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Redefining Finance: KSA Fintech Market Soars at 12.5% CAGR, Fueled by Vision 2030 and Digital Transformation: Ken Research

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GURUGRAM, India, Feb. 27, 2024 /PRNewswire/ — The Kingdom of Saudi Arabia fintech landscape is experiencing a groundbreaking transformation, fueled by ambitious national goals outlined in Vision 2030 and a growing appetite for digital financial solutions. Ken Research’s comprehensive report, KSA Fintech Market Outlook to 2028: Shaping the Future of Finance, delves into this dynamic market, projecting a remarkable 12.5% CAGR over the next five years. This press release summarizes the key findings and offers valuable insights for investors, financial institutions, fintech startups, and stakeholders seeking to capitalize on this flourishing ecosystem. 

Market Overview: 

Several key factors are propelling the KSA fintech market towards a future brimming with innovation: 

Vision 2030: The government’s ambitious plan prioritizes financial inclusion and digital transformation, creating a conducive environment for fintech adoption through supportive regulations and infrastructure development. Rising Mobile Penetration: The Kingdom boasts a high smartphone penetration rate, driving the adoption of mobile-based financial services and creating a fertile ground for m-commerce and digital wallets. Shifting Consumer Preferences: Younger generations are increasingly tech-savvy and open to embracing alternative financial solutions, seeking convenience, personalization, and transparency. Growing Unbanked Population: A significant portion of the population remains unbanked or underbanked, presenting a significant opportunity for fintech solutions that cater to their financial needs. 

Interested to Know More about this Report, Request a Free Sample Report

Segmentation Spotlight: 

Ken Research provides a detailed segmentation of the market, allowing you to pinpoint your target audience effectively: 

By Payment Solutions: Mobile wallets, digital payments, and online money transfers dominate, followed by emerging segments like contactless payments and Buy Now, Pay Later (BNPL) solutions. By Lending & Financing: Peer-to-peer (P2P) lending, alternative credit scoring, and crowdfunding platforms are gaining traction, offering financial services to previously underserved segments. By Wealth Management: Robo-advisors and digital wealth management platforms are attracting investors seeking automated and personalized investment solutions. By Insurance: Insurtech startups are offering innovative insurance products and leveraging data analytics for personalized risk assessment and pricing. 

Competitive Landscape: 

The KSA fintech market features a diverse mix of players: 

Global Fintech Giants: Established players like PayPal, Stripe, and Ant Group are entering the market with their global expertise and advanced technologies. Regional Powerhouses: Homegrown players like STC Pay, SADAD, and Yaqeen are offering innovative solutions tailored to local needs and regulations. Emerging Startups: Agile startups are disrupting specific segments with niche offerings, catering to unbanked populations and offering specialized financial services. 

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Recent Developments: 

Regulatory Sandbox: The Saudi Arabian Monetary Authority (SAMA) has established a regulatory sandbox to facilitate innovation and support the growth of new fintech players. Open Banking Initiatives: The implementation of open banking APIs is enabling collaboration between traditional financial institutions and fintech startups, fostering innovation and competition. Focus on Financial Inclusion: Initiatives like the National Payment System and the Saudi Digital Wallet are promoting financial inclusion and providing access to digital financial services for all. 

Future Outlook: 

The KSA fintech market is poised for exciting developments in the coming years: 

Rise of Blockchain Technology: Blockchain will be increasingly adopted for secure and transparent financial transactions, smart contracts, and trade finance solutions. Emergence of Artificial Intelligence: AI-powered solutions will personalize financial services, enhance fraud detection, and improve risk management capabilities. Focus on Cybersecurity: As the market matures, cybersecurity will become a top priority to ensure data protection and consumer trust. Collaboration and Partnerships: Collaboration between fintech startups, traditional financial institutions, and government agencies will be crucial for driving further innovation and market growth. 

Challenges to Address: 

Despite its promising future, the market faces some hurdles: 

Regulatory Uncertainty: Navigating the evolving regulatory landscape can be challenging for new entrants. Cybersecurity Concerns: Ensuring robust cybersecurity measures is essential to build consumer trust and prevent financial fraud. Financial Literacy: Raising financial literacy levels among the population is crucial to drive wider adoption of fintech solutions. 

Why This Report Matters: 

This report empowers various stakeholders to navigate the KSA fintech market: 

Investors: Identify lucrative investment opportunities across different segments and technologies. Financial institutions: Gain insights into emerging trends, customer needs, and regulatory requirements to adapt their offerings and stay ahead of the curve. Fintech startups: Understand the competitive landscape, identify niche opportunities, and develop innovative solutions that cater to specific market needs. Policymakers: Develop policies that support innovation, promote financial inclusion, and ensure a fair and competitive market environment. Consumers: Understand the benefits and risks of fintech solutions, make informed financial decisions, and leverage technology to manage their finances effectively.

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Taxonomy

By service vertical

Payments and Currency ExchangeLending and FinanceBusiness toolsPersonal financingPrivate fundraisingCapital marketInfrastructure

By Region

RiyadhKhobarDammamJeddah

By Investment Stage

Series ASeries B and aboveEarly (Pre-seed, Seed)Undisclosed

By Company Stage

Testing LicenseActiveIdea stagePre commercial

For More Insights On Market Intelligence, Refer To The Link Below: –

KSA Fintech Market

Related Reports by Ken Research: –

UAE Debt Collection Market Outlook to 2027 Characterized by fierce competition among the existing players and high growth prospects 

According to Ken Research estimates, UAE Debt Collection Market – which grew at a CAGR of 11.6% in the period of 2017-2022 – is expected to grow at a CAGR of 12.8% in the forecasted period of 202-2027, owing to increasing emphasis on NLP techniques and changing IT policies and documentation.

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According to Ken Research estimates, the MENA Remittance Market which has seen a steady growth in last few years excluding the pandemic year is driven by rise in mobile-based payment channels and cross-border transactions and decrease in remittance transfer time & cost drives the growth of the market. In addition, increase in adoption of banking & financial sectors across the globe fuels the remittance market growth.

Australia Cards and Payment Market Outlook to 2027F By Cards (Debit Cards, Credit Cards, Prepaid Cards), By Payment Terminals (POS and ATMs), By Payment Instruments (Credit Transfers, Direct Debit, Cheques, Cash and Payment Cards)

According to Ken Research estimates, the Australia Cards and Payment Market is forecasted to grow at a CAGR of ~% in the period of 2022-2027F, owing to the rising of contactless payments, increasing debit card usage and the emergence of digital wallets.

Brazil Cards and Payment Market Outlook to 2027F By Cards (Debit Cards, Credit Cards, Prepaid Cards), By Payment Terminals (POS and ATMs), By Payment Instruments (Credit Transfers, Direct Debit, Cheques, Cash and Payment Cards)

According to Ken Research estimates, the Brazil cards and payment market is forecasted to grow at a robust CAGR in the period of 2022P-2027F, owing to digitalization and the growth in the volume of high-net-worth individuals. There is marvelous potential, with almost two-thirds of adult consumers holding a debit card and Pix having proven a world beater in terms of mass market uptake.

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Contact Us:-
Ken Research Private Limited
Ankur Gupta, Director Strategy and Growth
Ankur@kenresearch.com
+91-9015378249

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PolyAI partners with OpenTable to offer enterprise restaurants and diners reservation support using voice AI

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LONDON and NEW YORK, Sept. 23, 2024 /PRNewswire/ — PolyAI, a pioneer in voice AI solutions for customer experience and service, today announced a partnership with OpenTable, a global leader in restaurant technology, expanding PolyAI’s guest-led voice assistants to enterprise restaurants. Locations that opt in will be able to take reservations over the phone, answer questions, gain visibility in customer trends, and deliver on-brand experiences – all while alleviating staff time and resources.

This alliance delivers PolyAI’s lifelike voice AI to help restaurants tackle challenges around staffing and provide consistent hospitality, even off premise. In a survey conducted by the National Restaurant Association, 62% of operators said their restaurants did not have enough employees to support existing demand. With onsite staff focused on in-house patrons, restaurant groups routinely miss between 30-60% of phone calls to their front of house (per PolyAI customer data) – meaning missed revenue opportunities and equally valuable customer touch points.

Never miss another call, thanks to PolyAI and OpenTable

With this strategic partnership, OpenTable’s global network of restaurants will be able to integrate PolyAI voice assistants, built using generative AI and spoken language technologies, to assist their diners in seamlessly booking and managing reservations over the phone, during and outside of operating hours.

“We know how tightly restaurants manage their guest experience and this can be even more complex for our partners doing business at scale,” said Susan Lee, Chief Strategy Officer at OpenTable. “We have, and continue to invest in, technology that pushes boundaries and enhances hospitality and our integration with PolyAI is a new way we can drive efficiencies for our restaurants, and diners.”

For larger operators, this partnership enables numerous iterations of voice assistants to cater to the unique needs of multi-location and multi-brand portfolios, while providing PolyAI’s proven enterprise-grade assurances around availability, security and data protection.

“We have extensive experience deploying voice assistants to hundreds of locations for some of the largest restaurant groups in the world, helping operators resolve up to 70% of calls over the phone without the need for additional staff,” said Michael Chen, VP of Strategic Alliances at PolyAI. “This strong connection with the restaurant industry started right from the earliest days of PolyAI. We’re thrilled to deepen that further and work with OpenTable to help even more restaurant operators attract more diners, streamline operations and maximise revenue.”

The journey starts at the Integration Marketplace

OpenTable restaurants will be able to request an integration with PolyAI via its Integration Marketplace, which powers 150+ integrations among the most widely used restaurant software. Beyond managing reservations over the phone, PolyAI’s guest-led voice assistants also offer operators a powerful new channel for implementing consistent brand experiences that can deliver greater personalisation, more proactive revenue and upsell as well as offer new ways of collecting diner feedback and tracking customer satisfaction.

About PolyAI

PolyAI is a leading provider of AI-powered voice assistants. Their customer-led voice assistants are used across industries within global companies where B2C conversations are crucial, like Whitbread, Greene King, Caesars Entertainment and FedEx. PolyAI’s award-winning voice assistants have earned renown for their ability to understand natural language and provide quick, accurate and helpful responses. Hear more about what they’re bringing to the market by visiting poly.ai

About OpenTable

OpenTable, a global leader in restaurant tech and part of Booking Holdings, Inc. (NASDAQ:BKNG), helps more than 60,000 restaurants worldwide fill 1.7 billion seats a year.  OpenTable’s world-class technology empowers restaurants to focus on what matters most – their team, their guests, and their bottom line – while enabling diners to discover and book the perfect restaurant for every occasion.

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VeriPark Receives Microsoft Business Applications 2024/2025 Inner Circle Award and Joins Partner Advisory Council

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LONDON, Sept. 23, 2024 /PRNewswire/ — VeriPark, a Microsoft Solutions Partner in the Financial Services Industry, has been selected for the Business Applications 2024-2025 Microsoft Inner Circle and the Microsoft Financial Services Partner Advisory Council.

Participation within Inner Circle is based on sales achievements that rank VeriPark in the top echelon of Microsoft’s Business Applications global network of partners. Inner Circle members are known for performing at a high-level by delivering innovative solutions that help organizations excel.

Ozkan Erener, CEO VeriPark: “We are honored to once again be recognized by Microsoft for our commitment to driving digital transformation for our clients. Partnering closely with Microsoft allows us to harness the latest technologies to revolutionize the Financial Services Industry. This recognition highlights the success of our collaborative strategy and execution.”

VeriPark first joined Microsoft’s Inner Circle in 2011 and has since provided innovative solutions that help financial institutions achieve a competitive advantage. By leveraging Microsoft’s platform, VeriPark continues to offer unparalleled services and solutions to its clients.

“Partners achieving the Inner Circle demonstrate an exceptional impact helping customers accelerate their AI and digital transformation with Dynamics 365 and Power Platform,” said Peter Jensen, Microsoft Business Application Partner Strategy Lead. “Microsoft AI Cloud Partner Program partners who achieve the Business Application Inner Circle distinction stand out for their deep AI, Cloud and Industry knowledge.”

Additionally, VeriPark’s selection for the Financial Services Partner Advisory Council highlights its role in shaping Microsoft’s financial services strategies and product roadmaps. As a PAC member, VeriPark will provide feedback on Microsoft’s financial services solutions and gain early insights into future roadmaps.

About VeriPark 

VeriPark is a global solutions provider enabling financial institutions to become digital leaders by placing Customer Experience at the core of digital transformation. VeriPark’s Intelligent Customer Experience suite delivers world class customer journeys on digital and assisted channels.

With its main offices located in the United Kingdom, Europe, North America, Asia, Africa and the Middle East, VeriPark helps financial institutions to enhance customer acquisition, retention and cross-sell capabilities. Their proven, secure, and scalable solutions cover Customer Engagement, Omni-Channel Delivery, Branch Automation, and Loan Origination. VeriPark collaborates with clients, crafting innovative technology strategies and solutions, that impact millions of people daily, bringing the promise of digital transformation to life.

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Huawei Updates FTTO 2.0 and Releases New Scenario-based Products, Driving Campus Networks to Wi-Fi 7 Era

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SHANGHAI, Sept. 23, 2024 /PRNewswire/ — During HUAWEI CONNECT 2024, Huawei updated fiber to the office (FTTO) 2.0 and launched a series of new scenario-based products for industries such as education, healthcare, and hospitality. The next-generation green 10G all-optical network oriented to Wi-Fi 7 accelerates fiber-in copper-out and contributes to campus intelligence.

“In the Wi-Fi 7 era, Fiber-in Copper-out is a must for campus networks, and FTTO 2.0 commercial use is accelerating. Huawei is willing to work with customers and partners to seize opportunities in optical business, achieving a win-win future for campus intelligence.” noted Gavin Gu, President of Enterprise Optical Business Domain, Huawei.

Huawei’s FTTO 2.0 solution achieves a simplified architecture with the number of network layers cut from three to two, active to passive transition, 30% lower energy consumption, and 80% less cabling. Based on XGS-PON Pro and Wi-Fi 7 technologies, this solution supports 12.5G/25Gbps to rooms, 10Gbps to APs, and 2.5Gbps to desktops. The hard slicing technology enables multiple services to be carried over one network, reducing the TCO by 30%. This helps enterprises build green, ultra-broadband, and simplified campus networks.

At the session, Huawei released a selection of FTTO 2.0 products for various scenarios and industries.

In the education industry, Huawei launched the industry’s first high-density ultra-10G optical terminal Huawei OptiXstar P884E for smart classrooms. Meeting the requirements of high-density and high-bandwidth access scenarios, this product implements 12.5G/25Gbps to classrooms and 2.5Gbps to desktops. For dormitories, Huawei launched the industry’s first 8-port Wi-Fi 7 optical AP OptiXstar W617E, which supports unified wired and wireless access for a room with 8 students. For education metro networks, Huawei launched the edge optical gateway Huawei OptiXstar E853E. Supporting remote PON port deployment, closed-loop local service forwarding, and flexible configuration, the Huawei OptiXstar E853E meets the access requirements of all services in campuses such as primary schools and kindergartens.

For hospital wards, Huawei launched the industry’s first 10G ceiling-mounted Wi-Fi 7 optical AP Huawei OptiXstar W817C, whose seamless roaming technology enables mobile ward rounds.

For hotels, Huawei launched the next-generation three-in-one Wi-Fi 7 optical AP Huawei OptiXstar W827E-3, which supports unified access of wired, wireless, and telephone services so that one ONT can carry all services in each guest room over one fiber. In this way, it provides ultimate Wi-Fi 7 network experience at a lower cost and improves the positive feedback rate of guests.

For factory workshops, Huawei launched the small-sized industrial optical terminal Huawei OptiXstar T602E, which supports guide rail installation and fiber to the machine without extra cabinets, allowing for flexible capacity expansion. By helping to build a reliable and flexible advanced industrial network for smart factories, the product improves the quality and efficiency of factory production.

Huawei’s FTTO solution has been put into commercial use in more than 9000 campuses around the world. In addition, Huawei’s 50G POL solution that supports hard slicing has also been put into commercial use.

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SOURCE Huawei

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