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

11 months ago

February 23, 2024

Nour Nasir

saudi arabia aims for 70% cashless transactions by 2025

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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

“AI Seal” Certification Now Required For Dubai Gov Partnerships

The new mandatory certification is designed to build trust in AI companies and create a reliable network of providers for government and public collaboration.

Published

14 hours ago

January 21, 2025

Nour Nasir

ai seal certification now required for dubai gov partnerships

Dubai Media Office

Dubai has introduced the Dubai AI Seal, a certification designed to establish trust in artificial intelligence (AI) companies and solutions. This initiative, directed by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister, aims to create a reliable network of AI providers which government entities and businesses can collaborate confidently.

Companies must now obtain the AI Seal to qualify for UAE or Dubai government contracts. The Dubai Centre for Artificial Intelligence (DCAI), which developed the certification, sees it as a competitive edge for companies looking to participate in key national projects. Once certified, businesses will be permitted to showcase the seal across their websites and marketing materials, signaling their credibility and dependability.

The evaluation process will consider six main criteria: the company’s services and operations, the number of employees specializing in AI, ongoing and future projects, as well as existing partnerships with public and private sector entities.

dubai ai seal certification

Khalfan Belhoul, CEO of the Dubai Future Foundation, which oversees the DCAI, commented on the initiative’s potential: “This initiative will help create powerful partnerships between the public and private sectors, locally, regionally, and globally. It will help drive new economic opportunities by leveraging AI to serve better the economy, society, and the future we aspire to”.

Also Read: Top Free AI Chatbots Available In The Middle East

The Dubai AI Seal’s goals include providing a clear framework for verifying AI providers, fostering business opportunities for AI companies, and acknowledging the industry’s strategic importance to Dubai’s economy. The initiative emphasizes AI’s role in driving economic growth, creating jobs, and strengthening collaboration between government bodies and technology firms.

All technology companies operating in Dubai and offering AI-related services or products are eligible to apply for the certification at no cost through the official website.