News

Saudi Arabia Aims For 70% Cashless Transactions By 2025

The number of fintech firms in the MENA region skyrocketed from just 10 in 2018 to a substantial 147 in 2022.

Published

3 months ago

February 23, 2024

Nour Nasir

saudi arabia aims for 70% cashless transactions by 2025

Unsplash

In the MENA region, fintech investments surged from $200 million in 2020 to around $704 million in 2023.

Saudi Arabia, driven by its ambitious Vision 2030 blueprint and a youthful population, has seen remarkable fintech growth. So much so that the Kingdom is now aiming for 70% of domestic payments to be digital by 2025, according to Philip Drury of CitiGroup.

Drury, speaking at the 3rd Saudi Capital Market Forum, noted the rise of operational fintech firms from 10 in 2018 to 147 in 2022 and emphasized the need for businesses to adapt swiftly to regulatory advancements, pointing to the 30 digital and 3 digital banking licenses issued as clear evidence of sector growth.

The CitiGroup executive also highlighted opportunities for expanded market reach and inclusivity, stressing collaboration between traditional banks and fintech for mutual success.

Also Read: A Guide To Digital Payment Methods In The Middle East

The Saudi Capital Market Forum, under Finance Minister Mohammed Al Jadaan’s patronage, focused on “Powering Growth” and hosted over 54 speakers and 69 sponsors.

Nayef Al Athel, from Saudi Tadawul Group Holding Company, highlighted the event’s commitment to promoting market diversification. The forum also saw the introduction of Single Stock Options contracts on the Saudi National Bank, further developing the Kingdom’s financial markets.

News

Meet JAIS Chat: The AI-Powered Chatbot For Arabic Speakers

The AI-driven mobile app was created by Core42 and offers seamless cross-language communication and advanced AI assistance.

Published

1 day ago

May 14, 2024

Nour Nasir

meet jais chat the ai powered chatbot for arabic speakers

Emirates News Agency

Core42, a subsidiary of Abu Dhabi’s G42 specializing in sovereign cloud solutions, cybersecurity, and AI infrastructure, has launched JAIS Chat, a mobile app for iOS.

Developed to cater to the increasing demand for Generative AI capabilities in the Middle East, the user-friendly chatbot serves both English and Arabic speakers, understanding various local dialects and cultural subtleties.

JAIS Chat allows seamless translation and cross-language communication on a large scale, leveraging AI to empower Arabic speakers worldwide. With its mobile version, JAIS Chat brings accessibility, efficiency, and convenience to users’ daily interactions, providing AI-driven assistance wherever they go.

Powered by JAIS 30B, the world’s leading Arabic Large Language Model (LLM), JAIS Chat boasts unparalleled Arabic language processing and accuracy. Core42 claims that the chatbot now rivals top-performing English language models of a similar size.

Andrew Jackson, Chief AI Officer at Core42, said, “Since the inception of JAIS in August 2023, the response has been overwhelmingly positive, and with the recent launch of JAIS 30B, we’ve witnessed a significant enhancement in its performance metrics compared to its predecessor, JAIS 13B. With its Arabic-first approach, JAIS reshapes how bilingual individuals interact with technology, and with JAIS Chat for mobile, we are delivering the next advancement in our mission to democratize AI access for the world”.

Also Read: Getting Started With Google Gemini: A Beginner’s Guide

JAIS Chat is now poised to revolutionize various sectors across the wider Middle East, from government communications to customer service automation with AI-powered functionalities that also include chat summarization and new content generation.

Future updates will integrate document processing, customizable user settings, voice conversation capabilities, and enterprise support for businesses seeking tailored AI solutions.

Apple users can download the chatbot on the App Store. If you’re interested in taking a more detailed look under the hood, click here.