Saudi ANB acquires stake in UAE’s Cashee

    Arab National Bank (ANB) has reached an agreement with Cashee, a UAE-based tech startup that provides banking services, to acquire equity in the latter. The Saudi lender however did not disclose the amount of the share it took over nor its value in its press release. The deal comes in line with ANB’s […]

HSBC Saudi names new CEO as it starts another ‘growth phase’

HSBC Saudi Arabia has appointed a new CEO as it embarks on a new phase of growth, according to a statement on Monday. The company’s board of directors has voted for Faris AlGhannam to take over the CEO position effective October 1, 2022, subject to regulatory approval. He will succeed Rajiv Shukla, who has been […]

Total assets of Saudi Arabia’s banking sector amounted to over $930bln at end of Q2 2022

  Minister of Finance Mohammed Al-Jadaan confirmed that the total assets of the banking sector amounted to SR3.5 trillion until the end of Q2 of 2022. Saudi Arabia aims to increase the total to more than 4.5 trillion by 2030. The growing strength of the Saudi economy reflects the solidness of financial policies, and its […]

Two more companies granted license to provide payment services in Saudi Arabia

The Saudi Central Bank (SAMA) granted two new licenses to payment financial technology companies. The two payment financial technology companies licensed to provide payment services for e-commerce are Arab Sea Financial Company and Fatoraah. This brings the total number of payment companies licensed by SAMA to 21, in addition to 5 companies that were granted […]