SingleView showcases transformative open banking solutions

Photo: (@SingleViewCo)
Photo: (@SingleViewCo)
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Updated 10 November 2024
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SingleView showcases transformative open banking solutions

Photo: (@SingleViewCo)

SingleView, a leader in fintech and open banking services, participated in the Seamless Saudi 2024 exhibition and conference, held at the Riyadh Front Exhibition and Conference Center from Oct. 22-24. The company highlighted its dedication to driving innovation in digital commerce through its cutting-edge open banking services.
During the event, SingleView announced two strategic partnerships with prominent industry players, namely Al-Dawaa Pharmacy and Lendo Saudi Arabia. These partners will leverage SingleView’s innovative platform to enhance their financial operations, marking a significant step in advancing their digital transformation across key sectors in Saudi Arabia. These partnerships reflect SingleView’s growing influence in the financial sector and its mission to support the acceleration of digital innovation.

HIGHLIGHT

During the event, SingleView announced two strategic partnerships with prominent industry players namely, Al-Dawaa Pharmacy and Lendo Saudi Arabia.

Abdulrhman Alarifi, chief executive of SingleView, said: “These collaborations highlight SingleView’s unwavering drive to redefine financial services in Saudi Arabia. By harnessing the power of open banking, we are not only transforming the financial landscape but also paving the way for a more innovative, inclusive, and digitally empowered future.”
Alarifi joined a keynote panel on Oct. 23, discussing Saudi Arabia’s journey in taking open banking from vision to reality and emphasizing its impact in driving forward financial advancements.
Eugene Williams, head of product at SingleView, captivated crowds with his presentation on the topic “Open Banking PIS: Why Should I Care?” delving into the importance of payment initiation services and how businesses can benefit from these advancements.
Headquartered in Riyadh, SingleView is a fintech company offering open banking and financial solutions. With partnerships established with all major Saudi banks, the company is dedicated to transforming financial services on a global scale.

Their mission is to empower businesses in every industry to drive profitability, enhance customer engagement, and achieve long-term success.

 


PIF’s Dan Company launches luxury resorts brand ‘Tuaja’

PIF’s Dan Company launches luxury resorts brand ‘Tuaja’
Updated 3 min 30 sec ago
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PIF’s Dan Company launches luxury resorts brand ‘Tuaja’

PIF’s Dan Company launches luxury resorts brand ‘Tuaja’

Dan Company, a PIF company, specializing in agri, eco, and adventure tourism, has launched a new resorts brand in Saudi Arabia to further elevate the country’s tourism offering. Designed to provide unforgettable experiences that connect guests with the stunning landscapes, rich culture, and authentic hospitality of the Kingdom, Tuaja Luxury Resorts will offer a unique blend of luxury, heritage, nature, and sustainability.

The resorts will offer three distinct experiences to suit all guests, varying from luxury and exploration at Tuaja Premium Farm Resort, tranquility and contemplation at the eco-friendly Tuaja Eco Resort, and adventure and excitement at the Tuaja Adventure Resort. At the heart of all lies sustainability, reflected in innovative practices designed to preserve nature, cultivating a greener future, and fostering a strong culture of environmental responsibility. 

Abdulrahman Abaalkhail, CEO of Dan Company

• Tuaja Premium Farm Resort: will offer an exceptional experience for guests to enjoy the beauty of nature amidst opulence and comfort. The resort will provide hands-on agricultural experiences and direct exploration of the land’s bounty, ranging from tasting fresh local produce to engaging in farm-to-table cooking experiences and much more.

• Tuaja Eco Resort: is an eco-conscious retreat for those seeking tranquility and relaxation away from life’s hustle, offering expansive relaxation spaces. It features experiences of meditative practices amidst water channels and stunning nature. Carefully designed health and beauty services are available, where treatments are carried out by a team of skilled specialists using natural products and innovative techniques for the best results. Moreover, the resort stands as a testament to the importance of sustainability and environmental preservation, striving to foster a robust culture of conserving the Kingdom’s resources and the diversity of its nature for future generations.

• Tuaja Adventure Resort: is designed for those seeking adventures and outdoor activities suitable for all community members. The variety of activities is tailored to the unique nature of each targeted city, offering opportunities to explore the enchanting landscapes around Saudi Arabia in a fun, thrilling, and exciting way against a backdrop of stunning natural beauty. 

HIGHLIGHT

Tuaja Luxury Resorts’ first three properties, operated by Hilton, will be in Al-Ahsa, a significant agricultural region in Saudi Arabia’s Eastern Province and UNESCO World Heritage site.

Abdulrahman Abaalkhail, CEO of Dan Company, said: “With a vision to create rich and unforgettable experiences that connect guests to the Kingdom’s stunning natural landscapes, culture, and hospitality, Tuaja Luxury Resorts will introduce brand-new one-of-a-kind hospitality experiences, rooted in sustainability and setting a remarkable precedent in the region’s hospitality industry.”

Each resort is meticulously designed to offer unique and immersive experiential activities, promising a harmonious blend of luxury, nature, and unforgettable moments for our guests. Through a business model focused on cultural authenticity, sustainability, and community empowerment, we are creating an ecosystem that contributes to the Kingdom’s broader economic and tourism objectives.”

Tuaja’s first three resorts, operated by Hilton, will be in Al-Ahsa, a significant agricultural region in Saudi Arabia’s Eastern Province and UNESCO World Heritage site, which is home to Al-Ahsa Oasis — the largest date palm oasis in the world. With lush surroundings and homegrown farms at its doorstep, the 1.8 million square meter master development will create a premium farm-based tourism destination in the heart of Al-Ahsa.

Tuaja plans to open multiple resorts across different cities in Saudi Arabia by 2030, with each resort being inspired by the culture and heritage of the host city.


Najm, Aramco raise awareness on off-job injuries

Najm, Aramco raise awareness on off-job injuries
Updated 6 min 55 sec ago
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Najm, Aramco raise awareness on off-job injuries

Najm, Aramco raise awareness on off-job injuries

Najm for Insurance Services participated in the Off-Job Injuries Awareness Campaign organized by Saudi Aramco, under the slogan “Everyday Safety: Small Choices, Big Impact.” The campaign promotes safety culture among employees and highlights the importance of simple decisions in preventing off-job injuries.

Najm’s participation in this campaign reflects its ongoing efforts to raise awareness on the importance of traffic safety and its pivotal role in protecting drivers from accidents and the resulting injuries. The company took part in the forum accompanying the campaign, held on Nov. 26. A presentation by Head of Customer Service Excellence Department Naif Al-Rahbini showcased key solutions and initiatives launched by Najm to enhance the “traffic safety triangle,” which includes the driver, the vehicle, and the road.

Through its presentation and awareness booth at the exhibition, Najm highlighted its innovative solutions to enhance traffic safety for vehicle insurance policyholders. These included insurance programs, no claim discounts, awareness campaigns, and the telematics system, which is an advanced mechanism to measure driving behavior and evaluate the commitment of drivers to the right driving rules. Najm also presented solutions that improve road infrastructure by identifying areas with the most frequent traffic accidents, as well as systems to ensure flexibility and a rapid response to accident reports. Additionally, it showcased services targeting vehicle repair, such as the Najm Repair Network service, which provides high-quality repairs for vehicles affected by traffic accidents.

Vice President of Customer Services of Najm Mohammed A. Alzndi described the campaign as an opportunity to foster collaboration among national entities to promote safety. He said: “This campaign represents a pioneering initiative that underscores the importance of solidarity between national entities and various sectors in spreading the culture of safety and supporting community efforts to achieve a safer environment.”

Najm’s participation in this campaign reaffirms its commitment to social responsibility and its vital role as a strategic partner for the insurance and safety sectors.”

Alzndi said that Najm’s efforts to develop innovative solutions enhance safety and protect individuals, in line with the goals of Saudi Vision 2030, which aims to achieve sustainable and inclusive development. He highlighted Najm’s active role in supporting the community through its campaigns such as “Insure and Be Safe,” which raises awareness about the importance of insurance in ensuring rights, achieving financial stability for vehicle owners, and enhancing road safety, which reflect positively on society and the national economy.

The Aramco Off-Job Injuries Awareness Campaign, held at the Khurais Emergency Response Center, featured a range of activities, including interactive workshops, awareness talks, and presentations, alongside the distribution of educational materials promoting daily safety practices.


15th VTB ‘Russia Calling’ Investment Forum concludes in Moscow

15th VTB ‘Russia Calling’ Investment Forum concludes in Moscow
Updated 07 December 2024
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15th VTB ‘Russia Calling’ Investment Forum concludes in Moscow

15th VTB ‘Russia Calling’ Investment Forum concludes in Moscow

Over the two days of the 15th VTB “Russia Calling!” Investment Forum, almost 2,000 guests including retail investors, businessmen and government officials visited the event. More than 250 journalists covered the forum events on the ground.

On Dec. 4, more than 500 representatives of Russian business and government agencies, as well as about 300 entrepreneurs from 35 countries, primarily China, Iran, India, Arab countries, Central Asia, Europe, and Africa, gathered at the forum site at the WTC. 

At the macroeconomic session, the forum participants discussed Russia’s monetary and budgetary policy, the labor market and increasing labor productivity, the state of the economy and the country’s banking sector. The discussion was attended by the heads of Russia’s financial block, regulator, business community and foreign participants.

The main event of the first day of the forum was the speech by Russian President Vladimir Putin, who spent two hours answering questions from the guests. The key topics included overcoming sanctions, developing economic relations between Russia and the Global South, implementing infrastructure and logistics projects and improving the investment climate.

Dec. 5 was dedicated to financial market development and retail investors, who are the driving force in the Russian stock market today. At the plenary session, VTB My Investments analysts presented their investment strategy for 2025 and forecasts for key macroeconomic indicators, integrating stock market instruments with high yields. The participants of the session called this “a strategy of hope for lower interest rates.” In addition, VTB My Investments and Frank RG presented a research of retail investors’ sentiments and their requests for long-term investments.

More than a 1,000 guests took part in sessions with issuing companies and representatives of government agencies, addressing questions to speakers and experts, and participating in an intellectual quiz throughout the day. The key topics for discussion were stimulating the development of the stock market, long-term investments, companies going public, and traditional and alternative investment instruments. 

The forum’s media partners included Russia 24, RBC, RT, Business FM, TASS, RIA Novosti, Gazeta.Ru, Kommersant Publishing House, Vedomosti, and Izvestia Media Center. The foreign media partner of “Russia Calling!” this year was Asharq Business, a leading financial media outlet in the Arab world headquartered in Riyadh.

The “Russia Calling!” Investment Forum has been held since 2009. Every year, the event attracts an authoritative audience, including representatives of government agencies, heads of Russian and international companies, and investors. The forum agenda covers the most topical issues of the global economy, finance and business sectors. 


VTB’s ‘Russia Calling’ forum answers key questions about Russian economy’s future

VTB’s ‘Russia Calling’ forum answers key questions about Russian economy’s future
Updated 07 December 2024
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VTB’s ‘Russia Calling’ forum answers key questions about Russian economy’s future

VTB’s ‘Russia Calling’ forum answers key questions about Russian economy’s future

The first day of the 15th VTB “Russia Calling!” Investment Forum involved a macroeconomic session where attendees discussed Russia’s monetary and budgetary policies, the state of the economy, the banking sector as well as the labor market.

The discussion was attended by Minister of Finance of Russia Anton Siluanov, Chairman of the Central Bank of Russia Elvira Nabiullina, Minister of Economic Development of Russia Maxim Reshetnikov, Deputy Head of the Presidential Administration Maxim Oreshkin, CEO of IKS Holding Alexey Shelobkov, as well as guests of the conference, Chairman of the Union of Chinese Entrepreneurs in Russia Zhou Lijun and President of Cosmos Group Anil K. Agarwal. The session was moderated by First Deputy President and Chairman of the Management Board of VTB Bank Dmitry Pyanov.

The first part of the macroeconomic session was devoted to the impact of monetary policy on the economy and expectations for economic growth. 

Nabiullina said that the key rate is a powerful tool to fight inflation, which made it possible to prevent entering the inflationary spiral. According to her, high inflation is similar to the fever when sick, as economic growth cannot be sustainable on its background. At the same time, she noted that the economy’s potential is growing and will be on an upswing next year, which means that there is more room for demand growth. The Central Bank does not agree that tight monetary policy is necessarily followed by a recession. “We forecast more moderate economic growth than this year. This means more restrained demand, and our monetary policy is aimed at ensuring that supply and demand converge at the right point, where there will be both price stability and sustainable economic growth,” the Central Bank head said. She assumed the key rate increase in December, but emphasized that this decision is not predetermined.

Siluanov said that the Federal Budget of Russia for 2025 is quite tight and will be implemented at any ruble exchange rate. The Ministry of Finance and the Ministry of Economic Development will propose the government to unify all state programs and subsidy schemes. “[Head of the Ministry of Economic Development] Maxim Gennadyevich [Reshetnikov] and I will suggest the government to unify all subsidized programs. Many agencies support their own sectors of the economy. And, each agency designs its own subsidy procedure. It should be systematized, unified, there should be a minimum rate upon which we refuse to subsidize,” said the Minister of Finance.

Reshetnikov said that the Ministry of Economic Development estimates the growth potential of the Russian economy above the Central Bank, because the macro forecast was formed under more relaxed conditions of monetary policy. He noted that the Central Bank’s measures work, but it is important to pursue a joint policy and discuss new preferential programs of the government. Russian businesses take the Central Bank’s actions on the key rate very seriously, Reshetnikov added. He said there is a reduction in investment programs, and further credit cuts will lead to economic cooling. “The measures of the Bank of Russia are working, and it is very important for us to pursue a joint policy, including discussion of the volume of new preferential programs, including those subsidized by the government. For its part, the government is doing the maximum both to expand the supply economy and to help the Central Bank to fulfill the joint task and move faster to easing monetary policy, because excessive restrictions on the availability of credit can lead to a reduction not only in investment but also in employment, economic cooling. There are risks that the economic cooling will be on a scale incompatible with our goals,” the head of the Ministry of Economic Development said.

Oreshkin emphasized that economic policy, including credit policy, should be designed to achieve the goal of long-term development of the country. He said: “The economic policy in Russia has never been based on any immediate objectives, but always on long-term tasks supporting the country’s progress. This means that any carried out economic policy, as well as budgetary, structural, credit policies, should be focused on the long-term development of our motherland.”

In the second part of the macro session, the participants discussed the state of the Russian labor market, opportunities for increasing labor productivity in Russian companies, including government participation.

Following the macroeconomic session, Pyanov said: “Today we thoroughly discussed the impact of monetary policy not only on the development of the economy as a whole, but also on individual sectors, looking for ways to compromise. First, we talked about the importance of the deadline for beating inflation and about a different attitude to those forecasts that must necessarily be achieved. Secondly, we learned about the government’s plans to concentrate all preferential programs in the Ministry of Economic Development, limiting the cases of subsidies to a certain boundary. In our opinion, this will also reduce the budgetary burden and allow us to choose what really affects the potential of the economy.”

The “Russia Calling!” Investment Forum has been held since 2009. Every year, the event attracts an authoritative audience, including representatives of government agencies, heads of Russian and international companies, and investors. The forum agenda covers the most topical issues of the global economy, finance and business sectors. This year the forum was held under the general theme “The Future Capital.”


SAMENA Council lauds Saudi Arabia’s role in 5.5G innovation

SAMENA Council lauds Saudi Arabia’s role in 5.5G innovation
Updated 04 December 2024
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SAMENA Council lauds Saudi Arabia’s role in 5.5G innovation

SAMENA Council lauds Saudi Arabia’s role in 5.5G innovation

Participating in the 15th Global Mobile Broadband Forum hosted by Huawei, the SAMENA Telecommunications Council, an industry association championing the digital advancement of the South Asia, Middle East, and North Africa regions, reaffirmed Saudi Arabia’s pivotal role in driving 5.5G (5G-advanced) innovation and digital transformation.

“We are on the brink of a transformative era in connectivity, one that will redefine industries, uplift communities, and support sustainable development. Through the SAMENA Council, we are creating a unified platform to bring diverse stakeholders together and catalyze progress in the whole region,” said Bocar Ba, CEO at SAMENA Council, on the sidelines of Huawei’s Global MBBF 2024 in Istanbul, Turkiye.

Under the theme “5.5G Leads Mobile AI Era,” this year’s Global MBB Forum by Huawei focused on the rapid development of 5.5G infrastructure and AI-powered applications. More than 1,000 participants, including mobile network carriers, ecosystem innovators and technology leaders from across the world gathered to share insights on how these advances will impact industries and individuals.

The Kingdom has become a focal point for SAMENA Council’s efforts to promote next-generation connectivity and cross-sectoral collaboration. “Saudi Arabia is an important market for the SAMENA Council and its members and is the region’s largest digital economy,”
added Ba. 

Bocar Ba, CEO at SAMENA Council

 “The Kingdom’s proactive initiatives and strong collaboration between government entities and the private sector have created a fertile environment for accelerating digital transformation. From telecom operators like stc, Mobily, Zain, and Salam to key government regulators, Saudi Arabia is setting a benchmark for the region.”

The council is actively engaging with the Ministry of Communications and Information Technology and industry leaders to address critical areas, including spectrum management, fixed wireless access deployment, and agile regulatory frameworks that support the adoption of 5.5G technologies. 

The council is also collaborating closely with the Communications, Space and Technology Commission, to address emerging cybersecurity challenges. “Cyber resilience is critical as we scale up 5.5G,” Ba said. “Our work with CST and other stakeholders like MCIT ensures a secure, future-ready ICT infrastructure that can support diverse applications across industries.”

As the Kingdom prepares for the widespread implementation of 5.5G, SAMENA Council has been instrumental in identifying opportunities for leveraging this transformative technology. Ba emphasized that 5.5G will unlock innovative applications across critical industries such as health care and education.

“The next phase of 5G is already here,” he said. “Saudi Arabia is well-positioned to lead the way in adopting 5.5G technologies, which will not only accelerate economic diversification but also drive significant improvements in quality of life. Fixed wireless access, in particular, will play a crucial role in connecting underserved areas and bridging the digital divide.”

To support these efforts, SAMENA Council has launched the ELITE FWA Club, which focuses on promoting fixed wireless access as a key enabler of digital inclusion. In addition, the council is working with global technology providers such as Huawei to accelerate digital innovation and develop future-focused use cases for 5.5G.

“Saudi Arabia’s vision for digital transformation is inspiring. By fostering collaboration between government entities, technology providers, and telecom operators, the Kingdom is not only transforming its economy but also setting a global benchmark for what sustainable digital development should look like,” added Ba.