عربي English Türkçe اردو فارسى
Logo
Latest News
Business

SAMA, CMA Launch Program to Support 150 Fintech Startups

The Makken program aims to provide technical services in the fields of cyber-security, cloud computing, and shared workspaces. (Asharq Al-Awsat)
The Makken program aims to provide technical services in the fields of cyber-security, cloud computing, and shared workspaces. (Asharq Al-Awsat)
TT
TT

SAMA, CMA Launch Program to Support 150 Fintech Startups

The Makken program aims to provide technical services in the fields of cyber-security, cloud computing, and shared workspaces. (Asharq Al-Awsat)
The Makken program aims to provide technical services in the fields of cyber-security, cloud computing, and shared workspaces. (Asharq Al-Awsat)

The Saudi Central Bank (SAMA) and the Capital Market Authority (CMA) launched a new financial technology program, Makken, which aims to empower entrepreneurs and startups in the financial technology sector by providing them with technical support and cyber-security tools.

The program aims to empower 150 national emerging financial technology companies over a period of three years by offering supported technical and qualitative services in the fields of cyber-security, cloud computing, and shared workspaces.

In remarks during the launch ceremony in Riyadh on Sunday, Central Bank Governor Ayman Al-Sayari said SAMA is keen on adopting financial technologies and developing relevant legislation to facilitate the entry of investors into the sector, provide innovative services, and preserve the strength and stability of the fintech sector in the Kingdom.

Al-Sayari emphasized the need to develop the digital infrastructure that supports financial technology in accordance with the highest standards and ensure alignment with the best global practices, in addition to striving to enable and develop the digital financial transactions system for all users in a competitive and fair manner.

The program works to help emerging entrepreneurs in financial technology activities to overcome challenges and difficulties they may face at the launch of their business.

Those include full familiarity with the regulations and laws, the costs of emerging business models and compatibility with the highest cloud computing technologies, as well as the expenses related to cyber-security, due to the need to adhere to the relevant national standards to preserve and protect customer financial statements.

As for the criteria for eligibility of entrepreneurs and startups for the Makken program, the company must be a start-up operating in the Kingdom and registered with all relevant authorities. Moreover, its activity must be subject to regulatory authorities (SAMA and CMA), in addition to being in its initial stages of obtaining financing.

The objectives of the company must also be consistent with the goals of the Financial Sector Development Program and Financial Technology Strategy, which seek to benefit 525 fintech companies by 2030, support the domestic product with SAR 13.3 billion, create 18,000 job opportunities, and reach SAR 12.2 billion as a cumulative value for venture capital investment.

Most Viewed

 
 
Business

Strait of Hormuz Ship Crossings Remain in Single Digits

FILE PHOTO: Vessels near the Strait of Hormuz, as seen from Musandam, Oman, September 2, 2026. REUTERS/Stringer/File Photo
FILE PHOTO: Vessels near the Strait of Hormuz, as seen from Musandam, Oman, September 2, 2026. REUTERS/Stringer/File Photo
TT
TT

Strait of Hormuz Ship Crossings Remain in Single Digits

FILE PHOTO: Vessels near the Strait of Hormuz, as seen from Musandam, Oman, September 2, 2026. REUTERS/Stringer/File Photo
FILE PHOTO: Vessels near the Strait of Hormuz, as seen from Musandam, Oman, September 2, 2026. REUTERS/Stringer/File Photo

Vessel transits through the Strait of Hormuz remained in the single digits at four on Tuesday, down from seven a day earlier, preliminary shipping data showed on Wednesday, falling well short of the 10-day average of 18.

The drop in traffic through the waterway that handled one-fifth of the world's oil and liquefied ⁠natural gas supply before ⁠the Iran war comes after attacks in the region intensified.

Of the total on Tuesday, two ships were exiting and two were entering, according to the data.

No very large crude carriers ⁠or liquefied natural gas tankers were involved.

Some ships may be sailing through the waterway with their transponders turned off and they are therefore not counted.

One very large gas carrier, Salute, carrying around 470,000 barrels of liquefied petroleum gas exited via the Iranian route, while Panamax-sized tanker Nautilus, carrying around 510,000 barrels of naphtha, exited ⁠via ⁠an unknown dark route, Reuters reported.

The two ships that entered were both laden, with one being a short-range dirty products tanker and the other a dry bulk carrier. Both entered via the Iranian route.

Meanwhile, the number of ships sailing through the Bab el-Mandeb Strait was at 22, little changed on Tuesday compared with a day ago at 24.

Business

Türkiye 2027 Inflation Target Realistic, Minister Says

People shop at the Eminonu district of Istanbul, Türkiye, April 25, 2025. (Reuters)
People shop at the Eminonu district of Istanbul, Türkiye, April 25, 2025. (Reuters)
TT
TT

Türkiye 2027 Inflation Target Realistic, Minister Says

People shop at the Eminonu district of Istanbul, Türkiye, April 25, 2025. (Reuters)
People shop at the Eminonu district of Istanbul, Türkiye, April 25, 2025. (Reuters)

Türkiye's 2027 inflation target in its medium-term program is regarded as realistic by markets, provided that the Iran war does not continue next year, Finance Minister Mehmet Simsek said in an interview with broadcaster Haberturk on Wednesday.

Türkiye should normally operate a floating ‌exchange rate regime, ‌as it provides the ‌basis ⁠for responding correctly ⁠to shocks, Simsek said.

Türkiye has always provided wage increases of at least the rate of inflation for all public workers and retirees, and will continue to do so, ⁠he added.

Once inflation ‌falls to ‌single digits, mandatory export proceeds sales requirements could ‌be lifted in favor of ‌a freer regime, he also said.

Conditions for removing the mandatory export sales requirement have not yet been met and ‌Türkiye will review the matter when they arise.

The government expects ⁠inflation ⁠to slow to 28.4% this year and to 21% in 2027 before dropping to single digits in 2029 — about two years later than previously predicted.

The US-sanctioned Golden Global Yatirim bank is small and poses no systemic risk, Simsek also said, calling on other banks to comply with international regulations and strengthen compliance.

Business

Bahrain's Alba Says Produces 1.3 Million Tons Per Year of Aluminium

The Bahraini capital (Reuters)
The Bahraini capital (Reuters)
TT
TT

Bahrain's Alba Says Produces 1.3 Million Tons Per Year of Aluminium

The Bahraini capital (Reuters)
The Bahraini capital (Reuters)

Aluminium Bahrain, known as Alba, is currently producing aluminium at an annualized rate of 1.3 million metric tons, versus a pre-Iran war capacity of around 1.6 million tons, its CEO said on Wednesday.

Alba, which describes itself as the world's biggest aluminium smelter on one site, shut down production ⁠lines 1, 2, and ⁠3 following the outbreak of the war as the closure of the Strait of Hormuz restricted exports. The plant was then hit by an Iranian attack in late March.

Alba is now operating lines 4, 5 and 6 at its smelter, equivalent to 1.3 ⁠million tons per year, Ali Al Baqali told Reuters on the sidelines of the Fastmarkets Aluminium Conference in Budapest.

He described the Iranian strike as a "small, minor attack.”

"We got damages and we already repaired them. Nothing needed," Al Baqali said, adding that Alba had been covered by insurance.

Its overall capacity will return to 1.6 million tons when it completes its acquisition of French smelter Aluminium Dunkerque in the next couple of months, Al ⁠Baqali said.

To ⁠maintain production, Alba is bringing in 300 to 350 trucks carrying raw material alumina on a daily basis, the CEO said.

"We are managing to receive around 7,000 metric tons of alumina every day," Al Baqali said, describing the logistics operation as "expensive,” but offset by the high London Metal Exchange aluminium price and premiums for physical metal.

Alba is exporting metal via the Saudi port of Jeddah on the Red Sea and from Sohar in Oman, Al Baqali said, as hostilities in the Middle East continue.