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Redefining Finance: KSA Fintech Market Soars at 12.5% CAGR, Fueled by Vision 2030 and Digital Transformation: Ken Research

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The Kingdom of Saudi Arabia fintech landscape is experiencing a groundbreaking transformation, fueled by ambitious national goals outlined in Vision 2030 and a growing appetite for digital financial solutions. Ken Research’s comprehensive report, KSA Fintech Market Outlook to 2028: Shaping the Future of Finance, delves into this dynamic market, projecting a remarkable 12.5% CAGR over the next five years. This press release summarizes the key findings and offers valuable insights for investors, financial institutions, fintech startups, and stakeholders seeking to capitalize on this flourishing ecosystem.

Market Overview:

Several key factors are propelling the KSA fintech market towards a future brimming with innovation:

  • Vision 2030: The government’s ambitious plan prioritizes financial inclusion and digital transformation, creating a conducive environment for fintech adoption through supportive regulations and infrastructure development.
  • Rising Mobile Penetration: The Kingdom boasts a high smartphone penetration rate, driving the adoption of mobile-based financial services and creating a fertile ground for m-commerce and digital wallets.
  • Shifting Consumer Preferences: Younger generations are increasingly tech-savvy and open to embracing alternative financial solutions, seeking convenience, personalization, and transparency.
  • Growing Unbanked Population: A significant portion of the population remains unbanked or underbanked, presenting a significant opportunity for fintech solutions that cater to their financial needs.

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Segmentation Spotlight:

Ken Research provides a detailed segmentation of the market, allowing you to pinpoint your target audience effectively:

  • By Payment Solutions: Mobile wallets, digital payments, and online money transfers dominate, followed by emerging segments like contactless payments and Buy Now, Pay Later (BNPL) solutions.
  • By Lending & Financing: Peer-to-peer (P2P) lending, alternative credit scoring, and crowdfunding platforms are gaining traction, offering financial services to previously underserved segments.
  • By Wealth Management: Robo-advisors and digital wealth management platforms are attracting investors seeking automated and personalized investment solutions.
  • By Insurance: Insurtech startups are offering innovative insurance products and leveraging data analytics for personalized risk assessment and pricing.

Competitive Landscape:

The KSA fintech market features a diverse mix of players:

  • Global Fintech Giants: Established players like PayPal, Stripe, and Ant Group are entering the market with their global expertise and advanced technologies.
  • Regional Powerhouses: Homegrown players like STC Pay, SADAD, and Yaqeen are offering innovative solutions tailored to local needs and regulations.
  • Emerging Startups: Agile startups are disrupting specific segments with niche offerings, catering to unbanked populations and offering specialized financial services.

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Recent Developments:

  • Regulatory Sandbox: The Saudi Arabian Monetary Authority (SAMA) has established a regulatory sandbox to facilitate innovation and support the growth of new fintech players.
  • Open Banking Initiatives: The implementation of open banking APIs is enabling collaboration between traditional financial institutions and fintech startups, fostering innovation and competition.
  • Focus on Financial Inclusion: Initiatives like the National Payment System and the Saudi Digital Wallet are promoting financial inclusion and providing access to digital financial services for all.

Future Outlook:

The KSA fintech market is poised for exciting developments in the coming years:

  • Rise of Blockchain Technology: Blockchain will be increasingly adopted for secure and transparent financial transactions, smart contracts, and trade finance solutions.
  • Emergence of Artificial Intelligence: AI-powered solutions will personalize financial services, enhance fraud detection, and improve risk management capabilities.
  • Focus on Cybersecurity: As the market matures, cybersecurity will become a top priority to ensure data protection and consumer trust.
  • Collaboration and Partnerships: Collaboration between fintech startups, traditional financial institutions, and government agencies will be crucial for driving further innovation and market growth.

Challenges to Address:

Despite its promising future, the market faces some hurdles:

  • Regulatory Uncertainty: Navigating the evolving regulatory landscape can be challenging for new entrants.
  • Cybersecurity Concerns: Ensuring robust cybersecurity measures is essential to build consumer trust and prevent financial fraud.
  • Financial Literacy: Raising financial literacy levels among the population is crucial to drive wider adoption of fintech solutions.

Why This Report Matters:

This report empowers various stakeholders to navigate the KSA fintech market:

  • Investors: Identify lucrative investment opportunities across different segments and technologies.
  • Financial institutions: Gain insights into emerging trends, customer needs, and regulatory requirements to adapt their offerings and stay ahead of the curve.
  • Fintech startups: Understand the competitive landscape, identify niche opportunities, and develop innovative solutions that cater to specific market needs.
  • Policymakers: Develop policies that support innovation, promote financial inclusion, and ensure a fair and competitive market environment.
  • Consumers: Understand the benefits and risks of fintech solutions, make informed financial decisions, and leverage technology to manage their finances effectively.

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Taxonomy

By service vertical

  • Payments and Currency Exchange
  • Lending and Finance
  • Business tools
  • Personal financing
  • Private fundraising
  • Capital market
  • Infrastructure

By Region

  • Riyadh
  • Khobar
  • Dammam
  • Jeddah

By Investment Stage

  • Series A
  • Series B and above
  • Early (Pre-seed, Seed)
  • Undisclosed

By Company Stage

  • Testing License
  • Active
  • Idea stage
  • Pre commercial

For More Insights On Market Intelligence, Refer To The Link Below: –

KSA Fintech Market

Related Reports by Ken Research: –

UAE Debt Collection Market Outlook to 2027 Characterized by fierce competition among the existing players and high growth prospects

According to Ken Research estimates, UAE Debt Collection Market – which grew at a CAGR of 11.6% in the period of 2017-2022 – is expected to grow at a CAGR of 12.8% in the forecasted period of 202-2027, owing to increasing emphasis on NLP techniques and changing IT policies and documentation.

MENA Remittance Market Outlook to 2027 segmented by mode of transfer (digital, traditional), type of channel (Banks, online platforms, money transfer operators), type of end use (migrant labour workforce, personal, small business & others) Geography (Latin AmericaAfricaAsia PacificEuropeMiddle East)

According to Ken Research estimates, the MENA Remittance Market which has seen a steady growth in last few years excluding the pandemic year is driven by rise in mobile-based payment channels and cross-border transactions and decrease in remittance transfer time & cost drives the growth of the market. In addition, increase in adoption of banking & financial sectors across the globe fuels the remittance market growth.

Australia Cards and Payment Market Outlook to 2027F By Cards (Debit Cards, Credit Cards, Prepaid Cards), By Payment Terminals (POS and ATMs), By Payment Instruments (Credit Transfers, Direct Debit, Cheques, Cash and Payment Cards)

According to Ken Research estimates, the Australia Cards and Payment Market is forecasted to grow at a CAGR of ~% in the period of 2022-2027F, owing to the rising of contactless payments, increasing debit card usage and the emergence of digital wallets.

Brazil Cards and Payment Market Outlook to 2027F By Cards (Debit Cards, Credit Cards, Prepaid Cards), By Payment Terminals (POS and ATMs), By Payment Instruments (Credit Transfers, Direct Debit, Cheques, Cash and Payment Cards)

According to Ken Research estimates, the Brazil cards and payment market is forecasted to grow at a robust CAGR in the period of 2022P-2027F, owing to digitalization and the growth in the volume of high-net-worth individuals. There is marvelous potential, with almost two-thirds of adult consumers holding a debit card and Pix having proven a world beater in terms of mass market uptake.

The post Redefining Finance: KSA Fintech Market Soars at 12.5% CAGR, Fueled by Vision 2030 and Digital Transformation: Ken Research appeared first on HIPTHER Alerts.

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Blockchain

Supply Chain Finance Market Forecast to Reach $9.4 Billion by 2029: Increasing Emphasis on Sustainable Sourcing

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Global Supply Chain Finance Market

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Web3 Startups Raise Nearly $1.9B in Q1 2024 Despite Overall Downtrend in Crypto VC Interest

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Venture capital funding for cryptocurrency and blockchain projects has seen a notable resurgence in the first quarter of 2024, marking its first quarterly rise since 2021. Crunchbase data released today indicates that Web3 startups secured nearly $1.9 billion in funding across 346 deals during this period. This represents a substantial 58% increase from the previous quarter, offering a glimmer of hope amidst the ongoing downward trend in overall crypto VC interest.

The recent surge in funding can be attributed to investors adopting a more long-term perspective on Web3, as opposed to the hype-driven “tourist investors” predominant in recent years. Chris Metinko, the author of the report, notes that investors are shifting their focus to the AI sector, indicating a change in investment strategy. There is a growing interest in supporting the foundational infrastructure of the decentralized internet, rather than solely concentrating on crypto wallets and lending platforms, which attracted significant investments during the peak period of 2021 to 2022.

While large funding rounds were relatively uncommon in Q1, several notable investments stood out. Exohood Labs, a company integrating AI, quantum computing, and blockchain, secured a remarkable $112 million seed round at a valuation of $1.4 billion. EigenLabs, an Ether token “restaking” platform, raised $100 million in a Series B round led by a16z crypto. Additionally, Freechat, a decentralized social network leveraging blockchain technology, secured $80 million in a Series A round. These investments, among others, contributed to the increase in valuations and the emergence of four new Web3 unicorns in Q1.

Despite the recent progress, the future trajectory of Web3 remains uncertain. Metinko suggests that the next few quarters will be pivotal in determining the industry’s direction. While investors anticipate a rebound in investment as the decentralized internet evolves, it may take another year for venture capital activity to stabilize after the exuberance of 2021. Factors such as the approval of U.S. spot Bitcoin exchange-traded funds and the upcoming Bitcoin halving could also influence the market, given the rising prices of Bitcoin and Ether.

A noteworthy example of significant funding in the Web3 space is Monad Labs’ recent successful funding round, which secured $225 million led by Paradigm. Monad Labs is a layer-1 blockchain compatible with Ethereum, offering faster transaction processing. This funding round harkens back to the golden era of crypto funding in 2021-2022, when L1 solutions attracted substantial investments.

Earlier this year, Balance, a digital asset custodian based in Canada, announced that it had once again reached $2 billion in assets under custody (AUC) amidst the recent market recovery. Similarly, Korea Digital Asset (KODA), the largest institutional crypto custody service in South Korea, has experienced remarkable growth in crypto assets under its custody, expanding by nearly 248% in the second half of 2023.

Analysts at Bernstein Research project that crypto funds could reach an impressive $500 billion to $650 billion within the next five years, representing a significant leap from the current valuation of approximately $50 billion. This forecast underscores the growing optimism and potential for substantial growth within the crypto industry in the coming years.

Source: cryptonews.com

The post Web3 Startups Raise Nearly $1.9B in Q1 2024 Despite Overall Downtrend in Crypto VC Interest appeared first on HIPTHER Alerts.

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ASIC cracks down on blockchain mining firms

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Three blockchain mining companies – NGS Crypto, NGS Digital, and NGS Group – along with their directors, Brett Mendham, Ryan Brown, and Mark Ten Caten, are facing legal action from the Australian Securities and Investments Commission (ASIC) for allegedly operating without a license, in violation of Australia’s Corporations Act. ASIC initiated legal proceedings against these entities on April 9, citing concerns about their non-compliance with financial regulations and their solicitation of Australian investors.

According to ASIC, the NGS companies promoted blockchain mining packages with fixed-rate returns to Australian investors, encouraging the transfer of funds from regulated superannuation funds to self-managed superannuation funds (SMSFs) for conversion into cryptocurrency. Approximately 450 Australians invested a total of around USD 41 million in these packages, raising concerns about potential financial losses.

The legal action filed by ASIC alleges that the companies violated section 911A of the Corporations Act, which prohibits companies from providing financial services without a valid Australian Financial Services Licence (AFSL). ASIC is seeking interim and final court orders to prohibit the NGS companies from offering financial services in Australia without an AFSL.

ASIC Chair Joe Longo emphasized the importance of investors carefully considering the risks before investing in crypto-related products through their SMSFs. Longo stated that ASIC’s actions send a message to the crypto industry about the regulator’s commitment to ensuring compliance with regulations and protecting consumers.

In a separate development, the Federal Court appointed receivers for the digital currency assets associated with the NGS companies and their directors to safeguard these assets amid concerns about the risk of dissipation. Mendham was also issued a travel restriction order, preventing him from leaving Australia.

While a court date for the proceedings has not been set, ASIC’s investigation is ongoing, with the regulator continuing to gather evidence and build its case. It is worth noting that the investigated companies share a similar name with NGS Super, a legitimate Australian pensions provider, leading to potential confusion among investors. NGS Super clarified that it is not involved in selling cryptocurrency or related products and has taken legal action to protect its trademark and members’ interests.

Source: iclg.com

The post ASIC cracks down on blockchain mining firms appeared first on HIPTHER Alerts.

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