Latest news with #BankAlJazira
Arabian Post
a day ago
- Business
- Arabian Post
MoneyGram Enhances Cross-Border Payments with New Saudi Deal
Arabian Post Staff -Dubai MoneyGram, a global leader in digital payments, has announced the resumption of its money transfer services through a newly reinvigorated partnership with Bank AlJazira, one of Saudi Arabia's prominent banking institutions. This move marks a significant step in advancing the Kingdom's financial landscape, offering seamless physical and digital cross-border money movement solutions across the country. The collaboration will allow MoneyGram to leverage Bank AlJazira's expansive network of physical locations, ensuring that customers in Saudi Arabia can send and receive funds swiftly and securely. It also highlights the growing importance of digital channels in a nation increasingly shifting toward a more digitally integrated economy. The resumption of these services comes at a crucial time, with Saudi Arabia's Vision 2030 blueprint pushing for greater financial inclusion and a more robust digital ecosystem. ADVERTISEMENT MoneyGram has long been a key player in the cross-border payments industry, with its services spanning more than 200 countries and territories. In Saudi Arabia, the company is now positioned to meet the demands of an expanding customer base that increasingly seeks more accessible, secure, and instantaneous ways to transfer funds internationally. The partnership with Bank AlJazira, a major player in Saudi's banking sector, offers a wide-reaching solution for those in the Kingdom who rely on international money transfers for both personal and business purposes. Saudi Arabia has long been one of the largest remittance markets globally, with millions of people relying on money transfer services to send funds to family members overseas. Saudi Arabia's vision to become a global financial hub in the region has paved the way for international financial institutions to enter the market, forming partnerships to enhance the ease of conducting international transactions. The latest collaboration between MoneyGram and Bank AlJazira exemplifies this trend, aligning with the Kingdom's ongoing push to modernise financial infrastructure, streamline cross-border payments, and ensure broader access to digital services. The financial ecosystem in Saudi Arabia is rapidly evolving. The country's push for digital transformation is supported by extensive government initiatives, including the Saudi Payments Company and the Financial Sector Development Programme. These initiatives aim to facilitate a more secure, transparent, and inclusive financial landscape. As part of this ongoing transformation, the re-establishment of MoneyGram's services through a leading bank like AlJazira offers not only more efficient payment processing but also greater accessibility to the broader public. MoneyGram's digital capabilities will complement Bank AlJazira's offerings, ensuring that both physical and digital touchpoints are well-integrated for consumers who demand flexibility in their money transfers. This move also benefits both businesses and individuals, particularly those who may prefer using mobile apps or websites to send money to and from international locations. The recent resumption of services takes place amidst growing competition in the cross-border payment space. With numerous global players, including Western Union, PayPal, and emerging fintech startups, expanding their presence in Saudi Arabia, MoneyGram's ability to leverage a strong local partnership enhances its positioning in the market. The company's collaboration with Bank AlJazira provides it with an opportunity to tap into a network of customers who value both security and convenience. Bank AlJazira, with its strong reputation in the Kingdom, offers a well-established platform that can seamlessly integrate with MoneyGram's international remittance network. This partnership will allow consumers and businesses alike to experience an enhanced service offering, particularly in terms of speed and ease of access to funds. With a robust infrastructure already in place, this new initiative seeks to further enhance the efficiency of cross-border payments for people within and outside Saudi Arabia. With Saudi Arabia focusing on economic diversification and growing international trade partnerships, the enhanced digital and physical money transfer services come at an opportune moment. The Kingdom's ambitious Vision 2030 plan, which includes bolstering the digital economy and expanding financial services, presents a dynamic backdrop for collaborations like this. By tapping into the burgeoning digital economy, MoneyGram and Bank AlJazira are aligning themselves with the country's long-term goals.
Zawya
2 days ago
- Business
- Zawya
MoneyGram and Bank AlJazira partner to expand cross-border money movement in Saudi Arabia
RIYADH, Kingdom of Saudi Arabia: MoneyGram, a leading global payments network for consumers, businesses and communities, today announced resuming money transfer services with Bank AlJazira, a leading bank in Saudi Arabia. This partnership expands access to physical and digital cross-border money movement solutions across the Kingdom, supporting Saudi Arabia's Vision 2030 and its goal of building an inclusive, digitally empowered economy. Now, Bank AlJazira's customers can send money to over 200 countries and territories via the bank's digital channels or at FAWRI Retail locations where they can also receive money across the Kingdom, providing convenience for Saudi nationals, residents and visitors. Powered by MoneyGram's global payments network and world-class APIs, customers benefit from a range of transfer methods, including bank accounts, mobile wallet and cash pick up. This announcement of receive service supports millions of visitors who travel to Saudi Arabia year-round for Hajj and Umrah pilgrims, business or tourism. This highlights MoneyGram's strategic focus on enabling inbound remittance services into the Kingdom and serving a broad range of customers from around the world. 'Over the past decade, MoneyGram has partnered with the Kingdom's leading fintechs, mobile wallets and banks to deliver a broad range of cross-border solutions,' said Ahmed Aly, Head of Middle East, South Asia & Asia Pacific at MoneyGram. 'Today, we're proud of our partnership with Bank AlJazira – a trusted brand with strong technological capabilities – to advance our mission of connecting the world by making the movement of money across borders seamless, affordable and reliable for everyone.' Recipients of funds sent from Saudi Arabia will benefit from flexible payout options – whether picking up cash at one of MoneyGram's 480,000+ global retail locations or receiving funds across five billion digital endpoints 'This collaboration delivers greater value to our customers by offering faster and more reliable international money transfer services. It strengthens our commitment to providing seamless and reliable financial solutions, ensuring we meet the evolving needs of our customers, both locally and globally,' said Fahad AlMuteri, Head of Digital Banking at Bank AlJazira. Remittances from Saudi Arabia rose to $4.13B in March 2024, marking a 29.61% year-on-year increase and the highest monthly level recorded in nearly nine years 1. Approximately 42% of the Kingdom's population are immigrants, many of whom have relocated for economic opportunities. These expatriates primarily send money to key remittance corridors, such as India, Indonesia, Pakistan, Bangladesh, Egypt and Yemen. -END- About MoneyGram MoneyGram connects the world by making the movement of money across borders seamless, affordable and secure for everyone. Each year, the company serves more than 50 million people in over 200 countries and territories. Headquartered in Dallas, Texas, with offices in 36 countries, MoneyGram is globally recognized for its high-performance culture and has been honored as a Top Workplaces USA award winner for four consecutive years. MoneyGram Media Contact media@ About Bank AlJazira Bank AlJazira (BAJ) is recognized as one of the leading Shariah compliant fast growing financial institutions in Saudi Arabia, client-driven and service-oriented Saudi Financial Group which provides individuals, businesses and institutions with innovative Shariah compliant financial services through professional and dedicated staff. 1 Arab News 'Saudi Arabia's expat remittances hit near 9-year high at $4.13bn in March'
Argaam
02-07-2025
- Business
- Argaam
Morgan Stanley Saudi Arabia to act as market maker for 38 Nomu stocks
The Saudi Exchange (Tadawul) approved today, July 2, Morgan Stanley Saudi Arabia's request to conduct market-making activities on 38 companies listed on the Nomu-Parallel Market, starting July 3. Tadawul noted that Morgan Stanley Saudi Arabia will adhere to the existing market-making rules and procedures. The Tadawul-listed companies are Bank AlJazira, BSF, Arab National Bank (ANB), Saudi Steel Pipe, Seera Group Holding, Al Mawarid Manpower, SABIC Agri-Nutrients, Marafiq, Saudi Arabian Amiantit, Tanmiah Food, United Electronics, United International Holding, Red Sea International, CATRION, National Agricultural Development, Allied Cooperative Insurance Group, Anaam International Holding Group, Al-Rajhi Company for Cooperative Insurance, and CHUBB Arabia Cooperative Insurance. In Nomu, the companies under coverage are Arabian United Float Glass, Arabian Plastic Industrial, Al-Razi Medical, Sama Healthy Water Factory, Qomel, Sure Global Tech, Academy of Learning, Watani Iron Steel, Ghida Alsultan for Fast Food, Tam Development, Yaqeen Capital, Lana Medical, Al-Modawat Specialized Medical, Enma AlRawabi, Mohammed Hasan AlNaqool Sons, Balady Poultry, Alfakhera for Mens Tailoring, and Arabica Star .
Zawya
25-06-2025
- Business
- Zawya
Tech firm Ejada Systems plans to reapply for Saudi listing: Bloomberg
Ejada Systems Ltd. is planning to reapply with Saudi Arabia's market regulator for its initial public offering after its six-month window to list lapsed, according to Bloomberg. The company will provide updated financial disclosures to the Capital Market Authority (CMA) when it reapplies, Bloomberg reported. However, the report did not mention any reason for the delay. Ejada Systems announced plans to offer 20.25 million shares, representing 45% of the company's share capital in its IPO, in December 2024. In October, Bloomberg said the IPO valuation could reach $1.5 billion, with Goldman Sachs Group Inc. and Al Rajhi Capital hired to arrange the offering. Saudi-listed Al Rajhi Bank is the largest shareholder in Ejada, holding 86% shareholding. Another listed lender, Bank Al Jazira, owns 10%, while Walaa Alghad Fund holds 4%.
Argaam
25-03-2025
- Business
- Argaam
CMA approves Bank AlJazira's 25% capital hike via bonus issue
The Capital Market Authority (CMA) approved today, March 25, Bank AlJazira 's request to increase its capital from SAR 10.25 billion to SAR 12.81 billion through 25% bonus share distribution at 1-for-4 shares. Eligible shareholders are those registered with the Securities Depository Center Co. (Edaa) by the close of the second trading day after the record date, which will be determined later by the bank's board. The capital top-up will be funded by transferring SAR 1.28 billion from the statutory reserve account and SAR 1.28 billion from the retained earnings account to Bank AlJazira's capital. The deciding extraordinary general meeting (EGM) must be held within six months of the CMA's approval date. The bank is required to comply with all regulatory requirements and applicable laws. According to data available with Argaam, Bank AlJazira's board of directors recommended in February a 25% capital top-up from SAR 10.25 billion to SAR 12.81 billion, through a 1:4 bonus issue, as shown below:
