Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
SWIFT to open The KYC Registry to corporates
SWIFT announces that it is to open its world-leading Know Your Customer platform, The KYC Registry, to corporates. In a first step, from Q4 2019, all 2,000 SWIFT-connected corporate groups will be able to join The KYC Registry, and use it to upload, maintain and share their KYC information with their banks. Enabling corporates to […]
Chinese Minister of Science and Technology advocates prudent approach to policies that create a more open, inclusive market
“China’s economy is now transitioning from high-speed growth to high-quality growth,” said His Excellency Wang Zhigang, Special Envoy of President Xi Jinping and Chinese Minister of Science and Technology. During a session titled ‘The Rise of the Dragon: China’s Success in Leading the World of Technology’ at the seventh edition of the World Government Summit […]
WGS 2019: Estonian Representatives Share Digitization Successes at WGS
A track of sessions titled ‘Best Practices From Estonia – Europe’s Digital Leader’, held on the first day of the World Government Summit (WGS) 2019, brought together leading experts to discuss Estonia’s digitalization success journey to become one of the world’s leading e-societies, in a way that showcased the truly global incubator that the summit […]
SADAFCO promotes Saudi fitness through cycling event
In line with Saudi Vision 2030 and in the spirit of stirring up a thriving sports culture, Saudia Dairy and Foodstuff Company (SADAFCO) has promoted health, fitness and sports through an event organized by Promoseven Sports in Jeddah. SADAFCO sponsored “The Jeddah Challenge” cycling event on January 26, 2019, to generate more activity among Saudi […]
“Huawei 2018 revenues reached US$108.5 billion, 20% increase compared to 2017”
In a meeting with leading international media held recently at Huawei’s headquarter in Shenzhen China, Huawei Rotating Chairman Eric Xu answered media questions, addressed security concerns over Huawei and discussed Huawei’s open engagements with external stakeholders Mr. Xu said: “Cyber security, first and foremost, should be a technical issue; it should not become a political […]
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Bupa Arabia Ranks 1st in Public Disclosure and Transparency
Public Disclosure and Transparency are essential elements of a robust Corporate Governance Framework as they provide the base for informed decision making by shareholders, stakeholders and potential investors in relation to capital allocation, corporate transactions and financial performance monitoring. The Importance of transparency has been widely recognized by both academics and market regulators, resulting in […]
MUFG appoints Head of Corporate Banking in Riyadh
MUFG Bank announces the appointment of Tariq Al Ghaziri as Head of Corporate Banking for MUFG’s Riyadh branch. Prior to joining MUFG in Riyadh, Tariq has held various positions at Riyad Bank for the past 15 years, most recently as Head of Corporate Finance. Various functions, including Trade Finance, Treasury and Credit Analysis, will report […]
AVAYA OPENS CUSTOMER EXPERIENCE CENTER IN SAUDI ARABIA
Avaya Holdings Corp. (NYSE: AVYA) is celebrating the launch of its new office space at the Information Technology and Communications Complex (ITCC), a commercial and housing development that serves as the epicenter of the Riyadh technology community. In what comes as a significant investment in the regional technology ecosystem, the office at ITCC features the […]
B2Broker Boosts Liquidity Offering with Launch of Additional 40 Crypto/CFD Pairs
B2Broker, a liquidity and technology provider of solutions for the crypto and foreign exchange (FX) industry, has today announced the launch of 40 new Crypto/CFD pairs, comprising all major cryptos such as BTC and Ripple against all major Fiat currencies: USD, EUR, JPY and GBP. The launch also features a range of unique pairs including […]
SWIFT to open gpi to e-commerce and DLT platforms
gpi Link will seamlessly connect gpi members to multiple trade platforms thereby enabling gpi payment initiation, end-to-end payment tracking, payer authentication and credit confirmation. The gateway will enable the continuous monitoring and control of payment flows and the subsequent movement of goods by those trade platforms, while to ensure global integration and interoperability it will […]
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Audi electrifies the World Economic Forum in Davos
Sustainable mobility for the World Economic Forum in Davos: As the exclusive shuttle partner, Audi is providing a fleet of 50 Audi e-tron cars for the annual meeting in 2019. The all-electric cars are fully powered by green electricity. And with mobile charging containers, the company is demonstrating a potential application of used batteries from […]
SWIFT publishes new ‘Pay Later’ API standard
SWIFT has today published a standard for ‘Pay Later’ APIs in a key step toward enabling the rapid adoption of an innovative new consumer payment model. ‘Pay Later’ is an instant online payment facility which offers customers the ability to use traditional bank loan financing to pay for goods purchased online. By selecting Pay Later […]
DXC Technology to Acquire Leading Digital Innovator LuxoftAccess to Digital Talent, Complementary Capabilities Promise to Catalyze Growth
DXC Technology (NYSE: DXC) and HYPERLINK “https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.luxoft.com%2F&esheet=51921599&newsitemid=20190107005557&lan=en-US&anchor=Luxoft&index=2&md5=c52f97d14e0abcf3b7286e60894655a4” Luxoft Holding, Inc (NYSE: LXFT) today announced a definitive agreement for DXC to acquire Luxoft, a global-scale digital innovator with differentiated offerings, deep vertical industry expertise and world-class digital talent. Pursuant to the agreement between DXC and Luxoft, all of the issued and outstanding Luxoft Class A and Class B […]
Grundfos Digital Tools; Discover New Frontiers in Innovation to Push your Business Forward
In line with its commitment to sustainability and to making the world a better place, Grundfos, the award-winning world leader in advanced pump and water application systems keeps moving the limits towards new heights of innovation and quality. While the quality of products and services was the key driver of customer loyalty and business growth for […]
Grundfos Takes Part in the WAX Seminar
Grundfos, the award-winning world leader in advanced pump and water application systems, took part in the WAX Seminar, a leading event organized by the Royal Danish Embassy in Riyadh on December 4, 2018, to promote Danish water and wastewater service and solutions in Saudi Arabia. Grundfos was in alliance with the Danish embassy for this […]
SWIFT gpi breaks 50% barrier
SWIFT’s gpi payments service continued to radically transform correspondent banking. With the support of hundreds of financial institutions, including the world’s 60 biggest banks, it is now being used to send hundreds of billions in payments every day – more than half (55%) of SWIFT’s cross-border traffic. Luc Meurant, Chief Marketing Officer at SWIFT, said: […]
Rexton Technologies Middle East launches IS300 Series – a revolutionary concept in Weather Protected Isolator Switches.
Leading electrical manufacturer Rexton Technologies Middle East, the industrial arm of Kingston Holdings FZC, has recently launched the new and improved range of Weather Protected Isolator Switches IS300 series from its Sharjah manufacturing facility making UAE the first market in the region to witness the launch of this product. Complying with IP66 and rating of […]
Datamount launches Oman’s largest data center in Jebel Akhdar
Data center hosting services company – Datamount announced that it has launched the nation’s largest commercial data center at Jebel Akhdar. A cost-efficient, data center facility with a total floor area of around 9000 square meters, the center will accommodate around 1000 racks, making it the Sultanate’s largest scale-data center. The company will leverage this […]
Sharjah Finance Department Cooperate With Sharjah Islamic Bank to Facilitate Payment Services
Sharjah Finance Department signed yesterday on Monday, an agreement with Sharjah Islamic Bank to cooperate in banking services to be provided to clients of both sides, in the context of Making the payment service easer to the clients and enabling them to pay service charges and Government transactions easy and safe way. The signing ceremony […]
LG welcomes its best maintenance technicians from around the world in Seoul
More than 44 technicians from the Maintenance Department participated in the LG World Olympiad held in Korea, representing LG dealerships and distributors around the world. LG organized a two-day World Maintenance Skills Olympiad in which participants had to undergo several challenges that test their skills. At the end of the Olympiad, the winners were selected […]
OPPO to Invest USD 1.4 Billion in Research & Development in 2019
OPPO made a range of new announcements at its technology focused ‘2018 OPPO Technology Exhibition’ in Shenzhen. Tony Chen, Founder, and CEO of OPPO, announced an increase in R&D spending to USD 1.43 billion next year – a 150% year-on-year increase – and that the company would continue to increase investment on a yearly basis. […]
SWIFT pilots integrated payment validation service as gpi captures more than 50% of payment volumes
SWIFT today announces it will begin piloting an integrated pre-validation gpi payments service, focussing on enabling the speedy identification and elimination of errors and omissions in payment messages. The pilot is the first stage in the roll-out of the ambitious gpi validation programme, which will also be rolled out in the Middle East and North […]