Latest news with #FinancialSectorDevelopmentProgram
Saudi Gazette
18-06-2025
- Business
- Saudi Gazette
Alsulaiman Group acquires Taajeer Finance to lead digital transformation and growth in financial services
Alsulaiman Group, one of Saudi Arabia's leading family-owned conglomerates, has announced the acquisition of Taajeer Finance Company. This strategic move signifies the Group's official entry into the dynamic and rapidly growing financial services sector in the Kingdom. The acquisition comes at a time of accelerated transformation in Saudi Arabia's financial sector, fueled by increased investment in fintech and regulatory support from the Saudi Central Bank (SAMA), including initiatives like the Regulatory Sandbox. It also aligns with the Financial Sector Development Program under Vision 2030, which seeks to promote financial inclusion and expand access to digital financial solutions for individuals and businesses. Saud Alsulaiman, CEO of Alsulaiman Group, commented on the acquisition: 'Our acquisition of Taajeer Finance is a strategic step that reflects our belief in the financial sector's potential for innovation and growth. We aim to build a modern financing platform that delivers accessible, efficient, and smart solutions, empowering individuals and entrepreneurs, while also contributing to the Kingdom's Vision 2030 goals.' Through this acquisition, Alsulaiman Group seeks to create a fully integrated and innovative financial ecosystem. The Group plans to leverage its strengths in retail and digital transformation to deliver customer-centric financial solutions that will support national economic growth. Taajeer Finance, established in 1997 and known for its leadership in auto financing, is entering a new phase of transformation. The company will expand its offerings to include personal financing, lifestyle financing, and SME financing, further contributing to entrepreneurship and financial inclusion across the Kingdom. Taajeer will continue to serve customers through a hybrid model, integrating physical branches, digital channels, and smart tools such as its 'Rosom' bill payment service for fast and easy transactions. Faisal Malaeka, Chairman of the Board at Taajeer Finance, shared his thoughts on the acquisition: 'This marks a pivotal milestone in the company's journey. Over the past years, we have built a solid foundation of trust and leadership in the financing sector. Today, we embark on a new chapter of inclusive growth through our partnership with Alsulaiman Group. We are confident that this alliance will bring a qualitative leap in service and financial innovation in the Saudi market.' The acquisition strengthens Alsulaiman Group's diversified investment portfolio, which includes sectors such as retail, logistics, and real estate development. This move reinforces the Group's longstanding commitment to innovation, sustainable growth, and contributing to national economic development.
Saudi Gazette
18-06-2025
- Business
- Saudi Gazette
Alsulaiman Group acquires Taajeer Finance to lead digital transformation and frowth in financial services
Alsulaiman Group, one of Saudi Arabia's leading family-owned conglomerates, has announced the acquisition of Taajeer Finance Company. This strategic move signifies the Group's official entry into the dynamic and rapidly growing financial services sector in the Kingdom. The acquisition comes at a time of accelerated transformation in Saudi Arabia's financial sector, fueled by increased investment in fintech and regulatory support from the Saudi Central Bank (SAMA), including initiatives like the Regulatory Sandbox. It also aligns with the Financial Sector Development Program under Vision 2030, which seeks to promote financial inclusion and expand access to digital financial solutions for individuals and businesses. Saud Alsulaiman, CEO of Alsulaiman Group, commented on the acquisition: 'Our acquisition of Taajeer Finance is a strategic step that reflects our belief in the financial sector's potential for innovation and growth. We aim to build a modern financing platform that delivers accessible, efficient, and smart solutions, empowering individuals and entrepreneurs, while also contributing to the Kingdom's Vision 2030 goals.' Through this acquisition, Alsulaiman Group seeks to create a fully integrated and innovative financial ecosystem. The Group plans to leverage its strengths in retail and digital transformation to deliver customer-centric financial solutions that will support national economic growth. Taajeer Finance, established in 1997 and known for its leadership in auto financing, is entering a new phase of transformation. The company will expand its offerings to include personal financing, lifestyle financing, and SME financing, further contributing to entrepreneurship and financial inclusion across the Kingdom. Taajeer will continue to serve customers through a hybrid model, integrating physical branches, digital channels, and smart tools such as its 'Rosom' bill payment service for fast and easy transactions. Faisal Malaeka, Chairman of the Board at Taajeer Finance, shared his thoughts on the acquisition: 'This marks a pivotal milestone in the company's journey. Over the past years, we have built a solid foundation of trust and leadership in the financing sector. Today, we embark on a new chapter of inclusive growth through our partnership with Alsulaiman Group. We are confident that this alliance will bring a qualitative leap in service and financial innovation in the Saudi market.' The acquisition strengthens Alsulaiman Group's diversified investment portfolio, which includes sectors such as retail, logistics, and real estate development. This move reinforces the Group's longstanding commitment to innovation, sustainable growth, and contributing to national economic development.
Yahoo
16-05-2025
- Business
- Yahoo
Saudi Arabia Loan Aggregator Market Report 2025: Retail Digital Payments Hit 70% as Tech Adoption Transforms Saudi Financial Services - Competition, Forecast & Opportunities to 2030
Saudi Arabia's loan aggregator market, valued at USD 43.65M in 2024, is set to reach USD 63.78M by 2030, fueled by digital fintech growth and regulatory support. Key drivers include digital transformation and mobile banking adoption, while challenges remain in data security. Rising demand for Islamic finance and personalized loans enhances market potential. Major players like STC Pay and Lendo lead this evolving market. Saudi Arabian Loan Aggregator Market Dublin, May 16, 2025 (GLOBE NEWSWIRE) -- The "Saudi Arabia Loan Aggregator Market, By Region, Competition, Forecast & Opportunities, 2020-2030F" has been added to offering. The Saudi Arabian loan aggregator market, valued at USD 43.65 million in 2024, is expected to reach USD 63.78 million by 2030, growing at a CAGR of 6.58%. Significant growth is anticipated due to increased digitalization, fintech advancements, and regulatory backing from the Saudi Central Bank (SAMA). Consumers are increasingly using online platforms for seamless loan comparisons, enhancing market competition and transparency. As digital banking and AI-driven financial services become more prominent, user experience and loan accessibility are improving. The collaboration between banks, fintech firms, and aggregators is expected to further propel market expansion by offering personalized loan options and streamlining borrowing processes for individuals and businesses. The Saudi insurance sector also shows robust potential, with a 26.9% increase in Gross Written Premiums (GWP) reported by SAMA in 2022. The Financial Sector Development Program (FSDP) targets an increase in GWP as a share of non-oil GDP to 2.4% by 2025 and 4.3% by 2030, positioning it as a key contributor to the Saudi Arabia loan aggregator market. Key Market Drivers Digital Transformation and Fintech Adoption: Digital banking services have surged, integrating technology-driven solutions to enhance customer experiences. Loan aggregators now leverage AI, big data, and automation to provide tailored loan options, reducing the effort required to find suitable financing. By 2023, digital transactions accounted for 70% of retail payments, indicating a strong shift in consumer behavior and accelerating fintech adoption. Key Market Challenges Data Security and Privacy Concerns: Safeguarding sensitive consumer data remains a primary challenge. Despite SAMA's strict data protection regulations, maintaining robust cybersecurity frameworks is crucial for fintech companies and aggregators. Investments in encryption technologies and compliance with Saudi Arabia's Personal Data Protection Law (PDPL) are essential to building consumer trust. Key Market Trends Expansion of Islamic Finance Loan Aggregators: As a global hub for Islamic finance, Saudi Arabia sees growing demand for Shariah-compliant lending solutions. Loan aggregator platforms are incorporating Islamic finance products, leveraging AI-driven compliance checks and blockchain-based smart contracts, aligning with Saudi Arabia's Vision 2030 initiative. Key Market Players Creative Future for Digital Brokerage Lendo Saudi Arabia Foras Debt Crowdfunding Company Bonoky Digital Debt Crowdfunding Company (Raqamyah) Tamam Financing Co. Saudi Digital Payment Company (STC Pay) Amlak International Finance Company HALA Payments Company Tazapay Pte. Ltd. Report Scope Loan Type: Home Loans Credit Cards Personal Loan Auto Loan Others Mode of Operation: Online Offline Region: Northern & Central Western Southern Eastern Key Attributes: Report Attribute Details No. of Pages 81 Forecast Period 2024 - 2030 Estimated Market Value (USD) in 2024 $43.65 Million Forecasted Market Value (USD) by 2030 $63.78 Million Compound Annual Growth Rate 6.5% Regions Covered Saudi Arabia For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Saudi Arabian Loan Aggregator Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
Yahoo
16-05-2025
- Business
- Yahoo
Saudi Arabia Loan Aggregator Market Report 2025: Retail Digital Payments Hit 70% as Tech Adoption Transforms Saudi Financial Services - Competition, Forecast & Opportunities to 2030
Saudi Arabia's loan aggregator market, valued at USD 43.65M in 2024, is set to reach USD 63.78M by 2030, fueled by digital fintech growth and regulatory support. Key drivers include digital transformation and mobile banking adoption, while challenges remain in data security. Rising demand for Islamic finance and personalized loans enhances market potential. Major players like STC Pay and Lendo lead this evolving market. Saudi Arabian Loan Aggregator Market Dublin, May 16, 2025 (GLOBE NEWSWIRE) -- The "Saudi Arabia Loan Aggregator Market, By Region, Competition, Forecast & Opportunities, 2020-2030F" has been added to offering. The Saudi Arabian loan aggregator market, valued at USD 43.65 million in 2024, is expected to reach USD 63.78 million by 2030, growing at a CAGR of 6.58%. Significant growth is anticipated due to increased digitalization, fintech advancements, and regulatory backing from the Saudi Central Bank (SAMA). Consumers are increasingly using online platforms for seamless loan comparisons, enhancing market competition and transparency. As digital banking and AI-driven financial services become more prominent, user experience and loan accessibility are improving. The collaboration between banks, fintech firms, and aggregators is expected to further propel market expansion by offering personalized loan options and streamlining borrowing processes for individuals and businesses. The Saudi insurance sector also shows robust potential, with a 26.9% increase in Gross Written Premiums (GWP) reported by SAMA in 2022. The Financial Sector Development Program (FSDP) targets an increase in GWP as a share of non-oil GDP to 2.4% by 2025 and 4.3% by 2030, positioning it as a key contributor to the Saudi Arabia loan aggregator market. Key Market Drivers Digital Transformation and Fintech Adoption: Digital banking services have surged, integrating technology-driven solutions to enhance customer experiences. Loan aggregators now leverage AI, big data, and automation to provide tailored loan options, reducing the effort required to find suitable financing. By 2023, digital transactions accounted for 70% of retail payments, indicating a strong shift in consumer behavior and accelerating fintech adoption. Key Market Challenges Data Security and Privacy Concerns: Safeguarding sensitive consumer data remains a primary challenge. Despite SAMA's strict data protection regulations, maintaining robust cybersecurity frameworks is crucial for fintech companies and aggregators. Investments in encryption technologies and compliance with Saudi Arabia's Personal Data Protection Law (PDPL) are essential to building consumer trust. Key Market Trends Expansion of Islamic Finance Loan Aggregators: As a global hub for Islamic finance, Saudi Arabia sees growing demand for Shariah-compliant lending solutions. Loan aggregator platforms are incorporating Islamic finance products, leveraging AI-driven compliance checks and blockchain-based smart contracts, aligning with Saudi Arabia's Vision 2030 initiative. Key Market Players Creative Future for Digital Brokerage Lendo Saudi Arabia Foras Debt Crowdfunding Company Bonoky Digital Debt Crowdfunding Company (Raqamyah) Tamam Financing Co. Saudi Digital Payment Company (STC Pay) Amlak International Finance Company HALA Payments Company Tazapay Pte. Ltd. Report Scope Loan Type: Home Loans Credit Cards Personal Loan Auto Loan Others Mode of Operation: Online Offline Region: Northern & Central Western Southern Eastern Key Attributes: Report Attribute Details No. of Pages 81 Forecast Period 2024 - 2030 Estimated Market Value (USD) in 2024 $43.65 Million Forecasted Market Value (USD) by 2030 $63.78 Million Compound Annual Growth Rate 6.5% Regions Covered Saudi Arabia For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Saudi Arabian Loan Aggregator Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Arab News
27-04-2025
- Business
- Arab News
Saudi Arabia proposes lower bank guarantee requirements for finance licenses
RIYADH: Saudi Arabia is considering steps to lower the bank guarantee requirements for financial companies seeking licenses, part of efforts to bolster the Kingdom's financial sector. In a statement, the Saudi Central Bank, known as SAMA, said it has launched a public consultation on a draft update to the Finance Companies Control Law through the National Competitiveness Center's 'Istitlaa' platform. The draft proposes regulatory changes aimed at supporting sector growth and stability. The draft update highlights SAMA's ongoing efforts to support the financial sector's stability and growth by increasing the aggregate financing amount offered by a company. 'The update includes easing the requirements for companies applying for licenses by reducing the bank guarantees required to submit licensing applications,' said SAMA. It added: 'The update also includes a revision of relevant provisions stipulated by related parties and outlines cases of expiration of licenses granted to finance companies.' Under the draft, the minimum bank guarantee would be cut to 20 percent of the minimum required capital, compared to the current requirement of 100 percent, according to the regulatory proposal reviewed by Arab News. This change is designed to enable finance companies to provide more liquidity and raise their contribution to Saudi Arabia's gross domestic product. The draft also introduces clearer criteria for approving new activities by finance companies, requiring applicants to demonstrate adequate risk management frameworks, sufficient financial resources, and compliance with governance standards. It defines specific cases where licenses can be revoked, including prolonged inactivity or violation of regulatory obligations. The public comment period will be open for 30 days, after which SAMA will assess feedback before finalizing the new regulations. Strengthening the financial sector is a key priority under Saudi Arabia's Vision 2030. As part of this effort, the Kingdom launched the Financial Sector Development Program to transform its stock exchange into a strong, internationally competitive investment platform. In 2018, Saudi Arabia also introduced the Fintech Saudi initiative, helping the Kingdom emerge as a leading fintech hub in the Middle East by fostering innovation and expanding digital payments. SAMA has played a critical role in these initiatives, implementing progressive regulations, including a regulatory sandbox for supervised testing of advanced technologies and specialized licenses for fintech businesses.
