China’s envoy to KSA meets with Saudi finance vice minister

China’s envoy to KSA meets with Saudi finance vice minister
Abdulmuhsen Al-Khalaf met with Chang Hua at the Ministry of Finance. X/@MOFKSA
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Updated 16 July 2024
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China’s envoy to KSA meets with Saudi finance vice minister

China’s envoy to KSA meets with Saudi finance vice minister

RIYADH: China’s newly appointed ambassador to the Kingdom met with Saudi Arabia’s finance vice minister in Riyadh, signaling that relations between the two countries are set to flourish.

Abdulmuhsen Al-Khalaf welcomed Chang Hua on July 15 at the headquarters of the Ministry of Finance, where the pair discussed joint relations between their nations and ways to enhance them, as well as additional economic and financial topics of common interest, according to the Saudi Finance Ministry.

Diplomatic and economic ties between Saudi Arabia and China have been strengthening in recent years. In November 2023, the Kingdom’s central bank, also known as SAMA, and the People’s Bank of China signed a local currency swap agreement worth $6.93 billion.

Chang Hua arrived in Saudi Arabia on May 10 as the new ambassador of China, replacing Chen Weiqing.

The new envoy, who has previously served as an ambassador to the UAE and Iran, respectively, is now also China’s representative to the Organization of Islamic Cooperation.

Since his arrival, the diplomat has met with a range of Saudi officials to ensure relations between his country and the Kingdom maintain their strength.

He held talks with Saudi Arabia’s Chief of the General Staff, Lt. Gen. Fayyad Al-Ruwaili, on July 11, and the officials reviewed bilateral relations and discussed mutual interests, according to a post by the Saudi Ministry of Defense on its X account.  

Retweeting the post, the Chinese diplomat commented: “China and Saudi Arabia – a comprehensive strategic partnership.” 

Moreover, Hua also met with Saudi Minister of Industry and Mineral Resources, Bandar Alkhorayef. In a post on his X account, he affirmed China’s intent to expand cooperation with Saudi Arabia in industry, mining, and other fields. 

Recently, Saudi Minister of Municipal, Rural Affairs, and Housing, Majid bin Abdullah Al-Hogail, hosted Hua at the ministry’s headquarters in Riyadh. 

During the meeting, attended by officials from both sides, they reviewed bilateral relations and discussed enhancing cooperation in the municipal and housing sectors. 

Al-Hogail emphasized the ministry’s commitment to enhancing strategic partnerships with China in real estate development, contracting, and municipal services. He expressed his aspiration to strengthen and develop the partnership, including forming a joint working team to enhance cooperation. 

Hua expressed pride in the historical diplomatic relations between the Kingdom and China and emphasized his country’s interest in developing commercial and investment relations, and creating joint opportunities in infrastructure and contracting sectors. 

These high-level meetings between Chinese and Saudi officials highlight the deepening ties and shared economic goals of the two nations. With discussions covering finance, defense, industry, and housing, both sides aim to enhance their strategic partnership. 


2025 Nissan Patrol unveiled in Abu Dhabi global launch

2025 Nissan Patrol unveiled in Abu Dhabi global launch
Updated 03 September 2024
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2025 Nissan Patrol unveiled in Abu Dhabi global launch

2025 Nissan Patrol unveiled in Abu Dhabi global launch
  • Latest iteration of the Patrol introduces several groundbreaking advancements
  • Abu Dhabi launch a nod to the region’s strong passion for the brand’s longest-running nameplate

ABU DHABI: Nissan’s all-new Patrol took center stage Tuesday night during a global unveiling in Abu Dhabi, in what president and CEO Makoto Uchida described as a nod to the region’s strong passion for the brand’s longest-running nameplate.

The latest iteration features several groundbreaking advancements, including a striking new design, a powerful V6 twin-turbo engine, a nine-speed automatic transmission and customizable adaptive air suspension for enhanced all-terrain capability.

“The seventh generation is a bold leap forward, blending unparalleled performance, cutting-edge technology and a commanding presence to redefine what an SUV can be,” Uchida said during the unveiling, as he emphasized the power of Japanese innovation that has earned the trust around the world.

The seventh-generation Patrol is the most powerful to date – setting new standards in performance with an exhilarating blend of response, refinement and efficiency. The next-generation model represents a significant leap forward from previous iterations, with two new engine options.

The workhorse is powered by a new 3.5-liter V6 twin turbo engine, which delivers an impressive 425HP and 700Nm of torque – a shift away from its previous V8 engine – and resulting to a seven percent increase in power and a 25 percent boost in torque as well as enhancing fuel efficiency by 24 percent. A variant comes with a 3.8-liter naturally aspirated V6 engine option, producing 316HP and 386Nm of torque.

Uchida noted that Nissan would be introducing more models, as the company starts a new chapter to its ‘ongoing commitment to exceed expectations.’

“This latest model captures the true spirit of what makes this iconic nameplate legendary – an enduring legacy of deep connections built over decades of shared experiences and memorable journeys across diverse terrains,” Thierry Sabbagh, Divisional Vice President, President Middle East, KSA - Nissan, INFINITI, meanwhile said in a statement.,

“It reflects Nissan’s dedication to creating automotive experiences that resonate with our customers – and we are proud to present this next chapter in the Patrol’s remarkable journey.”

Watch the all-new Nissan Patrol’s global launch:


Bupa Digital Clinic leveraging technology to revolutionize Saudi Arabia’s health care landscape

Bupa Digital Clinic leveraging technology to revolutionize Saudi Arabia’s health care landscape
Updated 03 September 2024
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Bupa Digital Clinic leveraging technology to revolutionize Saudi Arabia’s health care landscape

Bupa Digital Clinic leveraging technology to revolutionize Saudi Arabia’s health care landscape

RIYADH: Insurance giant Bupa Arabia’s recently launched ‘Digital Clinic’ could help revolutionize the health care landscape in Saudi Arabia, according to the company’s chief business development officer. 

Speaking to Arab News, Ali Sheneamer said that the advanced services offered by the Digital Clinic could help people stay healthy, which will ultimately strengthen the company’s profits. 

“Health insurance companies make money if you are healthy. So, I will do whatever it takes for you to stay healthy — a vested interest, and you will like it because you would like to stay healthy as well,” said Sheneamer. 

He added: “We just launched this week the Bupa Digital Clinic, where at the starting point, we have our own doctors who are extremely vested in your health, and they want you to be healthy.” 

He further added that Bupa Arabia is using technologies like artificial intelligence to track peoples’ health and analyze possible outcomes of their habits. 

“Looking at your lifestyle, and your interaction with health care facilities, AI would help me predict will you be at risk in the future or not, because the data of hundreds of thousands of people who followed the same path ended up here,” said Sheneamer. “If you don’t change what you are doing today, you will end up here. I don’t want you to be there.” 

Under the Digital Clinic, people suffering from chronic conditions who are subscribers of Bupa insurance will be assigned to care navigators, so that they will not miss their routine checkups. 

“I start engaging them, ensuring they do their checkups on time. If you are busy, I will send you someone home to collect a blood sample. I have developed that service because it costs me less to send them to you than you having complications in the future,” said Sheneamer. 

He added: “If you need medications, I will deliver them to you. So, when you start your journey with a doctor through Bupa Digital Clinic, his mission is to ensure that your health outcome improves, and he will deploy, all the logistical solutions that we have to ensure that you stay on target.” 

According to Sheneamer, wise use of technology could help predict, analyze, and design a health plan for every chronic patient. 

He said that the marketing campaigns for Bupa Digital Clinic began on Sept.3, with billboards installed across cities in Saudi Arabia. 

“We have been piloting Bupa Digital Clinic using our own doctors for a couple of months now, and we feel confident to go out to the world and say, use us. We are very excited about that. The more advanced we become in AI, as we train them on different datasets, this will help us cover a lot of insights about the health of our own population,” said Sheneamer. 

Describing Bupa Digital Clinic as a “clinic in your pocket,” Sheneamer added that users can access services using their smartphones. 

“We have lots of doctors available for you in Bupa Digital Clinic. In the future, this might be complemented with physical clinics. Probably 80 to 85 percent of the time when you go to a doctor, the doctor will never touch you. You just sit, he asks questions and you answer. So, why drive to the hospital if you end up not being physically examined for the symptoms you have,” said the insurance company official. 

He added: “There are certain cases that you need to go to hospital. If I suspect a fracture in my foot or arm, I need to go there because he needs to examine it physically. But if it’s normal symptoms that I have today, flu or headache, he will never touch me. So, why the hassle of going into traffic jams.” 

He further said that if doctors in the Digital Clinic suspect the need to examine a patient physically, the health care expert will refer them to a hospital. 

Sheneamer added that after the physical examination, doctors from the Digital Clinic will follow up with the patient to ensure they are staying in good shape. 


Open banking platform Tarabut to ‘revolutionize’ MENA payments after acquisition of UK fintech Vyne: CEO

Open banking platform Tarabut to ‘revolutionize’ MENA payments after acquisition of UK fintech Vyne: CEO
Updated 03 September 2024
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Open banking platform Tarabut to ‘revolutionize’ MENA payments after acquisition of UK fintech Vyne: CEO

Open banking platform Tarabut to ‘revolutionize’ MENA payments after acquisition of UK fintech Vyne: CEO

RIYADH: Open banking platform Tarabut will integrate advanced technology from the newly acquired payments company Vyne, bringing greater efficiency to the region, according to the company’s CEO. 

In an interview with Arab News, Abdulla Al-Moayed highlighted the transformative impact that Vyne’s account-to-account payment technology will have on the Middle East’s financial landscape, particularly in Saudi Arabia. 

“Vyne’s account-to-account payment technology brings a level of depth and efficiency to the region that’s unmatched by anything currently available,” he said. 

“By enabling faster transactions and offering a comprehensive tech stack, we’re not just speeding up payments — we’re adding significant value with features like seamless reconciliation. This will make payments not only quicker but also more cost-effective, setting a new standard in the financial services sector across the Middle East, especially in Saudi Arabia,” he added. 

When asked about the challenges of integrating Vyne’s technology with Tarabut’s existing platform, Al-Moayed expressed confidence in a smooth transition, thanks to the firm’s established relationships with top regional financial institutions.

“Given our strong integration within the ecosystem through Tarabut’s established connections with leading banks, we anticipate a smooth and swift deployment,” he said. 

“The integration is well on track, with our first customer in Bahrain expected to go live within a couple of weeks. While regulatory landscapes vary across MENA (Middle East and North Africa), our deep understanding of these markets and our existing partnerships will help us navigate these differences effectively,” he added.

Regarding how the acquisition of Vyne will help differentiate Tarabut from other fintech players in the region, Al-Moayed pointed to the enhanced capabilities and new opportunities that the technology will bring.

“With Vyne’s technology, we are poised to revolutionize access to financial services, making them faster, more efficient, and more affordable for our users,” he said. 

“This acquisition allows us to close the loop on the transaction processes for the various use cases we support, positioning Tarabut as the go-to platform for comprehensive financial solutions. It opens up new opportunities for us to innovate and offer even greater value to our customers across the region,” he added. 

The agreement, which received approval from the Saudi Central Bank and the UK’s Financial Conduct Authority, was finalized on Aug. 1, boosting Tarabut’s market standing as the new Payment Initiation Services regulations in Saudi Arabia and Open Finance frameworks in the UAE take effect. 

“We are excited to welcome Vyne into the Tarabut family. This acquisition is a pivotal step in our long-term growth strategy, allowing us to bring mature, tried and tested payment products to the region and providing solutions for the everyday issues that merchants and consumers face when taking or making payments,” Al-Moayed said. 

Founded in 2019, Vyne has quickly established itself as a major player in the UK, claiming it has processed over £1 billion ($1.3 billion) in transactions. 

Its technology allows customers to make instant, direct bank account payments, bypassing traditional, slower, and more costly methods. 

This capability will soon be available across the Middle East, providing businesses in sectors such as retail, automotive, and SMEs with streamlined, cardless payment solutions. 

“With Vyne’s technology, we are well-positioned to capitalize on new opportunities for innovation, market penetration, and sustainable growth. This is a significant milestone in Tarabut’s mission to seamlessly connect financial ecosystems in the Middle East,” Al-Moayed added. 

The acquisition also strengthens Tarabut’s tech stack, combining its data and compliance products with Vyne’s payment expertise. 

This integration is expected to enhance operational efficiency, offering features such as real-time reporting and reconciliation. 

As the region prepares for new financial regulations, Tarabut aims to lead with a compliance-first approach, ensuring seamless and secure transactions across its expanding network. 

“The Middle East is experiencing exponential growth and transformation in the financial services sector, and as regulations catch up, our technology can simultaneously ensure compliance and convenience,” Karl MacGregor, CEO and co-founder of Vyne, said in a press release.

“Merchants and consumers want speedy, secure, and convenient customized payment experiences. Open banking solutions can deliver on this demand. We believe the future of payments is digital and they need to be frictionless, contactless, and fair. Becoming part of the Tarabut family allows us to bring our innovative payment solutions to one of the fastest-growing markets in the world,” he added. 

Founded in 2017, Tarabut raised $32 million in its latest funding round.


Central banks playing pivotal role in fintech evolution: CBRT governor 

Central banks playing pivotal role in fintech evolution: CBRT governor 
Updated 03 September 2024
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Central banks playing pivotal role in fintech evolution: CBRT governor 

Central banks playing pivotal role in fintech evolution: CBRT governor 

RIYADH: Central banks are crucial to the evolution of the fintech sector, the head of Turkiye’s top financial institution has insisted during a conference in Riyadh.

Speaking at the 24 Fintech event, Governor of the Central Bank of Turkiye Fatih Karahan emphasized that apex banks are not merely regulatory bodies but active participants in promoting innovation within the fintech sector.

The governor also noted that conferences such as the one he was addressing are vital for connecting stakeholders and addressing the challenges facing fintech startups.

“At the CBRT, we do not just oversee the financial sector. We actively engage with it to promote innovation and ensure that these advancements benefit the broader society,” he said. 

He also said central banks should focus on “two key areas" when ir comes to supporting fintechs: “fostering innovation and managing risks within the payment ecosystem,”

“Opportunities often come with challenges for fintech startups looking to scale across the region, navigating market fragmentation. The varying regulatory landscapes can be daunting, which is why gatherings like 24 Fintech are so crucial,” said Karahan. 

Karahan highlighted the importance of modernizing payment systems to advance digital solutions, improving efficiency, inclusivity, and security, while remaining vigilant about systemic risks posed by disruptive technologies. 

The governor praised the Middle East for its fintech innovation, attributing it to the region’s digitally savvy population and increasing demand for advanced financial services.  

“The youthful and digitally savvy demographics of our nations are driving the demand for new and better financial services. Combined with your highly innovative capacity, our countries provide fertile ground for fintech innovation,” Karahan concluded. 


BNPL companies driving fintech sector growth in MENA, experts say

BNPL companies driving fintech sector growth in MENA, experts say
Updated 03 September 2024
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BNPL companies driving fintech sector growth in MENA, experts say

BNPL companies driving fintech sector growth in MENA, experts say

RIYADH: Buy now pay later companies are playing a pivotal role in strengthening the fintech sector in the Middle East and North Africa region with customers using this option daily, according to experts. 

During a panel discussion at the 24 Fintech conference in Riyadh on Sept. 3, Rachel Shackman, JP Morgan’s head of non-banking financial institutions in the MENA region, said BNPL firms are also taking away market share from credit cards. 

In August, a study carried out by Irish-based firm Research and Markets echoed similar views and highlighted that BNPL payments in the region are expected to grow by 22.3 percent annually to reach $9.2 billion in 2024.

According to the report, the market is poised to grow at an accelerated pace in MENA markets over the medium term, driven by rising credit demand among consumers of all age groups. 

“BNPL companies in this region have been fantastic. Their offerings are incredibly innovative, and they’re being used not just for large ticket items, which you’d expect, but also the day-to-day spend,” said Shackman. 

She added: “The UAE is still very credit card dominated, predominately because of the points customers will get for a purchase. But BNPL companies are actually taking market share away from credit cards.” 

Shackman further underscored that BNPL companies are very customer-friendly, which has forced traditional banks to think like these firms and adapt to current needs. 

During the same panel discussion, Remo Abbondandolo, general manager of Checkout.com in the MENA region, said that the fintech landscape in Saudi Arabia is quickly changing due to the progressive initiatives spearheaded by the Saudi Central Bank, also known as SAMA. 

“The fact that things tend to change very quickly in Saudi. We can see today that SAMA has made a few announcements, it really showcases that there is more and more openness to allow more innovation and thus more fintech,” added Abbondadolo. 

During the 24 Fintech conference on Sept. 3, Saudi fintech startups XSquare, NeotTek, and MoneyMoon received permits from SAMA to test their solutions in its regulatory sandbox. 

SAMA also unveiled a new agreement with Samsung to launch Samsung Pay in Saudi Arabia by the fourth quarter of this year during the event.

In a press statement, the apex financial institution revealed that the service will enable users to easily store and manage their digital payment cards within the Samsung Wallet application.