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Saudi Arabia's new instant payment system seen as catalyst for e-commerce, fintech sectors

JEDDAH: The arrival of the Kingdom s first instant payment system (IPS) has been hailed as a major breakthrough by retailers and financial experts.
Saudi Payments’ managing director, Fahd Al-Akeel, said on Sunday that the launch of IPS was the result of several months of “meticulous efforts” with all partners. “Despite the challenges posed by the COVID-19 pandemic, the speed of the instant payment system’s deployment across all the local banks is the fastest of its kind worldwide,” he added.
The system will allow financial institutions, companies, and people to complete transactions instantly across various banks, around the clock.
Mazen Al-Sudairi, head of research at the Riyadh-based financial services company Al-Rajhi Capital, said the move would have two main benefits for retailers and consumers. First, it would help boost consumption and make the monetary supply chain more efficient. “It will reduce the use of cash in the economy,” he added. “Th ....

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Global companies to be rewarded for setting up in Saudi Arabia: Officials

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Coral Bloom set to bring Saudi Arabia closer to $133bn tourism goal

DUBAI: During the recent 2021 Budget Forum in December, Saudi Arabia’s Minister of Tourism Ahmed Al-Khateeb said the Kingdom is aiming to attract new tourism investments worth SR220 billion ($58 billion) by 2023, and more than SR500 billion by the end of the decade.
In 2019, Saudi travellers spent $22 billion travelling overseas. One of the ways the ministry is aiming to boost the Kingdom’s tourism revenues is to encourage Saudis to spend some of their tourism cash at home.
“We have reduced the leakage,” Al-Khateeb told Arab News in December. “In 2019 we launched 11 ‘seasons’ in Saudi Arabia and reduced travel outside by 30 percent. When we continue to do this, we will definitely reduce the leakage Saudis will like to stay at home and they will enjoy the offering.” ....

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Saudi Arabia to introduce faster interbank instant money transfers this month

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Online school sees 60% rise in Saudi student enrolments

JEDDAH: Online school platform iCademy Middle East has witnessed a 60 percent rise in the number of students using its services during the coronavirus disease (COVID-19) pandemic.
Cody Claver, the company’s general manager, said the increase in COVID-19 cases had led to a surge in enrolments from Saudi Arabia.
“This growth can be attributed to three main factors – the ease with which students can have access to a qualitative education, our online school’s ability to create customized teaching methods, and access to time and resource-saving features,” he added.
Dubai-based iCademy Middle East, the only online school approved by the UAE’s Knowledge and Human Development Authority, revealed that enrolment of students throughout the region had quadrupled on a year ago. ....

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