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

10 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

Samsung Smart Glasses Teased For January, Software Reveal Imminent

According to Korean sources, the new wearable will launch alongside the Galaxy S25, with the accompanying software platform unveiled this December.

Published

1 day ago

December 4, 2024

Nour Nasir

samsung smart glasses teased for january software reveal imminent

Samsung appears poised to introduce its highly anticipated smart glasses in January 2025, alongside the launch of the Galaxy S25. According to sources in Korea, the company will first reveal the accompanying software platform later this month.

As per a report from Yonhap News, Samsung’s unveiling strategy for the smart glasses echoes its approach with the Galaxy Ring earlier this year. The January showcase won’t constitute a full product launch but will likely feature teaser visuals at the Galaxy S25 event. A more detailed rollout could follow in subsequent months.

Just in: Samsung is set to unveil a prototype of its augmented reality (AR) glasses, currently in development, during the Galaxy S25 Unpacked event early next year, likely in the form of videos or images.

Additionally, prior to revealing the prototype, Samsung plans to introduce…

— Jukanlosreve (@Jukanlosreve) December 3, 2024

The Galaxy Ring, for example, debuted in January via a short presentation during Samsung’s Unpacked event. The full product unveiling came later at MWC in February, and the final release followed in July. Samsung seems to be adopting a similar phased approach with its smart glasses, which are expected to hit the market in the third quarter of 2025.

A Collaborative Software Effort

Samsung’s partnership with Google has played a key role in developing the smart glasses’ software. This collaboration was first announced in February 2023, with the device set to run on an Android-based platform. In July, the companies reiterated their plans to deliver an extended reality (XR) platform by the end of the year. The software specifics for the XR device are expected to be unveiled before the end of December.

Reports suggest that the smart glasses will resemble Ray-Ban Meta smart glasses in functionality. They won’t include a display but will weigh approximately 50 grams, emphasizing a lightweight, user-friendly design.

Feature Set And Compatibility

The glasses are rumored to integrate Google’s Gemini technology, alongside features like gesture recognition and potential payment capabilities. Samsung aims to create a seamless user experience by integrating the glasses with its broader Galaxy ecosystem, starting with the Galaxy S25, slated for release on January 22.