scholarly journals FinTech: Ecosystem, Opportunities and Challenges in Saudi Arabia

2021 ◽  
Vol 14 (10) ◽  
pp. 460
Author(s):  
Mansour Saleh Albarrak ◽  
Sara Ali Alokley
Keyword(s):  
Saudi Arabia ◽  
United Arab Emirates ◽  
New Products ◽  
Financial Sector ◽  
Peer To Peer ◽  
Online Banking ◽  
Cautious Approach ◽  
The Future ◽  
The Government ◽  
International Phenomenon

FinTech is a disruptive international phenomenon that is expected to shape the future of the financial sector. This study describes the features and characteristics of the current Saudi Arabian FinTech landscape and ecosystem. Examples of innovative financial startups in Saudi Arabia, including online banking, transfer and payment services, crowdfunding platforms, peer-to-peer lending, and blockchain initiatives, are discussed. Several changes have occurred within the ecosystem in the last five years; for example, Saudi banks are taking a more cautious approach. However, FinTech initiatives are also being internally developed, encouraging technology companies and startups to focus their efforts on innovations aimed at improving current processes rather than novelty. The government directs its effort mainly toward initiatives related to regulations and laws. Customers are interested in new products that are convenient and easy to use. We compare the Saudi FinTech ecosystem to the United Arab Emirates’ FinTech ecosystem and conclude with recommendations for the different stakeholders.

Jihadists will slow stabilisation of Yemen's south

2015 ◽  
Keyword(s):  
Saudi Arabia ◽  
United Arab Emirates ◽  
Central Government ◽  
The South ◽  
Content Type ◽  
State Actors ◽  
The Government ◽  
Crown Prince ◽  
Government Authority

Significance The bombing represents the latest setback to Saudi Arabia and the United Arab Emirates (UAE)'s efforts to stabilise southern Yemen and reinstall the government of President Abd Rabbu Mansour Hadi. ISG is just one of a number of sub-state actors that have been empowered by the conflict and that will seek to challenge central government authority. Impacts Insecurity in Aden will deal a blow to the legitimacy of the Saudi-backed Hadi government. A major setback in the south will reflect badly on the reputation of Saudi Defence Minister Deputy Crown Prince Mohammed bin Salman. Reconstruction efforts in southern Yemen will place increased long-term strain on the Saudi budget in particular. Southern Yemen could emerge as a key battleground in the rivalry between al-Qaida and ISG for leadership of the global jihad.

Local elections may worsen intra-Palestinian divisions

2016 ◽  
Keyword(s):  
Saudi Arabia ◽  
United Arab Emirates ◽  
Peace Process ◽  
Local Elections ◽  
Content Type ◽  
Lone Wolf ◽  
The Government

Significance The elections were originally scheduled for October 8, but in response to the ruling the government has now announced a four-month delay. Impacts Israel will use Palestinian divisions and Abbas's lack of electoral legitimacy to postpone negotiations further. Despair resulting from internal stagnation and the lack of a peace process is likely to fuel further 'lone wolf' attacks on Israelis. The bar on Mohammad Dahlan may reduce aid to the Palestinians from his backers in the United Arab Emirates (UAE) and Saudi Arabia.

Yemen will take years to recover from conflict

2015 ◽  
Keyword(s):  
Saudi Arabia ◽  
United Arab Emirates ◽  
Traumatic Stress ◽  
Labour Force ◽  
Child Malnutrition ◽  
Content Type ◽  
Emergency Assistance ◽  
Political Impact ◽  
The Government

Subject Yemen humanitarian situation. Significance December will mark the ninth month since a coalition led by Saudi Arabia and the United Arab Emirates started fighting against an alliance of Huthi militants and forces loyal to former President Ali Abdallah Saleh in an attempt to reinstate the government of President Abd Rabbu Hadi Mansour. As a result, over 80% of the country's population of 26 million are in need of emergency assistance, and vital infrastructure has been destroyed. Impacts Yemen's social and political disintegration will deepen, and will be difficult to reverse. Concerns over the the humanitarian crisis's political impact will accelerate efforts to broker an end to the conflict. Traumatic stress, child malnutrition and lost schooling will reduce labour force capabilities for a generation. Reconstruction costs will put further stress on Saudi, UAE finances.

scholarly journals Challenging Times for Insurance, Banking and Financial Supervision in Saudi Arabia (KSA)

2021 ◽  
Vol 11 (3) ◽  
pp. 62
Author(s):  
Giuseppe Orlando ◽  
Edward Bace
Keyword(s):  
Saudi Arabia ◽  
Lower Risk ◽  
Insurance Industry ◽  
Financial Sector ◽  
Financial Supervision ◽  
Negative Effects ◽  
Policy Makers ◽  
History Of ◽  
The Government ◽  
Financial Issues

The financial system in the Kingdom of Saudi Arabia (KSA) has a history of relative soundness, particularly in banking, due to comparatively strict and enforced domestic supervision, and supported by what has been for the most part a reasonably robust economy. However, the sector is facing challenges of a sluggish economy, need for reform and negative effects of the COVID-19 pandemic. This paper strives to assess how well the government thus far has responded to the challenges in the financial sector. The working hypothesis is that the insurance industry has improved its position, resulting in higher efficiency and profitability and lower risk. This is an industry historically plagued by too many players, financial issues and less than adequate controls. The analysis undertaken bears out the hypothesis, as revealed by the enhanced contribution made by the industry since the pandemic. Analysis suggests that strides have been made in that industry in terms of helping to diversify the economy with the onset of the pandemic. Moreover, evidence is provided that the sensitivity to changes in oil volumes (rather than to changes in oil prices) is a key risk factor for the financial sector in the KSA. These findings have implications for policy makers in terms of leveraging the pandemic conditions as an opportunity to drive further reform and diversify the economy with lower risk.

Malaysia’s Relations with Saudi Arabia and Iran: Juggling the Interests

2018 ◽  
Vol 5 (1) ◽  
pp. 46-64 ◽  
Author(s):  
Mohd Fauzi Abu–Hussin ◽  
Asmady Idris ◽  
Mohd Afandi Salleh
Keyword(s):  
Saudi Arabia ◽  
Middle East ◽  
United Arab Emirates ◽  
Negative Consequences ◽  
Economic Relationships ◽  
East Region ◽  
Trading Partners ◽  
The Government ◽  
The Persian Gulf ◽  
Middle East Region

The Middle East region, especially the oil-rich Arab economies, is regarded as one of Malaysia’s important economic and trading partners. Economic and political changes at the global and regional level have simultaneously shifted Malaysia’s interests in the region. At the same time, there has also been rising interest from countries in the region to expand their economic relationships with Malaysia. Apart from the United Arab Emirates, which is Malaysia’s largest trading partner in the Middle East region, Saudi Arabia and Iran are now becoming more visible for their contributions toward the Malaysian economy. Economic interest certainly is the main driving force behind the latter’s efforts to enhance its connection with these countries. Efforts to reap economic benefit from these countries and to attract petro-dollar investments would also have negative consequences on Malaysia’s domestic, social, and religious affairs due to an influx of Arab and Iranian people coming into the country. Religious extremism and sectarianism are among the challenges that Malaysia is encountering and the authorities are quite critical of those ideologies, and over the years, the teaching of Wahhabism and Shiism have been banned in the country. Could this affect Malaysia’s connection with those countries in the Persian Gulf? How has the government engaged with these local issues without jeopardizing its economic inter-connection with Saudi Arabia and Iran? Given that they are two contrasting countries, how has Malaysia balanced its relationships with these two states?

Southern Yemen deal will require added Saudi pressure

2019 ◽  
Keyword(s):  
Saudi Arabia ◽  
United Arab Emirates ◽  
Power Sharing ◽  
The South ◽  
Content Type ◽  
Peace Negotiations ◽  
The Government ◽  
The City

Significance The government was ejected from the city in clashes with the separatist Southern Transitional Council (STC) in August. Earlier this month, the sides signed a Saudi-brokered peace deal that provides for power sharing and the government’s return to Aden. Saudi Arabia is now responsible for most of the south: the Saudi military has taken over from departing forces from the United Arab Emirates (UAE). Impacts UAE forces stationed away from the areas of recent fighting may remain to support local partners. If it were successfully implemented, the deal would strengthen anti-Huthi forces, either in renewed fighting or in peace negotiations. The Huthis will attempt to disrupt the agreement, not least by launching drone attacks against Saudi forces in Aden.

Ragam Bangunan Perundang-Undangan Hukum Keluarga di Negera-Negara Muslim Modern: Kajian Tipologis

2018 ◽  
Vol 11 (1) ◽  
pp. 49-60
Author(s):  
Miftahul Huda
Keyword(s):  
Saudi Arabia ◽  
United Arab Emirates ◽  
Islamic Law ◽  
Family Law ◽  
Marriage Law ◽  
The Third ◽  
Muslim Countries ◽  
Fourth Type ◽  
Modern Family ◽  
The Difference

The reality of the difference in applying Islamic law in the context of marriage law legislation in modern Muslim countries is undeniable. Tunisia and Turkey, for example, have practiced Islamic law of liberal nuance. Unlike the case with Saudi Arabia and the United Arab Emirates that still use the application of Islamic law as it is in their fiqh books. In between these two currents many countries are trying to apply the law in their own countries by trying to bridge the urgent new needs and local wisdom. This is widely embraced by modern Muslim countries in general. This paper reviews typologically the heterogeneousness of family law legislation of modern Muslim countries while responding to modernization issues. Typical buildings seen from modern family law reforms can be classified into four types. The first type is progressive, pluralistic and extradoctrinal reform, such as in Turkey and Tunisia. The second type is adaptive, unified and intradoctrinal reform, as in Indonesia, Malaysia, Morocco, Algeria and Pakistan. The third type is adaptive, unified and intradoctrinal reform, represented by Iraq. While the fourth type is progressive, unifiied and extradoctrinal reform, which can be represented by Somalia and Algeria.

Motivations and attitudes toward domestic tourism in Saudi Arabia

2019 ◽  
Vol 9 (1) ◽  
pp. 27-37
Author(s):  
Mourad Mansour ◽  
Alhassan G Mumuni
Keyword(s):  
Saudi Arabia ◽  
Local Environment ◽  
Domestic Environment ◽  
Domestic Tourism ◽  
Tourism Destinations ◽  
Tourism Information ◽  
The Government ◽  
Using Data ◽  
Tourism Organization ◽  
Self Administered Questionnaire

AbstractBeginning with the establishment of a Supreme Commission for Tourism and Antiquities’ (SCTA) in 2000, there have been official attempts by the government of Saudi Arabia to encourage domestic tourism in order to tap into the huge amounts that Saudis spend annually on vacations. This paper examines the motivations and attitudes of consumers toward tourism destinations and activities within the country (domestic tourism). Using data collected through a structured self-administered questionnaire, the study finds that familiarity and trust of the local environment, perceptions of the safer domestic environment, and limitations imposed by respondents’ vacation timing are the primary motives for choosing to spend their vacations locally, while lack of quality domestic tourist sites and services (including entertainment facilities), lack of tourism information, insufficient tourism organization services, and the harsh local environmental conditions during summer are factors that ‘push’ people from spending the vacations locally. Attitudes toward domestic tourism are generally negative, although there are significant differences in attitudes between respondents who prefer domestic destinations and those who prefer to travel out of Kingdom. Implications of the findings are outlined and discussed.

INTERACTION OF THE NATIONAL ECONOMY OF UKRAINE WITH INTERNATIONAL CREDIT AND FINANCIAL ORGANIZATIONS

2017 ◽  
Author(s):  
Serhii Voitko ◽  
◽  
Yuliia Borodinova ◽  
Keyword(s):  
Financial Institutions ◽  
National Economy ◽  
Financial Support ◽  
Global Economy ◽  
Financial Sector ◽  
Negative Consequences ◽  
International Financial Institutions ◽  
The Future ◽  
International Credit

The article examines the interaction of the national economy of Ukraine with international credit and financial organizations, evaluates the positive and negative consequences and identifies possible areas for further cooperation. The role of international credit and financial organizations in the development of the global economy is analyzed. Today, international financial institutions have taken a leading place among institutions that provide financial support and contribute to the implementation of necessary reforms aimed at developing enterprises in various sectors of the economy and strengthening the country's financial sector as a whole. The importance of cooperation between Ukraine and international financial institutions for the development of the country's economy has been determined. The problems and directions of development of cooperation with leading credit and financial organizations in modern conditions are identified. Despite the presence of certain shortcomings, cooperation between Ukraine and international credit and financial organizations will continue in the future.

A Study On Challenges Faced By Small Scale Entrepreneurship Management In Tirunelveli City

2019 ◽  
Vol 118 (10) ◽  
pp. 244-251
Author(s):  
Dr. V. Sangeetha ◽  
S.Selva Kumari ◽  
M. Deena ◽  
K. Chandra
Keyword(s):  
First Generation ◽  
Central Government ◽  
New Products ◽  
Small Scale ◽  
The Government

In modern days entrepreneurship are increased and they were faced a lot of issues and challenges. Entrepreneur is one who has creative and innovative ideas for a business. The entrepreneurship reduces the unemployment. The Government was encouraged the Entrepreneurs and give award for them. Main objective for these awards is to recognize the business and business man and improve the marketability introduced new products for a market. The Central Government issues award for entrepreneurs who have a age of 40 years and they must be first generation entrepreneurs. They were holding a 51% of equity and ownership of business and then women must individually own 75% or more of the enterprise.

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