The Financial Services Sector in Saudi Arabia is undergoing unprecedented change driven by multiple shifts: in customer behavior, in regulatory and government environment and the emergence of new players like FinTechs and NFIs. These shifts are leading to many trends within the financial services industry including emergence of embedded financial services across non-financial customer journey, as well as the emergence of new business models. Embedded finance is about enabling any non-financial business to embed financial services (e.g., payments, lending, savings, insurance, etc) and offering a richer, a more seamless and convenient user experience to customers. We got to further explore the topic with Arjun Vir Singh on the sixth week of #fintechsummersessions24 the Embedded Finance ecosystem has different participants involved; including providers, enablers and embedders. each has a unique business model to engage seamlessly in the process. Unlike the usual narrative of competition between traditional and new banks, we examined examples of successful adoption from traditional banks responding to the opportunity of Embedded Finance. We also discussed the role of new technologies in shaping the future of financial services, as well as the associated risks . 💡Key highlight: Embedded finance can unlock a great opportunity for businesses in different sectors , yet there are many factors that need to be aligned together to realize the full potential.
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Sparking a new era of financial innovation in Saudi Arabia! 🚀 Empowering SMEs, pioneering digital payments, and modernizing financial services like never before. Are you ready to elevate your business to new heights? Contact us at info@tpsworldwide.com and join us in shaping the future of finance! #Vision2030 #Fintech #DigitalPayments #openbanking #FSDP #SMEs #TPSworldwide #TPS
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Looking forward to speaking at the 12th Saudi Trade Finance conference which has become a premium Trade and Supply Chain event in the kingdom... #sauditradefinance #STFSummit #TradeFinance #Innovation #SaudiArabia #InternationalTrade #Investments #STF #Networking #BusinessOpportunities.
With a remarkable 25-year career as a global leader in transaction banking and innovation, Wasif has been pivotal in establishing and growing Trade, Supply Chain Financing (SCF), and Transaction Banking across local and international banks. As the Chief Product and Technology Officer (CPTO) at a PIF Company, he has led his organizations to become market leaders by pioneering robust trade and transaction banking solutions. We’re honored to welcome Wasif Hasan, Chief Product and Technology Officer, Public Investment Fund (PIF) Portfolio Company, as a distinguished speaker at the 12th Annual Saudi Trade Finance Summit. A trusted figure in strategic digital transformation, Wasif excels in driving technology initiatives, fostering FI/Fintech partnerships, and delivering sophisticated financial solutions. He is a Certified Trade Finance Specialist, a PMP, and has completed Executive Education from MIT Sloan and an MS from KFUPM. As a recognized thought leader, he frequently speaks at renowned industry forums like 24 Fintech, GTR, and the World Fintech Show. His deep expertise and visionary insights will be invaluable to our summit discussions on the future of trade and technology in finance. The 12th Annual Saudi Trade Finance Summit is designed to bring together industry leaders, experts, and innovators for discussions on the newest trends and challenges in trade finance. With engaging conversations, informative presentations, and ample networking opportunities, this premier gathering of trade finance professionals promises to be a dynamic and valuable experience. Register your interest here: https://lnkd.in/gCwWkNgi 📅: Nov 6th - 7th, 2024 🏨: InterContinental Riyadh, KSA #sauditradefinance #STFSummit #TradeFinance #Innovation #SaudiArabia #InternationalTrade #Investments #STF #Networking #BusinessOpportunities
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The Payment Services Provider Regulations, issued by the Saudi Central Bank, encompass various payment activities such as executing and acquiring payment transactions, issuing payment instruments, e-wallet issuance, money remittance, cash withdrawal, payment initiation services, and account information services. Fintech companies have the option to apply for four distinct licenses: 1. Micro Payment Institution: Allows for all payment activities specified in the regulations except cross-border remittance and issuing e-wallets, with transaction value limitations. 2. Major Payment Institution: Permits all payment activities specified in the regulations except issuing e-wallets, with no transaction value restrictions. 3. Micro Electronic Money Institution (E-Wallet): Authorizes all payment activities outlined in the regulations, including e-wallet issuance, with transaction value constraints. 4. Major Electronic Money Institution (E-Wallet): Empowers all payment activities detailed in the regulations, including e-wallet issuance, with limitations on certain services like international transfers. Antares Consulting can help companies navigate the complexities of the Payment Services Provider Regulations issued by the Saudi Central Bank by providing comprehensive consultancy services tailored to their specific needs. Our experienced consultants can provide strategic guidance, regulatory expertise, and operational support to facilitate the licensing process and ensure compliance with regulatory requirements. Reference: Fintech Saudi To be Continued .... #AntaresConsulting #CorporateGovernance #InternalAudit #RiskManagement #Compliance #SaudiArabia #Saudi
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The Payment Services Provider Regulations, issued by the Saudi Central Bank, encompass various payment activities such as executing/acquiring payment transactions, issuing payment instruments, e-wallet issuance, money remittance, cash withdrawal, payment initiation services, and account information services. Fintech companies have the option to apply for four distinct licenses: 1. Micro Payment Institution: Allows for all payment activities specified in the regulations except cross-border remittance and issuing e-wallets, with transaction value limitations. 2. Major Payment Institution: Permits all payment activities specified in the regulations except issuing e-wallets, with no transaction value restrictions. 3. Micro Electronic Money Institution (E-Wallet): Authorizes all payment activities outlined in the regulations, including e-wallet issuance, with transaction value constraints. 4. Major Electronic Money Institution (E-Wallet): Empowers all payment activities detailed in the regulations, including e-wallet issuance, with limitations on certain services like international transfers. Antares Consulting can support companies in navigating the complexities of the Payment Services Provider Regulations issued by the Saudi Central Bank by providing comprehensive consultancy services tailored to their specific needs. Our experienced consultants can provide strategic guidance, regulatory expertise, and operational support to facilitate the licensing process and ensure compliance with regulatory requirements. Reference: Fintech Saudi #AntaresConsulting #CorporateGovernance #InternalAudit #RiskManagement #Compliance #SaudiArabia #Saudi
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The Central Bank of UAE (CBUAE) has issued the Open Finance Regulation, paving the way for a more innovative and competitive industry. This framework will be implemented in phases and establishes clear guidelines for licensing, supervising, and operating Open Finance practices. The UAE's financial institutions are embracing this change, recognizing its potential to revolutionize the way financial services are delivered. What does this mean? - Open Finance allows secure data sharing between financial institutions and accredited third-party providers. - Imagine managing all your bank accounts, investments, and spending through a single app, regardless of the bank! - This regulation fosters a secure environment with high customer control over data and access permissions. This is a significant development for the UAE's fintech sector, promising a future filled with innovation and collaboration. Read more: https://lnkd.in/dtNg9gpJ Looking to be part of the UAE or KSA's growing financial landscape? Our team at Corporate Business Services (CBS) can help you navigate business setup and advisory services. Get in touch with us today! : https://lnkd.in/dU58y3GG #OpenFinance #Fintech #UAE #FinancialServices #Innovation
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The Central Bank of UAE (CBUAE) has issued the Open Finance Regulation, paving the way for a more innovative and competitive industry. This framework will be implemented in phases and establishes clear guidelines for licensing, supervising, and operating Open Finance practices. The UAE's financial institutions are embracing this change, recognizing its potential to revolutionize the way financial services are delivered. What does this mean? - Open Finance allows secure data sharing between financial institutions and accredited third-party providers. - Imagine managing all your bank accounts, investments, and spending through a single app, regardless of the bank! - This regulation fosters a secure environment with high customer control over data and access permissions. This is a significant development for the UAE's fintech sector, promising a future filled with innovation and collaboration. Read more: https://lnkd.in/dtNg9gpJ Looking to be part of the UAE or KSA's growing financial landscape? Our team at Corporate Business Services (CBS) can help you navigate business setup and advisory services. Get in touch with us today! : https://lnkd.in/dU58y3GG #OpenFinance #Fintech #UAE #FinancialServices #Innovation
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BAHRAIN: THE FINANCIAL EPICENTER OF THE GCC Renowned as the GCC's financial hub, Bahrain boasts a robust platform primed for success across diverse financial domains, including banking, asset wealth management, FinTech, insurance, and Islamic finance. With a well-established financial services sector comprising 367 local, regional, and global institutions, Bahrain stands as the GCC's most eminent financial capital. Positioned at the epicenter of a burgeoning concentration of wealth, a regional financial hub in Bahrain offers unparalleled prospects. With the regional market valued at USD 1.67 trillion, Bahrain's finance companies play a pivotal role in both the GCC and the broader MENA region. Whether you're an international entity or a local Bahrain-based financial services firm, the Kingdom's progressive regulatory landscape ensures that the region's oldest financial center continues to lead in innovation. #fintech #banking #digitalassets #economy #bahrain #investments #finance
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Al Etihad Payments (AEP), a subsidiary of the Central Bank of The UAE (CBUAE), has partnered with G42's Core42 to initiate the implementation of #OpenFinance in the #UAE. This collaboration aims to establish global standards for open finance and enhance #digital #financialinclusion. Open Finance facilitates secure data sharing and financial transactions, promoting innovation and customer-centric services. Under CBUAE regulations, Open Finance will begin with Open Banking followed by Open Insurance, reaching the majority of customers by 2024. AEP has engaged Ozone API and Raidiam as technology providers within the Core42-led consortium for Open Finance Implementation. This initiative is part of CBUAE’s Financial Infrastructure Transformation (FIT) Programme, which aims to advance the UAE's financial services industry, accelerate digital financial services adoption, and provide consumers with innovative and secure financial products and services. The UAE leads globally in implementing a consolidated trust framework and centralised API hub, ensuring secure access to banking and insurance markets with customer consent. With the launch of Open Finance, Al Etihad Payments is strengthening the UAE's financial services sector and establishing itself as a leader in the global open finance movement. This is an exciting development that will benefit consumers and businesses alike. “The implementation of Open Finance marks a significant advancement in the UAE’s financial services industry and its financial #infrastructure transformation. It will accelerate the adoption of digital financial services, providing more innovative and safer digital financial products and services in the country. In addition, it will provide a seamless financial experience, ensuring consumers have control over their finances and efficient access to a diverse range of financial products.” - Fatma Al Jabri, Assistant Governor for Financial Crime, Market Conduct and Consumer Protection at the CBUAE. Jan Pilbauer #openbanking #fintech #digitalbanking #psp #payments #finance #fraud #digitalbanking #dubai #abudhabi #eu #innovation #startups #sustainability #law #fintech #ksa #india #crypto #leadership #lawenforcement #technology #banking #management #openinsurance #digitalwallets #wallets The Fraud Fellas
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Manager Regulatory Compliance Affairs and Conduct @ HSBC | Driving Regulatory Compliance
Great UAE Open Finance news! This allows data sharing between banks, insurers, and fintechs, boosting innovation and customer choice. Customer data control and strong regulations ensure a secure environment. Phased rollout starting with banks paves the way for a smooth transition. #UAE #OpenFinance #FinTech
According to global law firm DLA Piper, the Central Bank of the United Arab Emirates (CBUAE) introduced two new fintech regulations in late April: the Open Finance Regulation and the Sandbox Conditions Regulation. These regulations are designed to enable innovation and competition within the financial sector by facilitating data sharing across various industries. Just another reflection of the UAE’s commitment to digital transformation. Under the Open Finance Regulation, licensed entities such as banks and insurance companies are required to grant access to customer data and enable transaction initiation to open finance providers. This regulation covers a wide range of financial products and accounts, highlighting customer consent and control over their financial data. Additionally, the regulation introduces a new license category and compliance framework for open finance providers, ensuring a comprehensive approach to authentication, secure communication standards, and IT governance. The CBUAE's Financial Infrastructure Transformation Programme (FIT Programme) includes the Open Finance Regulation as one of its key initiatives, aiming to accelerate the digital transformation of the financial sector. The Open Finance Framework, which is part of this program, will be rolled out gradually, starting with banks and insurers. (This information comes from an article from FintechGalaxy!!) (Image by TheNorthAfricaPost) #CBUAE #FintechRegulations #OpenFinance #DigitalTransformation #FinancialInnovation #FintechDevelopment #UAE
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Enthusiastic about the Future of Financial Services | Learning about AI, Web3, Digital Assets | Advisor | Investor | Podcast Host | Author | LinkedIn Top Voice | Father to two daughters | All views on LI are personal
4moThanks for sharing.