Saud AlSultan

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

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Customer experience is emerging as a key differentiator in the KSA banking ecosystem. As customer expectations evolve and digital transformation accelerates, delivering seamless, personalized, and efficient CX is not just an advantage; it's a necessity for banks aiming to stay competitive and build lasting relationships in this dynamic market. #pwc #digitalbanking #ksa Mark Stanley Wissam Hajjar Afaq Qazi Anna Martin Omair Afzal Elias Kallab Imad Kaddoura

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Exploring BSF's Strategic Vision with CEO Bader Al Salloom I had the pleasure of speaking with Bader Al Salloom, the CEO of Banque Saudi Fransi (BSF), who brings extensive experience from his time as BSF’s Director of Wholesale Banking and acting CEO Under his leadership, BSF is embracing a future-focused strategy, recently highlighted by its rebranding as BSF to reflect its commitment to digital innovation, operational efficiency, and customer service excellence During our interview, we covered several pivotal topics: Technological Advancements: BSF is investing heavily in fintech collaborations, AI integration, and open banking initiatives to stay competitive. The bank is also pioneering digital tools like Banking-as-a-Service (BaaS) to better serve its clients Sustainability & ESG Integration: Al Salloom emphasized BSF’s strides in integrating Environmental, Social, and Governance (ESG)criteria into its credit and operational frameworks, ensuring sustainable growth. Privatization Support: BSF is playing a key role in Saudi Arabia’s privatization drive by partnering with the National Center for Privatization (NCP), facilitating public-private partnerships to fuel the Kingdom’s Vision 2030 goals. I look forward to sharing more insights from this conversation in The Report: Saudi Arabia 2024. Stay tuned! #DigitalTransformation #ESG #BankingInnovation #Vision2030 #BSF #TheReport2024

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🚨 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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𝗦𝘂𝗺𝗺𝗮𝗿𝘆 𝗼𝗳 𝗦𝗔𝗠𝗔'𝘀 𝗘𝗹𝗲𝗰𝘁𝗿𝗼𝗻𝗶𝗰 𝗪𝗮𝗹𝗹𝗲𝘁 𝗥𝘂𝗹𝗲𝘀 The Saudi Central Bank (SAMA) has introduced the Electronic Wallet Rules to strengthen the regulatory framework for digital payments and enhance the security, transparency, and efficiency of electronic wallet services. These rules set clear requirements for licensed companies and ensure alignment with best practices in financial services. 💡 𝗞𝗲𝘆 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀 𝗼𝗳 𝘁𝗵𝗲 𝗥𝘂𝗹𝗲𝘀: 𝙎𝙘𝙤𝙥𝙚 𝙤𝙛 𝘼𝙥𝙥𝙡𝙞𝙘𝙖𝙩𝙞𝙤𝙣: • Applicable to SAMA-licensed entities providing electronic wallet services in Saudi Arabia. 𝙍𝙚𝙦𝙪𝙞𝙧𝙚𝙢𝙚𝙣𝙩𝙨 𝙛𝙤𝙧 𝙒𝙖𝙡𝙡𝙚𝙩 𝙊𝙥𝙚𝙧𝙖𝙩𝙞𝙤𝙣𝙨:  • Clear classification of wallets for individuals, minors (through guardians), businesses, and entities like public benefit committees and endowments. • Mandatory verification processes, including linking IDs to wallets and validating user contact details. 𝘿𝙖𝙩𝙖 𝙈𝙖𝙣𝙖𝙜𝙚𝙢𝙚𝙣𝙩 𝙖𝙣𝙙 𝘾𝙤𝙢𝙥𝙡𝙞𝙖𝙣𝙘𝙚: • Periodic updates to client data every three years or as required. • Robust fraud prevention mechanisms with compliance oversight. 𝙄𝙣𝙖𝙘𝙩𝙞𝙫𝙚 𝙒𝙖𝙡𝙡𝙚𝙩𝙨: • Defined as dormant (12 months inactivity), unclaimed (24 months), and abandoned (60 months). Each category has specific handling procedures under senior management and compliance supervision. 𝙅𝙪𝙙𝙞𝙘𝙞𝙖𝙡 𝘾𝙤𝙢𝙥𝙡𝙞𝙖𝙣𝙘𝙚: • Execution of court orders for disclosure, asset seizure, and blacklisting. • Ensures confidentiality and compliance with legal limits on fund seizures. 𝘼𝙣𝙩𝙞-𝙈𝙤𝙣𝙚𝙮 𝙇𝙖𝙪𝙣𝙙𝙚𝙧𝙞𝙣𝙜 (𝘼𝙈𝙇) 𝘾𝙤𝙢𝙥𝙡𝙞𝙖𝙣𝙘𝙚: • Strong identity verification for single-payment contracts and proactive measures against financial crimes. ________________________________________ 𝗜𝗺𝗽𝗮𝗰𝘁 𝗼𝗻 𝘁𝗵𝗲 𝗦𝗲𝗰𝘁𝗼𝗿: These rules are a significant step towards ensuring the stability and integrity of the electronic payments ecosystem in Saudi Arabia. They emphasize consumer protection, robust governance, and the importance of compliance in fostering trust and innovation in the financial sector. 🚨 𝙇𝙞𝙘𝙚𝙣𝙨𝙚𝙙 𝙚𝙣𝙩𝙞𝙩𝙞𝙚𝙨 𝙢𝙪𝙨𝙩 𝙘𝙤𝙢𝙥𝙡𝙮 𝙬𝙞𝙩𝙝 𝙩𝙝𝙚𝙨𝙚 𝙧𝙪𝙡𝙚𝙨 𝙬𝙞𝙩𝙝𝙞𝙣 90 𝙙𝙖𝙮𝙨 𝙤𝙛 𝙥𝙪𝙗𝙡𝙞𝙘𝙖𝙩𝙞𝙤𝙣. 𝙁𝙤𝙧 𝙨𝙩𝙖𝙠𝙚𝙝𝙤𝙡𝙙𝙚𝙧𝙨, 𝙩𝙝𝙞𝙨 𝙢𝙖𝙧𝙠𝙨 𝙖𝙣 𝙤𝙥𝙥𝙤𝙧𝙩𝙪𝙣𝙞𝙩𝙮 𝙩𝙤 𝙖𝙡𝙞𝙜𝙣 𝙤𝙥𝙚𝙧𝙖𝙩𝙞𝙤𝙣𝙨 𝙬𝙞𝙩𝙝 𝙩𝙝𝙚 𝙣𝙚𝙬 𝙛𝙧𝙖𝙢𝙚𝙬𝙤𝙧𝙠 𝙖𝙣𝙙 𝙘𝙤𝙣𝙩𝙧𝙞𝙗𝙪𝙩𝙚 𝙩𝙤 𝙖 𝙧𝙚𝙨𝙞𝙡𝙞𝙚𝙣𝙩 𝙖𝙣𝙙 𝙨𝙚𝙘𝙪𝙧𝙚 𝙙𝙞𝙜𝙞𝙩𝙖𝙡 𝙚𝙘𝙤𝙣𝙤𝙢𝙮. Dr. Abhishek Jajoo Komal Dhoot Vivek Mundhra Rizwan khan Ajit Jain CA Gaurav B. P Satish Menon Rajkumar TR Rupesh Jalan #AJMSGlobal #DigitalPayments #FinancialRegulations #Compliance #SaudiArabia

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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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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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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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KSA Fintech oCX Report 🚀 Get the inside scoop on Saudi Arabia’s fintech ecosystem! 🌟 From top-performing apps like Mobily Pay, and Alinma Bank Pay E-Wallet, we’ve analyzed key trends shaping customer experiences over the past year. 💡 Highlights: - October was a standout month, achieving an average oCX score of 49, while January saw a steep decline due to widespread app crashes and functionality issues. 📉 - Service Continuity was the most discussed topic, receiving a mix of positive and negative feedback. - Updates received the most criticism, with 66% negative sentiment, as users faced frustrations with app reliability and unnecessary changes. 📺 Take a look at the video for a closer look at customer experiences, app performance, and stay tuned for more reports from KSA! #Fintech #CustomerExperience #KSA

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8 out of 10 saudis now handle their banking through mobile apps. This shift in how customers deal with banking is just one part of the huge changes happening in Saudi Arabia’s retail banking scene. This report looks into the reasons behind these changes and other emerging trends. Here are my main takeaways: 🔶 The Saudi government is actively supporting the development of new digital banking services to align with the Vision 2030 initiative. 🔶 The demographic shifts play a role too. More women are financially independent, and the tech-savvy youth wants smarter, more personalised banking. 🔶 Customers are getting more comfortable with using AI to help with their financial decisions. About 68% of respondents are okay with AI’s recommendations. 🔶 57% of customers prefer to use digital wallets as a payment method. 🔶 More customers are using financial management tools. 86% want apps that give a complete view of their finances, and 84% are looking for personalized insights. 🔶 Even though people are generally satisfied with their current banks, 44% might switch in the next year for better services and offers. Banks will need to update their systems and use AI in a responsible way to meet these changing customer needs. #Fintech #banking #Digital

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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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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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Islamic Banking terminology made clear. In my early days in the UAE, I used to feel intimidated by Islamic banking terms. If like the old me you are overwhelmed, go through ruya glossary and other posts and experience transparency of Islamic banking

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Excited to attend the Summit! Looking forward to insightful discussions on digital innovation and how we can continue to drive innovation in the financial sector. #FutureBanks #DigitalBanking #Innovation #Saudi

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The Saudi Central Bank – SAMA has launched “𝐍𝐚𝐪𝐝,” a digital platform designed to facilitate government banking services. This platform allows government agencies to securely access their accounts at the central bank and conduct financial transactions digitally. Read more: https://lnkd.in/dYzBQ5Fi Sigha Al-Shammari | Maha Alghamdi #Saudicentralbank #Naqd #Platform #Digitalbanking #Government #Services #Financial #Innovation #Digitaltransformation #Fintech #SAMA #Government #Efficiency #Securebanking #Realtimemonitoring #Financialtechnology

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