation

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Fintech Saudi has published the Annual Fintech Report for 2023, offering an overview of the progress of the fintech industry in Saudi Arabia over the past year. Click the link to access the report: shorturl.at/FaN86 #Annual_Fintech_Report23 #fintech

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RIYADH: The Kingdom’s leading mobile wallet, stc pay, has received approval from the Saudi Central Bank to proceed with its transformation into STC Bank. This beta launch will enable selected users to upgrade their accounts from an stc pay digital wallet into an STC Bank account. They will also be provided an International Bank Account Number and additional banking services, according to a statement. With the upgrade, the subsidiary of stc Group will provide Shariah-compliant banking services and financial solutions while ensuring the utmost security and customer protection through cutting-edge financial technologies. This move aligns with the Kingdom’s broader fintech strategy and the goal of establishing the country as a global hub for financial technology and innovation. The digital wallet’s transition into STC Bank will be a significant addition to the Saudi banking sector. The statement said that this beta launch is limited to preselected customers and is a preparation for a full public launch later this year. According to official data released earlier this month, the share of retail consumer electronic payments in Saudi Arabia surged to 70 percent of total transactions in 2023, up from 62 percent in the previous year. According to a statement released by the central bank, also known as SAMA, this increase is attributed to the substantial growth of transactions processed through national payment systems in 2023, totaling 10.8 billion deals compared to 8.7 billion in the previous year. This aligns with the objectives of the Financial Sector Development Program, as retail consumer e-payments serve as a significant key performance indicator within the plan. The program, one of the main initiatives of the Saudi Vision 2030, aims to create a diversified and efficient financial services sector to support the development of the national economy.

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Please share your views in the Draft Regulatory Framework of Open Banking Services of CBO #Fintech #OpenBanking

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216 #fintechs were operational in #Saudi at the end of 2023. 🚀 In 2018 there were 10 fintechs. 🌱 There has been a 21x growth in the number of fintechs in 5 years 📈 Check out the map below to see which fintechs are operational in Saudi 👇🏼

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what you need to keep in mind while you are working in #PMO #Strategy to consider: 1- Alignment with Core Values and Mission 2- Stakeholder Engagement 3- Regulatory Compliance 4- Integration into Business Strategy 5- Measurable Goals and KPIs 6- Transparency and Reporting 7- Innovation and Continuous Improvement

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#Buna's CEO, Mr. Mehdi Manaa participated in a panel discussion on G20 Roadmap for enhancing cross-border payments: Interlinking of fast payment systems as a priority action, held during European Central Bank's conference last week. He highlighted, "Buna plays a pioneering role in cross-border payments interlinking between the Arab world and Europe. Buna’s leg-in/leg-out scheme creates tangible business opportunities for the participating banks that will facilitate cross-border payment interoperability with Target Instant Payment Settlement (TIPS), in collaboration with the European Central Bank." Watch the discussion here: https://lnkd.in/dNkEtuJt

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With His Excellency, Mr. Mohamed Bin Mubarak Bin Daina, Minister of Oil and Environment and Special Envoy for Climate Affairs, during the National water preservation campaign inauguration. We discussed the potential of green investing and potential drawbacks of carbon market, and ways to overcome it

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Was in #riyadh #ksa last week and had the pleasure of interacting with many CIO’s and Banking Tech Leaders. Seeing major traction with New Digital bank licences, Open banking, Gen AI, Data, Payments, implementation of Basel III reforms and Fintech investments. Saudi Arabia Vision 2030, with the building of a tech marvel city "Neom" coupled with high Crude & Energy prices, is generating an upsurge in Tourism and charging Banking Sector. Combined financing has crossed SAR 76 Billion out of which MSME share is 21%. Financial sector total assets increased by 5.7%. As per IMF forecast, energy exporters in ME & Central Asia will receive a windfall of $320 billion in excess of previous prediction, resulting in $1.4 Trillion over next 5 years. Saudi Arabia is opening up like never before, with reforms and mega projects / big investments. Saudi Arabia is the largest player in Middle East with a GDP of $1.74 Trilion in PPP terms. Nominal GDP is $ 1.969 Trillion with a GDP growth of 3.2%. Has one of the highest GDP per capita at $32586. The non-oil GDP growth projections are 6% which makes it amongst the fastest growing economies. With the huge infra push , Neom city, Expo and FIFA, there is massive investments committed till 2030. Massive growth expected in Financial sector. #Banking #digitalbanking #financialservices #fintech #ai #genai #Data #digitaltransformation #Payments #openbanking Neofy , Apar Technologies , BigTapp Analytics

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𝐀𝐧𝐧𝐮𝐚𝐥 𝐅𝐢𝐧𝐭𝐞𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝟐𝟎𝟐𝟑 via Fintech Saudi | فنتك السعودية 🌍 The latest numbers from Fintech Saudi’s 2023 report tell a compelling story. ▪️ Saudi Arabia's fintech ecosystem is booming with SAR 2.7Bn in funding and 113 licensed fintechs under SAMA. ▪️ Digital payments dominate, with SAR 614Bn in POS transactions and SAR 75Bn in digital wallet flows, reflecting the region’s rapid shift to cashless transactions. ▪️ Notably, BNPL continues its surge, accounting for SAR 26.6Bn in gross merchandise value. This signals enormous opportunities in payments, digital lending, and asset management. Saudi Arabia is a model of growth with clear support from regulatory bodies, making it an ideal launchpad to leverage the momentum in payments, crowdfunding, and open banking

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🖊️Insurance Authority unveiled the legislative experimental environment platform for the insurance sector at the “Fintech 24” conference in Riyadh. ⚫ With 9 insurance aggregators in the market, insurtech brokerage in Saudi Arabia collected a Gross Written Premium (GWP) of 2.5 billion SAR in 2021 present 5% from the market size of the insurance. ◼️Motor insurance dominates online transactions, and the insurance market is projected to reach 65.459 billion SAR in 2023, indicating a 22% growth from 2022. ◼️The sandbox initiative is set to drive growth in the insurance and fintech sectors in Saudi Arabia. #insurance #fintech #insurtech

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We are delighted to announce our SPEAKERS at the MEA FINANCE BANKING TECHNOLOGY & PAYMENTS IN EGYPT SUMMIT PRESENTED BY Swift. 𝘋𝘢𝘵𝘦: 26th November 2024 𝘝𝘦𝘯𝘶𝘦: Renaissance Cairo Mirage City Hotel, Egypt Egypt, a key economy in the MENA region, is experiencing steady growth and is committed to modernization, particularly within its banking and finance sectors. The region's financial industry is advancing through innovation and digital transformation, with Egypt focusing on enhancing customer and business services. This modernization is a collaborative effort involving the government, regulators, the Central Bank of Egypt (CBE), and technology providers. Signifying this progress, the CBE recently approved Banque Misr's digital arm, Misr Digital Innovation, to launch Egypt's first fully digital bank, One Bank. The upcoming Swift and MEA Finance Banking Technology & Payments Summit in 2024 will bring together leaders in finance and tech to discuss how digital advancements will reshape Egypt's financial landscape, foster growth, and pave the way for sustainable, future-ready banking solutions. SPEAKERS INCLUDE: Marianne Demarchi, Chief Executive Europe, Middle East & Africa, Swift Mohamed Shawky, Deputy GM, Commercial, Egyptian Banks Company Rania Khera, Head of Incoming Transfers, QNB Egypt Ossama El-Naggar, Group Head - Global Transaction Banking, Banque du Caire Nisreen Matarweh, Country Director, Swift Cem Soydemir, Head of Payments Go-To-Market, MEA, Swift Shaheen Budhrani, Strategy Partnerships Director, Thunes Sherif Zaki, MBA, CTP, Director, Country Head of Global Payments Solutions, HSBC Onur Ozan, Managing Director / Regional Head - MENAT, Caucasus & Central Asia, Swift Suruj Dutta, Partner, EY Guhan M, Co-Founder, Mindgate Solutions Soha Ali, Executive Director & Senior Country Representative - Head of FI Group Egypt & North Africa, JPMorganChase Amr Soliman, Founder & Executive Chairman, eVISION Ghadeer Ewaida, CTP, Head of Treasury Operations, Misr Digital Innovation (MDI) Heba Hisham, Global Solutions Sales – Egypt & Jordan, Citi Samar Galal, Head of Cash Management, Attijariwafa bank Egypt Mohamed Fouad, Head of Centralised Operations, Emirates NBD DON'T MISS YOUR CHANCE TO MEET THEM AT THE SUMMIT! REGISTER NOW >>> https://lnkd.in/dPiQjaET #𝘮𝘦𝘢𝘧𝘪𝘯𝘢𝘯𝘤𝘦𝘦𝘷𝘦𝘯𝘵 #𝘉𝘢𝘯𝘬𝘪𝘯𝘨 #𝘍𝘪𝘯𝘢𝘯𝘤𝘦 #𝘛𝘦𝘤𝘩𝘯𝘰𝘭𝘰𝘨𝘺 #𝘌𝘨𝘺𝘱𝘵 #𝘚𝘶𝘮𝘮𝘪𝘵 Alaa Al Rousan,MBA Nap E. Kenneth Mitchen Andrew Cover Natasha Cristi Joy Baldenero Vinod Thangoor Oscar Wendel

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The Saudi Central Bank – SAMA unveiled the 2nd release of the #OpenBanking Framework that can now cater to Payment Initiation Services (#PIS) in addition to the already implemented Account Information Services (#AIS) framework. Open Banking opened eyes in the cradles of the European Financial Industry less than a decade ago. #KSA might be the first country outside Europe to implement customized versions of Open Banking Framework that differ from the ones issued by Open Banking Implementation Entity (#OBIE) of #UK. When coupled with #Buna, the AIS and PIS frameworks can be game changers for businesses in the KSA. #Fintechs are now becoming the prime challengers for the traditional commercial and corporate banking regime. Unless these banks change the way they implement and integrate #technology in their core business solutions, their deposits, top and bottom line are in danger. In order to read about Open Banking and What is constitutes, Please read this article. https://lnkd.in/dZV4P-Uh

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This is an insightful analysis of the evolving banking landscape in Saudi Arabia, Ahmed Nasr MBA, PMP, CSM, CSPO, Lean Six Sigma, CBAP, MCAD, MCP. The integration of technology and strong government support under Vision 2030 is indeed paving the way for substantial growth. It will be fascinating to observe how traditional and digital banks balance innovations to meet rising consumer demands.

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Mastercard and Amazon Payment Services Join Forces to Revolutionize Digital Payments in Middle East and Africa 🌐 Over 4,000 merchants currently benefit from Amazon Payment Services in key MENA markets. 🌍 Multi-year partnership covers 9 countries including UAE, Egypt, and South Africa. 💳 Implementation of Mastercard Gateway to serve thousands of merchants, including Amazon online stores. 📊 95% of consumers in MEA considering emerging payment methods; 61% avoid businesses without electronic payments. 🚀 Innovation agreement to create Secure Card on File, Click to Pay, and token authentication services. 🔒 Mastercard Gateway enables single connection for global payment acceptance, reducing integration burden This partnership marks a significant milestone in the region's digital payment landscape. By combining Mastercard's global expertise with Amazon Payment Services' strong local presence, we're set to witness a surge in digital payment adoption across MEA. Sources 👉 https://lnkd.in/dapHQdCD 👉 https://lnkd.in/d7dppTxQ #DigitalPayments , #MENA #FinTech #MEA #MastercardAmazon , Amnah Ajmal, Peter George ,

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Finally, the Saudi Central Bank – SAMA has officially announced a strategic agreement with hashtag #Samsung to introduce "Samsung Pay" in the Kingdom of hashtag #SaudiArabia. The service is set to launch in Q4 of 2024, as revealed during the 24th Fintech Conference in Riyadh. This initiative aligns with SAMA's continuous efforts to strengthen the digital payments ecosystem in Saudi Arabia. It also supports the goals of the Financial Sector Development Program, a cornerstone of Saudi Vision 2030. #SAMA #Samsung #24Fintech #SamsungPay #NFC #ContactlessPayment

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The Saudi Central Bank – SAMA has announced the issuance of new “E-Wallets Rules” to strengthen the regulatory framework governing Electronic Money Institutions (EMIs) and foster the development of the financial sector. The guidelines, now formally implemented, underscore hashtag #SAMA’s commitment to enhancing the stability and security of the electronic money ecosystem, enabling hashtag #EMIs to operate under a well-defined set of regulations. Read more: https://lnkd.in/ex6pV5qx Saudi Central Bank – SAMA

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