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Consumer loans: Spending on tourism, education up, healthcare down in Saudi Arabia

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Consumer loans: Spending on tourism, education up, healthcare down in Saudi Arabia

RIYADH: Saudi Arabian residents used consumer loans and credit to spend more on travel and education, but less on healthcare, transport and home improvements, according to the latest data from the Saudi Central Bank (SAMA).
Statistics released at the end of January show a 26 percent rise in loans for travel and tourism, despite restrictions due to the coronavirus (COVID-19) pandemic.
Talat Zaki Hafiz, an economist and Saudi Financial Association board member, told Arab News that increased spending on domestic tourism contributed to the upward trend.
Mazen Al-Sudairi, head of research at Riyadh-based financial services company Al Rajhi Capital, agreed, saying that the 2020 surge was due to a refocus on domestic travel. ....

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More training, sharing needed to address Saudi Arabia's big data dilemma: Report

JEDDAH: Most senior Saudi public sector executives have failed to take the necessary steps to share data effectively with their partners or train staff on how best to use it despite acknowledging its importance as a major catalyst for innovation, a study has revealed.
In a recent report, German business software company SAP looked at the top technology trends for 2021 and conducted a survey of 3,000 global executives.
The study found that more than four-fifths (89 percent) of Saudi senior public sector executives agreed that data sharing helped them to improve on how they connected with citizens.
“The Saudi and Middle East governments have advanced digital transformation amid the coronavirus disease (COVID-19) pandemic to better serve citizens,” said Mohammed Al-Khotani, managing director of SAP Saudi Arabia. ....

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Fintech companies to benefit most from SAMA open banking policy

RIYADH: The open banking policy approved by the Saudi Central Bank (SAMA) on Sunday is expected to benefit the Kingdom’s financial technology (fintech) companies due to its advanced and varied services, experts said.
SAMA said in a statement that the policy would enable bank customers to securely manage their bank accounts and share their data with third parties. Customers will also have access to bespoke financial products and services from the same platform and enjoy smoother daily banking activities.
Fadhel Al-Buainain, a former Saudi banker, said that it is a known fact that only the customer and the bank have access to confidential banking information. Following the implementation of the new policy, however, a third party can also have access to such information if the customer grants it permission. In this way, customers will be able to securely manage their bank accounts and share financial data. ....

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