UK's NayaOne Launches Saudi's First Fully Hosted Fintech Infrastructure Platform
The launch marks NayaOne's official entry into the Saudi market and is designed to support financial institutions, including banks, insurers, and fintechs, in developing, testing, and deploying products within weeks.
Backed by the UK's Department for Business and Trade (DBT), the Saudi-hosted platform connects local institutions to both the domestic technology ecosystem and NayaOne's global network.
The platform provides access to synthetic data assets and modular testing environments aimed at reducing proof-of-concept cycles from months to days, while maintaining compliance and security standards.
NayaOne, which recently partnered with the UK's Financial Conduct Authority (FCA) and Nvidia to provide infrastructure for a new AI sandbox, is now expanding its presence in the Gulf.
The company sees this development as a key milestone in strengthening UK-Saudi ties in fintech.
'Hosting our platform inside the Kingdom removes data-sovereignty friction and lets institutions move from idea to execution in weeks,'
said Karan Jain, NayaOne's Founder and CEO.
'We are grateful to have flagship clients, partners like AstroLabs, support from the KSA ecosystem, and encouragement from the UK Government to grow our impact globally. At NayaOne, we look forward to helping other UK businesses who are interested in operating in KSA.'
Several Saudi financial institutions and fintech firms are already using the sandbox to test applications in areas such as embedded finance, SME lending, cybersecurity, remittances, and AI.
Additional participants are expected to join, further embedding the VDI platform as part of the country's financial innovation infrastructure.
UK Minister for Investment Baroness Gustafsson CBE said:
'The UK is home to some of the best tech businesses in the world, so I'm delighted that NayaOne will help boost financial innovation in KSA, reflecting the strength of UK-Saudi collaboration in digital and financial innovation. Our upcoming modern Industrial Strategy will be international from the start, working and deepening our partnerships with countries like Saudi Arabia to support our economic growth.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
2 hours ago
- Zawya
United Kingdom (UK) Reinforces Commitment to Ethiopia's Economic Growth and Reform, Eyeing Key Investment Sectors
The United Kingdom has significantly reinforced its commitment to boosting Ethiopia's economic landscape, with Baroness Jane Ramsey of Wall Health, the UK Prime Minister's Trade Envoy to Ethiopia, leading a crucial meeting with H.E. Semereta Sewasew, State Minister at the Ministry of Finance. As one of only 32 global Trade Envoys, Baroness Ramsey expressed her profound honor in her role and her eagerness to cultivate strong ties with Ethiopian partners and investors. The UK is keen to help Ethiopia expand and grow business and investment, aligning its support for Ethiopia's economic reform efforts with both multilateral and bilateral development initiatives. Discussions during the meeting centered on Ethiopia's evolving business environment, with Baroness Ramsey acknowledging notable improvements in the investment climate. H.E. Semereta Sewasew stressed the vital need for regulatory reforms, especially within the banking sector, alongside reforms in foreign exchange and governance, to foster a more open and competitive investment environment. The UK's interest in Ethiopia spans several key sectors that are ripe for collaboration and investment. In telecommunications, the UK considers the potential introduction of a third operator to be "very, very important," recognizing Ethiopia's vast population and the opportunity to serve up to 200 million users. This development could significantly enhance connectivity across the country. In the creative industries, a substantial investment of £120 million was discussed, aimed at supporting sustainable creative ventures. The goal is to help these industries expand and thrive, thereby promoting economic diversification and creating new jobs. The agro-industry sector also features prominently in the UK's investment plans. A notable example is a $300 million project focused on advancing crop production for dairy processing. The discussion highlighted that this initiative is currently assessing its environmental and social impacts and will begin with the development of processing plants in its pre-production phase. The UK is actively investing in this sector, aiming to boost agricultural productivity and add value through processing. Mining remains another key area, with gold mining specifically identified as a significant sector. This reaffirms the UK's ongoing commitment to investing and collaborating within Ethiopia's mining industry. In financial services, the UK expressed strong enthusiasm about engaging with Ethiopia's newly opened financial sector. Emphasizing the importance of a competitive regulatory framework, particularly within banking, the UK sees great potential for growth and modernization. Finally, progress was reviewed on major infrastructure projects, including new airports and Ethiopia Electric Power initiatives on the country's east side. Updates on the approval processes for these projects underscored the ongoing efforts to advance Ethiopia's infrastructure development. H.E. Semereta Sewasew acknowledged that these sectors represent vital opportunities for strengthening UK-Ethiopia partnerships, driving economic growth, and fostering sustainable development. Baroness Ramsey reiterated the UK's unwavering commitment to working closely with the Ethiopian government and stakeholders. She emphasized the importance of unlocking further investment and fostering a strong, mutually beneficial economic partnership, with the UK looking forward to continuing these vital discussions and collaborating on these important initiatives to support Ethiopia's economic development. Distributed by APO Group on behalf of Ministry of Finance, Ethiopia.
Al Etihad
3 hours ago
- Al Etihad
flydubai breaks ground on new aircraft maintenance centre at Dubai South
2 July 2025 16:01 DUBAI (ALETIHAD)flydubai, the Dubai-based carrier, has broken ground on its new aircraft maintenance centre at Dubai multimillion dollar facility, set to complete construction in the last quarter of 2026, will ensure an increased level of control and quicker maintenance turnaround for the carrier's growing over 32,600 square metres, the maintenance centre will house an aircraft hangar, support workshops and office buildings. The construction of the aircraft maintenance centre underscores flydubai's dedication to strengthening its inhouse capabilities, and reflects the carrier's growing maturity as it expands its fleet and groundbreaking ceremony was attended by a senior delegation led by Khalifa Al Zaffin, Executive Chairman of Dubai Aviation City Corporation and Dubai South, who joined Ghaith Al Ghaith, Chief Executive Officer of flydubai, as well as representatives from the Mohammed bin Rashid Aerospace Hub (MBRAH).Khalifa Al Zaffin, Executive Chairman of Dubai Aviation City Corporation and Dubai South, said: 'We are proud to witness the groundbreaking of flydubai's new aircraft maintenance centre at Dubai South, a key milestone that reflects the airline's continued growth and operational advancement. This facility reinforces our commitment to supporting the aviation sector through state-of-the-art infrastructure and to further positioning Dubai as a leading global hub for aviation.'Commenting at the ceremony, Ghaith Al Ghaith, Chief Executive Officer at flydubai, said: 'This investment marks a significant milestone for flydubai. Since launching operations in 2009, we have made great strides in enhancing connectivity and driving innovation, and the development of our new aircraft maintenance centre will play a key role in the next chapter of our growth journey. "This is a strategic step towards supporting our growing maintenance requirement and capacity as we take delivery of more aircraft, and reaffirms our long-term commitment to innovation, operational efficiency and supporting Dubai's position as a global leader in aviation and business excellence.'The carrier signed an agreement with MBRAH for its first purpose-built aircraft maintenance centre at the 2023 Dubai in Dubai South, the district offers an aviation and logistics ecosystem that makes it an ideal location for the carrier's facility. The maintenance centre will be situated near Al Maktoum International Airport (DWC), set to become the world's largest airport upon to support flydubai's ambitious growth plans, the new maintenance centre will be home to the carrier's expanding team of more than 600 skilled engineers working in line maintenance, technical services, materials and workshops, tasked with guaranteeing the safety and airworthiness of flydubai's offers global aerospace players investment opportunities, and is a free-zone destination for the world's leading airlines, private jet companies, MROs, and associated industries. Located in and developed by Dubai South, MBRAH is also home to maintenance centres and training and education campuses. It seeks to strengthen engineering industries to foster the emirate's vision of becoming a leading aviation has partnered with Group AMANA, a leading regional company that specialises in the design-build of industrial and commercial facilities, to deliver a modern facility built to the highest international standards in the heart of Dubai South. At the 2023 Dubai Airshow, flydubai placed its fourth order for 30 Boeing 787 Dreamliners. Today, the carrier has built a modern and efficient fleet of Boeing 737 aircraft, and is expected to receive more than 120 Boeing 737 MAX aircraft over the next decade.
Zawya
5 hours ago
- Zawya
Sterling nudges lower but still near multi-year highs, looking past UK politics
The pound eased a touch against the dollar on Wednesday but held near its near-four-year top hit the previous day, one of the many beneficiaries of the greenback's recent weakness. Investors by and large looked through political drama in Britain where Prime Minister Kier Starmer suffered the largest parliamentary rebellion of his premiership even as he was forced to back down on key parts of a benefit-cutting package. Markets this week were more focused on hints from Bank of England governor Andrew Bailey on Tuesday that the central bank could change the BoE's quantitative tightening process - the pace of which, analysts say, has been weighing on longer dated government bonds known as gilts. "The gilt market did not react negatively to the news from the Commons, at least partly thanks to Bank of England Governor Andrew Bailey hinting at a potentially slowing quantitative tightening to give some relief to back-end liquidity. That may have helped shield sterling, too," said Francesco Pesole, currency analyst at ING, in a note. Sterling was last down 0.35% on the dollar, largely moving in line with peers, as the dollar's recent decline paused for breath. The pound hit $1.3787 on Tuesday, its highest since autumn 2021. Other European currencies such as the euro and Swiss franc are also at their strongest in years. Sterling was also a touch weaker on the euro, which was up 0.15% at 85.98 pence, an over two-month high. There is little British economic data expected for the rest of the day, though policy maker Alan Taylor will speak at the ECB's central bank conference at Sintra, Portugal. Taylor voted for a rate cut at the central bank's last meeting in June, when the rate-setting monetary policy committee voted to keep rates steady. Market pricing indicates a good chance of a BoE rate cut at their meeting next month, though it is not yet fully priced in. (Reporting by Alun John Editing by Peter Graff)
