Saleh ALhammad

Saudi Central Bank – SAMA licenses Hala Financing to provide debt-based crowdfunding solutions. As of now, in Saudi Arabia 🇸🇦 there are 62 licensed finance companies including 11 companies to provide debt-based crowdfunding. #fintech #financing #crowdfunding #digitalfinance Source: SAMA.

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#OpenBanking and #OpenFinance are set to become the next major wave, creating a vast market and unlocking significant potential in the MENA region. At the "Open Banking Hackathon 2024" in Riyadh, CMA Chairman Muhammad bin Abdullah Al-Quwaiz highlighted the incredible potential of the open banking market, projected to reach a staggering $43 billion by 2026! Join the revolution in financial services and innovation. #OpenBanking #OpenFinance #DigitalTransformation #Fintech

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Saudi fintech startup resal has raised $9 million in a fundraising round The round witnessed participation from Derayah Financial, Al-Wafrah AlThanya Investment Company, VentureSouq FinTech Fund, ADDiriyah Asset Management, Nomd Holding, Bugshan Investment Company Limited, and several family offices and angel investors. Founded by Fouad AlFarhan and Hatem Kameli, Resal connects merchants, companies, and individuals by providing solutions that facilitate the management and exchange of loyalty points, prepaid cards, and vouchers from various sources, ranging from banks, telecom companies, and airlines to governmental and non-governmental organizations. Check the full story on Forbes Middle East #funding #startups #fintech #Forbesmiddleeast #forbes #investment #menastartups #saudiArabia #fundraising

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Saudi-Egyptian Collaboration: A Catalyst for Healthcare Transformation The combined power of Saudi and Egyptian markets presents a unique opportunity to revolutionize healthcare delivery through strategic investments in Fintech, Healthtech, and RegTech. By merging these technologies, we can: * Expand Healthcare Access: Invest in telemedicine infrastructure to connect rural and underserved communities, bridging the gap in healthcare access. * Enhance Affordability: Develop innovative Fintech solutions to provide flexible payment options and insurance products, making healthcare more affordable for citizens. * Improve Efficiency: Leverage AI and automation through Healthtech and RegTech to streamline administrative tasks, reduce costs, and optimize resource allocation. * Foster Innovation: Create a collaborative ecosystem for startups and researchers to develop groundbreaking healthcare solutions. Together, Saudi Arabia and Egypt can build a world-class healthcare system that prioritizes patient care, accessibility, and affordability. Let's harness the potential of these technologies to create a healthier future for both nations! #SaudiArabia #Egypt #healthcare #fintech #healthtech #regtech #investment #collaboration #innovation #accessibility #affordability #efficiency

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Evolving Consumer Expectations Present Transformation Opportunities for Kingdom of Saudi Arabia’s Banks and Fintechs – New Capco Survey https://lnkd.in/duV6XJqs #2024Trends #blockchain #banking #futuretechnology #financetechnology

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Saudi 🇸🇦 BNPL player Tabby is to acquire digital wallet Tweeq, the acquisition will enable Tabby to expand its financial product suite with Tweeq’s digital #wallet to offer its customers #digital #spending accounts, #cards and money management tools. Founded in 2019 in the UAE by Hosam Arab, Tabby is a buy now pay later (#BNPL) #fintech with over $6 billion in annualised transaction volume. Meanwhile, Tweeq, founded in 2020 by Saeed Albuhairi and Abdulaziz AlMalki, offers a spending account that allows customers to spend, send, and manage their #money. 🚀 The proposed acquisition by Tabby follows a financing round in December which saw the firm secure $700 million in debt financing from JPMorgan and extend its series D round to $250 million. Read more: https://lnkd.in/euPhusZQ

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Saudi Arabia’s digital revolution in banking has significantly enhanced the nation’s economic landscape, facilitating effortless financial transactions for customers. Speaking to Arab News, partner Fabrice Franzen highlighted that the Kingdom has been one of the first countries to issue full digital banking licenses without branches, supported by SAMA’s promotion of the digital bank model. He emphasized that this development will foster competition, drive innovation, and enhance customer experience. Franzen also noted SAMA’s active support for the fintech scene, providing diverse licensing options, and the role of local investors in funding fintech ventures. He pointed out that customers now expect digital banking services that match the convenience of other mobile solutions, particularly benefiting those in remote areas with fewer branches. Read the full article: https://atbain.co/4cJxWdn

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Saudi Arabia FinTech Ecosystem Mapping Saudi Arabia has a variety of advantages when it comes to FinTech growth. In addition to a young population (two-thirds below 35 years), large market size (35 million people), and OECD membership, Saudi Arabia’s tech sector has a large ecosystem of stakeholders ready to invest and support entrepreneurs. Accelerators, such as Taqadem, Badir, Flat6Labs, and even MIT’s Enterprise Forum Arab Startup Competition, are crucial to early-stage growth, giving fintechs the opportunity to test and tweak their product. These accelerators also give fintechs metrics of their product’s viability which they can show to investors. Raising earlystage capital is particularly crucial for fintechs operating in regulated verticals in order to obtain the necessary financing to satisfy the regulators’ capital requirements to obtain the license. Endeavor recently published a report on the Riyadh Tech Sector which maps out accelerators, funds, and support organizations facilitating tech entrepreneurship in Saudi Arabia’s capital. Vision 2030, the national strategy for diversifying the Kingdom’s economy, essentially calls for an all-hands-on-deck approach to spurring fintech growth to reach 525 fintechs by the year 2030. SAMA, CMA, the Financial Sector Development Program, and government-sponsored initiatives such as Fintech Saudi are vital elements of that strategy. Total Capital Raised by Segment 2017-2022 A snapshot of the FinTech sector below shows that many companies remain small, while a few have grown substantially in terms of number of employees. The largest players by employee size – such as Foodics, geidea, Emkan Finance, PayTabs, Hala, among others – raise some of the sector’s largest rounds, generate high transaction volume, and have the highest rates of gender diversity. Raising capital is a crucial part of startup growth, particularly in FinTech where international competition is tough. Broken down by segment, Lending companies have captured 51% of total financing raised, followed by Payment services, which have raised 26%. These two segments raised large rounds in 2021 and 2022, such as a US$110 million Series A and a US$100 million Series B both raised by Tamara, a Lending startup founded by entrepreneurs Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Al Babtain. Payments companies such as PayTabs and Geidea have captured large amounts of financing. InsurTech companies are raising large rounds as well as they transform a traditional industry by applying digital models to partially or fully analog firms. Catalyzed by the pandemic-induced push towards digitization and technology adoption, InsurTech is a small but growing sector with a large market potential. Startups such as Rasan, an InsurTech startup led by Founder and CEO Moayad Alfallaj which raised a US$24 million Series A round led by Impact46, is one of the success cases of InsurTech. Source Endeavor #fintech #saudiarabia #payments

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💥2024 #KSA Banking Sentiment Index💥 Unveiling Saudi Arabia's Banking Landscape 💡 PwC Middle East and DataEQ have released a comprehensive analysis of the Saudi Arabian banking sector, offering valuable insights into customer sentiment and industry trends. This report, based on 62,800 public mentions from May to December 2023, provides a crucial snapshot of the evolving financial services landscape in the Kingdom. Key Highlights: 📊 alrajhi bank dominates with 39.9% share of voice, followed by Alinma Bank at 23.9%. 📈 Industry net sentiment improved slightly from -0.8% to 0.1% year-on-year. 📱 Digital channels saw a 6.5 percentage point increase in conversation share. ⏱️ 84.3% of customer service complaints related to slow turnaround times 🚫 Downtime remains the primary risk factor, increasing by 5.6 percentage points 💼 57.1% of priority customer mentions received a public response within 2.4 hours on average. The report highlights the growing preference for digital banking solutions while exposing persistent operational challenges. As Saudi banks continue to align with Vision 2030, how can they balance digital innovation with improved customer service to meet evolving expectations? Thank you to the teams at PwC Middle East ( Mark Stanley , Jean Abou Assi , Wissam Hajjar , Afaq Qazi ) and #DataEQ ( Jamie Botha , Melanie Malherbe ) for providing these valuable insights into the KSA banking sector. #SaudiBanking #FinTech #CustomerExperience #DigitalTransformation #Vision2030 #Babking #Customer #KSA

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This is a good development, 96% of global central banks are piloting or studying the use of central bank digital currencies. Pakistan's is typically behind the curve on technology. I think any progress in the region in general and in Saudi Arabia in particular would help adoption in Pakistan as well. Perhaps soon IMF would give Pakistan some technical assistance for CBDC and digital assets as well.

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Saudi Arabia's Open Banking Evolution Led by #SAMA and #Fintech Leaders #OpenBanking is revolutionizing the financial ecosystem in Saudi Arabia. Abdulla Al-Moayed, CEO of #Tarabut, lauds SAMA's progressive approach, which began in May 2022. This technology promises to improve financial services accessibility and spur innovation through standardized APIs. For more information, visit Saudi Business News. Link in bio. #SaudiBusiness #SaudiNews #Vision2030 #SaudiArabia #FinancialTechnology #Banking #APIs #DigitalEconomy #Innovation #Fintech #SAMA #Tarabut #MoneyHash #FinancialInclusion #DataSecurity

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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. Check out Fintech Saudi’s full report for insights on what’s driving this explosive growth and how to tap into the opportunity here ➡️: https://lnkd.in/gDtFMvry #fintech #digitalpayments #digitalfinance #BNPL #openbanking #Saudi

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Shorooq Partners announces the first close of our $100 million second private credit fund, Nahda Fund II, marking a significant milestone in their mission to foster innovation and growth within the #MENA tech ecosystem. Building on the success of their first fund, which established new benchmarks as the region's inaugural tech-focused private credit fund, Shorooq Partners are reaffirming their dedication to driving economic development and supporting groundbreaking advancements across the Middle East and North Africa. With Nahda Fund II, they aim to continue empowering visionary entrepreneurs and catalyzing transformative projects that will shape the future of the region’s tech landscape. Read more: https://lnkd.in/dSvD8ZYh Shorooq Partners, Shane Shin (شين شن) 유근, Nathan Yonghyun Kwon #ShorooqPartners #PrivateCreditFund #MENA #TechEcosystem #Innovation #Entrepreneurship #ShorooqPartners #tech #investments #Entrepreneurship #venturecapital #venturedebt #privatecredit #privateequity #ksa #uae #riyadh #abudhabi #dubai #founders #startups #wearehiring #jobs #spotlight #shorooq #alternativeinvestments #fundmanager #FintechnewUAE

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We’re thrilled to announce that our CEO, Haitham Al Sahfy, will be speaking on the Fintech Fusion Stage at 24 Fintech 2024 in Riyadh. Join him on Wednesday, September 4th, 2024, from 13:35 to 14:00 as he shares his insights on the panel: "Building the Future: Inside the World of Fintech Venture Builders." In this session, Haitham, alongside other innovative leaders, will explore how fintech venture builders conceive, nurture, and scale disruptive startups—from ideation to execution. If you’re an entrepreneur, don’t miss this opportunity. You will gain valuable insights into opportunities for collaboration with venture builders and how these partnerships can drive the future of fintech. Don’t miss this chance to learn from Haitham’s expertise and vision! #KSA #fintacticsventures #24fintech

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𝐒𝐭𝐫𝐞𝐧𝐠𝐭𝐡𝐞𝐧𝐢𝐧𝐠 𝐒𝐚𝐮𝐝𝐢 𝐀𝐫𝐚𝐛𝐢𝐚'𝐬 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐄𝐜𝐨𝐧𝐨𝐦𝐲: 𝐓𝐡𝐞 𝐋𝐚𝐮𝐧𝐜𝐡 𝐨𝐟 𝐭𝐡𝐞 𝐍𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐃𝐚𝐭𝐚 𝐁𝐚𝐧𝐤 The National Data Bank (NDB), under the auspices of the Saudi Data and Artificial Intelligence Authority (SDAIA), reaffirmed its commitment to enhancing data quality and promoting data sharing across Saudi Arabia. This initiative aims to empower a data-driven digital economy, serving as a critical resource for national decision-making. 𝐊𝐞𝐲 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬: o  NDB operates several digital platforms, including Data Lake, Data Analytics Labs, Data Marketplace, National Data Catalog, and Open Data Portal, facilitating efficient data management and sharing. o  Data Lake: Integrates data from over 325 government systems with continuous updates, aiming to become the unified data source in Saudi Arabia, significantly reducing costs related to inter-entity data exchange. o  Data Analytics Labs: Provides government employees access to advanced AI technologies for data analysis and report generation, enhancing their analytical capabilities. o  Data Marketplace: Automates data-sharing processes, offering over 420 services that allow entities to browse and subscribe according to national governance policies, fostering investment in data. o  National Data Catalog: Documents metadata from over 370 systems, helping users quickly search and understand national data assets, expediting analysis and effective policy management. o  Open Data Portal: Empowers individuals and entities, hosting over 9,400 datasets for entrepreneurs to create digital products, thereby stimulating the Kingdom’s digital economy. 𝐖𝐡𝐲 𝐈𝐭 𝐌𝐚𝐭𝐭𝐞𝐫𝐬: By enhancing data accessibility and quality, the NDB supports both the public and private sectors in making informed decisions, thereby driving innovation and economic growth. The NDB has achieved significant milestones, including being named the Best Technology Project in Saudi Arabia for 2022 . NDB’s integration of AI and big data technologies improves the accuracy of analysis and forecasting, supporting critical applications across sectors. By facilitating data-driven decision-making and empowering entrepreneurs, NDB is crucial for shaping a sustainable and innovative digital economy in Saudi Arabia. #DataDrivenEconomy #SaudiArabia #NationalDataBank #DigitalTransformation #AI #SDAIA #Innovation #BigData #EconomicGrowth https://lnkd.in/dxGbQhxa Disclaimer: The Content in this post is for informational purposes only derived from references and does not constitute any professional advice. We do not claim ownership of any data or Information referenced.

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When Saudi Arabia-based Tabby — one of the Middle East’s first fintech unicorns — announced it was acquiring startup Tweeq, it turned heads among venture capitalists eyeing investment opportunities in the kingdom. The deal, which will see Tabby buy the digital-wallet operator for an undisclosed sum, was viewed as fresh evidence that Saudi Arabia’s startup market is maturing and may start to give VCs more strategies for exiting their investments, investors said at the 24 Fintech conference in Riyadh last week. “Successful startup ecosystems are flywheels and startup exits are a key cog,” said Alexandre Lazarow, global venture capitalist and founder of Fluent Ventures. “They help return capital to investors and catalyze new generations of angel investors.” “One of the things that’s exciting about the Saudi market today is the early but increasing amount of technology IPOs and M&A, including in fintech,” Lazarow said, stressing the importance of a viable path to exiting investments in Saudi Arabia as it navigates the early stages of developing its VC market. Saudi Arabia has emerged as one of the hottest markets among emerging VC countries in recent years. It trailed only Singapore in the first half of 2024, with more than $400 million in funds raised, and ranked the highest in the Middle East and North Africa. The country last year overtook the UAE as the top destination for VC investment in the Middle East for the very first time. Saudi company Rasan Information Technology Co., which operates online insurance platforms such as Tameeni and Treza, was among the first local fintech firms to go public in the kingdom. It raised $224 million in June and has seen its share price climb more than 43% since its trading debut. The UAE has historically been the most advanced venture market in the region, with investments dating back to 2013 and 2014, according to VC data firm MAGNiTT. The country has accounted for around 45% of all M&A deals closed in MENA since 2019. But Saudi Arabia is starting to catch up on M&A in particular; 19% of transactions done last year in the region were in the kingdom, Magnitt said. “The window for exit activity in Saudi Arabia is likely to come into fruition in the next 2-3 years,” said Magnitt Chief Executive Officer Philip Bahoshy. “It takes between 7-8 years for a company in MENA to achieve an exit.” Read it here, from myself and Fahad Abuljadayel

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