Saudi Payments enables non-bank entities to join national payment system

Saudi Payments enables non-bank entities to join national payment system
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Updated 27 April 2021

Saudi Payments enables non-bank entities to join national payment system

Saudi Payments enables non-bank entities to join national payment system
  • Saudi Payments said it would continue to work to enable financial technology companies to provide innovative payment solutions

RIYADH: Saudi Payments, owned by the Saudi Central Bank (SAMA), sais Geidea Solutions and STC Pay have joined the national payment system, “Mada” as the first two non-bank entities, SPA reported.
STC Pay will be able to issue Mada cards (digital and plastic), which will allow customers to make electronic payments through points of sale and websites, or to withdraw cash through ATMs inside the Kingdom.
Geidea Solutions will be able to provide hosting services for point of sale (POS) devices to merchants directly, and provide them with POS devices with full services.
Saudi Payments said it would continue to work to enable financial technology companies to provide innovative payment solutions.
This has a direct impact on enhancing competitiveness among banks and non-banking financial institutions to provide the best offers of electronic payment solutions, it said.


Crypt coins prices seesaw amid growing debate on digital currencies: Market wrap

Crypt coins prices seesaw amid growing debate on digital currencies: Market wrap
Updated 8 sec ago

Crypt coins prices seesaw amid growing debate on digital currencies: Market wrap

Crypt coins prices seesaw amid growing debate on digital currencies: Market wrap

RIYADH: Bitcoin traded lower on Tuesday, falling by 4.21 percent to $41,503.71 at 6:58 p.m. Riyadh time, while Ether slipped down by 7 percent at $2,844.81, according to data from CoinDesk.

Crypto exchanges are increasingly running into resistance from local regulators, who want to be able to monitor their operations better.

Binance, one of the world’s largest cryptocurrency exchanges, said on Monday that users in Singapore would no longer be allowed to buy and trade cryptocurrencies on its main platform, to comply with local regulation.

The Monetary Authority of Singapore this month warned Binance.com that it could be in breach of local laws and should stop providing payment services to the city-state's residents.

From Oct. 26, users in Singapore will no longer be able to deposit fiat currencies, or buy or spot-trade cryptocurrencies on the platform.

In recent months, regulators in Britain, Italy and Hong Kong have said Binance units are not authorized to carry out some activities in their markets, and Malaysia’s financial regulator reprimanded the exchange for operating illegally there

 

Deposit

While cryptocurrency exchange Coinbase said its customers in the US will be able to use the direct deposit service for any percentage of their salary. They can also hold their dollars in dollars or instantly convert them into cryptocurrencies without fees.

“With direct deposit, customers can more easily access our crypto-first financial services and be ready for any trade or purchase,” Max Branzburg, vice president of product at Coinbase, said in a blog post.

“We’re determined to deliver the most trusted full suite of crypto-first financial services to our 68 million users.” 

 

Extreme views

JPMorgan CEO Jamie Dimon has spoken out about his stance on Bitcoin and cryptocurrencies, stating that anyone who borrows money to buy bitcoin is, in his opinion, a fool.

However, Dimon also acknowledged that there is a potential for the crypto sector to increase its value tenfold in the next years.

"I am not personally interested in bitcoin and am not a buyer. This does not mean that the price of Bitcoin cannot reach 10 times its price today in the next five years,” Dimon said in an interview with the Times of India.

 

Long road ahead

Anthony Scaramucci, CEO of Skybridge Capital, believes that there is still a long way to go for institutional investors to embrace bitcoin and cryptocurrency in general.

He stated in an interview with Bloomberg that according to his experience, most institutions are still not interested in cryptocurrency as an investment and only 10 percent are actively investing in cryptocurrency. While this may be a minority, it is a minority that has some influence.

“The institutions are not there. Anybody who’s telling you there’s institutional adoption into this space is not being totally honest or they’re seeing something that I’m not seeing,” Scaramucci said.


Saudia wins World’s Most Improved Airline award for 2021

Saudia wins World’s Most Improved Airline award for 2021
Updated 20 min 21 sec ago

Saudia wins World’s Most Improved Airline award for 2021

Saudia wins World’s Most Improved Airline award for 2021

RIYADH: Saudia has won the Skytrax award for the World’s Most Improved Airline for 2021, Saudi Press Agency reported. 

This award reflects an airline’s quality improvement in different areas. The Saudi airlines ranked 26 jumping 31 places in one year.

The national carrier earned this title for the second time. It first won the award in 2017. 


EV Metals partners with Yanbu Royal commission to build $900m battery chemicals complex

EV Metals partners with Yanbu Royal commission to build $900m battery chemicals complex
Updated 28 September 2021

EV Metals partners with Yanbu Royal commission to build $900m battery chemicals complex

EV Metals partners with Yanbu Royal commission to build $900m battery chemicals complex

RIYADH: The Royal Commission in Yanbu on Wednesday signed a $900 million investment agreement with EV Metals to establish and operate a factory for the production of electric battery chemicals.

The facility will be spread over 127 hectares and the investment volume is approximately SR3,375 million. The project is expected to create 494 jobs.


OPEC's Barkindo expects oil demand to continue upward pace beyond 2021

OPEC's Barkindo expects oil demand to continue upward pace beyond 2021
Updated 28 September 2021

OPEC's Barkindo expects oil demand to continue upward pace beyond 2021

OPEC's Barkindo expects oil demand to continue upward pace beyond 2021

RIYADH: The secretary-general of the Organization of the Petroleum Exporting Countries, Mohammed Barkindo, is bullish on oil recovery and sees demand to pick up over the next few years.

“Energy and oil demand have picked up significantly in 2021, after the massive drop in 2020, and continued expansion is forecast for the longer-term,” Barkindo wrote today in the group’s World Oil Outlook.

“Non-OPEC liquids supply is projected to rise from 62.9 mb/d in 2020 to 70.4 mb/d in 2026, the key contributors to growth are the US, Brazil, Russia, Guyana, Canada, Kazakhstan, Norway and Qatar,” OPEC’s chief said in a virtual press conference.

Non-OPEC liquids output is set to decline from a peak of 71 mb/d around 2030 to 65.5 mb/d in 2045.

The WOO report says that more electric vehicles on the road for alternative energy will decline the demand for oil in rich countries.

Internal combustion engine vehicles are set to retain the largest market share at over 76 percent by 2045. Oil demand in the transportation sector is expected to stay around 46 mb/d after 2025.

Indian Minister of Petroleum and Natural Gas Shri Puri said: “OPEC should move toward reliable pricing globally as cost of prices plays a crucial role in global interest.” 

Dr. Ayed Al-Qahtani, director of research at OPEC, said that short-term investment is of paramount importance to prevent a potential hike in prices.

Brent oil dipped on Tuesday after topping $80 per barrel for the first time in nearly three years, as a five-day rally ran out of steam with investors locking in profits.

Oil benchmark prices have been on a tear, with fuel demand growing and traders expecting major oil-producing nations will decide to keep supplies tight when OPEC meets next week.

Brent dipped 75 cents, or 0.9 percent, to $78.78 a barrel at 12:37 a.m. EDT (1637 GMT), after reaching its highest level since October 2018 at $80.75.

US West Texas Intermediate crude fell 60 cents, or 0.8 percent, to $74.85 a barrel, after hitting a session high of $76.67, highest since July.


Ma'aden adds four new vessels to its fleet to ship ammonia

Ma'aden adds four new vessels to its fleet to ship ammonia
Updated 28 September 2021

Ma'aden adds four new vessels to its fleet to ship ammonia

Ma'aden adds four new vessels to its fleet to ship ammonia

RIYADH: Saudi Arabian Mining Company (Ma’aden), has signed agreements with Thenamaris LNG Inc. and Exmar Marine NV to hire a total of four vessels to transport ammonia produced by the company.