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FinTech Invades Phones ... from Quick Payment to Investing Money

The pavilion of Tamara Company, which provides “Buy Now, Pay Later” service in Saudi Arabia and the Gulf, at the Leap24 exhibition in Riyadh. (X platform)
The pavilion of Tamara Company, which provides “Buy Now, Pay Later” service in Saudi Arabia and the Gulf, at the Leap24 exhibition in Riyadh. (X platform)
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FinTech Invades Phones ... from Quick Payment to Investing Money

The pavilion of Tamara Company, which provides “Buy Now, Pay Later” service in Saudi Arabia and the Gulf, at the Leap24 exhibition in Riyadh. (X platform)
The pavilion of Tamara Company, which provides “Buy Now, Pay Later” service in Saudi Arabia and the Gulf, at the Leap24 exhibition in Riyadh. (X platform)

It’s hard to find a device owned by someone from Generation Z that doesn’t feature financial technology (FinTech) applications. These apps aim to speed up various transactions, such as buying products via “Buy Now, Pay Later” (BNPL) services, borrowing money, investing, transferring funds, paying bills, and even sending gifts or requesting money from friends. Over time, these apps have become an integral part of their daily lives.

Gen Z typically refers to individuals born between the mid-1990s and the early 2010s. As a generation that has grown up in the digital age, they have never known a world without the internet and modern technology. This makes them the most engaged demographic when it comes to using FinTech services, a sector that has seen rapid growth and innovation in recent years.

Trends in FinTech

An initiative launched by the Saudi Central Bank, in collaboration with the Capital Market Authority, aims to advance the FinTech sector. Known as “FinTech Saudi,” the initiative has identified nine key areas of focus for FinTech companies. These include banking infrastructure, fundraising, payments and currency exchange, business solutions and information services, insurance, personal finance and treasury management, capital market services, regulation, and risk management.

Digital loans

Borrowing is no longer limited to major purchases like homes or cars. FinTech companies now offer fast, simplified financing solutions. The younger generation can quickly access loans for a range of purchases, including luxury dinners, clothes, airline tickets, and consumer goods.

In 2023, the global peer-to-peer lending market was valued at $5.94 billion and is expected to grow to $30.54 billion by 2032, according to SNS Insider. However, while traditional banks’ interest rates are regulated by central policies, FinTech companies often charge much higher rates - up to 38% - as observed by Asharq Al-Awsat, in a review of several fast-financing companies.

Buy Now, Pay Later

One of the fastest-growing trends in FinTech is BNPL services, especially in the e-commerce sector. These services allow consumers to make immediate purchases and pay in installments, often without interest or with minimal interest, enhancing their shopping experience and increasing purchasing power.

Data from Fortune Business Insights indicates that the global BNPL market was valued at $30.38 billion in 2023 and is expected to reach $167.58 billion by 2032, with an impressive compound annual growth rate (CAGR) of 20.7%.

Digital banks

FinTech companies specializing in digital banking offer all traditional banking services but without physical branches, allowing for faster and more cost-effective services for customers, as noted in the Financial Technology Report by FinTech Saudi.

Fundraising

FinTech platforms provide opportunities for investors to invest smaller amounts in private companies in exchange for equity. These platforms also enable private companies to raise funds from a wide range of investors.

Insurance

FinTech companies are competing with the insurance industry by offering digital solutions that often come at lower costs compared to traditional providers. According to FinTech Saudi, these companies can improve service efficiency by automating payment processes and consolidating information from various insurance providers into one platform, enabling consumers to choose the best offers.

Easier investment

FinTech innovations in financial markets improve efficiency by enabling faster trade executions and streamlining listing processes. Additionally, FinTech solutions make it easier for individuals to purchase securities. For example, mobile apps now allow users to buy stocks, and virtual trading platforms simulate the stock market for beginners.

Risk management

FinTech companies help financial institutions manage various risks, such as fraud detection and credit risk management. By leveraging machine learning, they can identify potential fraud. Additionally, FinTech tools enhance regulatory oversight, allowing regulators to better monitor the companies they supervise.

Business solutions

FinTech companies also provide business solutions by optimizing operational processes, reducing costs, enhancing cyber-security, and improving data management. This makes it easier for businesses to operate more efficiently.

Payments

FinTech apps enable users to store their money in digital wallets on their mobile devices. These wallets can be used to save, manage expenses, pay bills, and exchange currencies without needing to visit a bank.

FinTech conference

The first edition of the 24 FinTech international conference, focusing on the FinTech sector, will take place in Riyadh on Sept. 3-5.

The event will feature participation from the Financial Sector Development Program as part of Saudi Vision 2030, the Saudi Central Bank (SAMA), the Capital Market Authority, and the Insurance Authority. It is co-organized by FinTech Saudi and Tahaluf.

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Business

US to Stop Collecting Tariffs Deemed Illegal by Supreme Court on Tuesday

LOS ANGELES, CALIFORNIA - FEBRUARY 20: Shipping containers stand stacked while others rest on truck transport chassis at the Port of Los Angeles on February 20, 2026 in Los Angeles, California. Mario Tama/Getty Images/AFP
LOS ANGELES, CALIFORNIA - FEBRUARY 20: Shipping containers stand stacked while others rest on truck transport chassis at the Port of Los Angeles on February 20, 2026 in Los Angeles, California. Mario Tama/Getty Images/AFP
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US to Stop Collecting Tariffs Deemed Illegal by Supreme Court on Tuesday

LOS ANGELES, CALIFORNIA - FEBRUARY 20: Shipping containers stand stacked while others rest on truck transport chassis at the Port of Los Angeles on February 20, 2026 in Los Angeles, California. Mario Tama/Getty Images/AFP
LOS ANGELES, CALIFORNIA - FEBRUARY 20: Shipping containers stand stacked while others rest on truck transport chassis at the Port of Los Angeles on February 20, 2026 in Los Angeles, California. Mario Tama/Getty Images/AFP

The US Customs and Border Protection agency said it will halt collections of tariffs imposed under the International Emergency Economic Powers Act at 12:01 a.m. EST (0501 GMT) on Tuesday, more than three days after the Supreme Court declared the duties illegal.

The agency said in a message to shippers on its Cargo Systems ‌Messaging Service (CSMS) ‌that it will de-activate all tariff ‌codes ⁠associated with President ⁠Donald Trump's prior IEEPA-related orders as of Tuesday.

The IEEPA tariff collection halt coincides with Trump's imposition of a new, 15% global tariff under a different legal authority to replace the ones struck down by the Supreme ⁠Court on Friday.

CBP gave no reason why ‌it was continuing ‌to collect the tariffs at ports of entry days ‌after the Supreme Court's ruling, and its message ‌offered no information about possible refunds for importers.

The message noted that the collection halt does not affect any other tariffs imposed by Trump, including ‌those under the Section 232 national security statute and the Section 301 unfair ⁠trade practices ⁠statute.

"CBP will provide additional guidance to the trade community through CSMS messages as appropriate," the agency said.

Reuters reported on Friday that the Supreme Court decision made more than $175 billion in US Treasury revenue generated by the IEEPA tariffs subject to potential refunds, based on an estimate by Penn-Wharton Budget Model economists.

Their estimate from a ground-up forecasting model showed that IEEPA-based tariffs were generating more than $500 million per day in gross revenue.

Business

Gold Climbs to 3-week High as US Tariff Ruling Stokes Uncertainty

A vendor displays gold bracelets for sale in a gold shop at the Grand Bazaar in Istanbul (AFP)
A vendor displays gold bracelets for sale in a gold shop at the Grand Bazaar in Istanbul (AFP)
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Gold Climbs to 3-week High as US Tariff Ruling Stokes Uncertainty

A vendor displays gold bracelets for sale in a gold shop at the Grand Bazaar in Istanbul (AFP)
A vendor displays gold bracelets for sale in a gold shop at the Grand Bazaar in Istanbul (AFP)

Gold climbed to a three-week high on Monday as uncertainty stoked by the US Supreme Court's decision to strike down a vast swathe of President Donald Trump's tariffs pressured the dollar and pushed investors to the safety of bullion.

Spot gold climbed 1.1% to $5,158.29 per ounce by 0558 GMT, having earlier hit its highest since January 30. ‌US gold futures for ‌April delivery were up 2% at $5,180.40.

"The court's ‌tariff ⁠ruling has, aside ⁠from earning the ire of the US president, added another layer of uncertainty to global markets, with traders again turning to gold as a defensive play," said Tim Waterer, chief market analyst at KCM Trade.

The US Supreme Court struck down Trump's sweeping tariffs that he pursued under a law meant for use in national emergencies, ⁠handing the Republican president a stinging defeat in ‌a landmark ruling on Friday ‌with major implications for the global economy.

After the court ruling, Trump said ‌he would raise a temporary tariff from 10% to 15% ‌on US imports from all countries.

Wall Street futures and the dollar slid in Asia on Monday as murkiness around US tariffs revived the "sell America" trade, Reuters reported.

"Whether gold can claw its way back above $5,400 in the near-term ‌may rest on how long tariff uncertainty lingers and whether the US engages in military action ⁠against Iran," Waterer ⁠said.

Iran has indicated it is prepared to make concessions on its nuclear program in talks with the US in return for the lifting of sanctions and recognition of its right to enrich uranium, as it seeks to avert a US attack.

Meanwhile, data on Friday showed that underlying US inflation increased more than expected in December, and signs are pointing to a further acceleration in January, which would strengthen expectations that the Federal Reserve won't cut interest rates before June.

Spot silver climbed 2.9% to $86.98 per ounce, a more than two-week high.
Spot platinum edged 0.1% higher to $2,158.55 per ounce, while palladium slipped 0.2% to $1,745.09.

Business

EU Says US Must Honor a Trade Deal after Court Blocks Trump Tariffs

FILE PHOTO: US President Donald Trump speaks during a press briefing at the White House, in Washington, D.C., US, February 20, 2026. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: US President Donald Trump speaks during a press briefing at the White House, in Washington, D.C., US, February 20, 2026. REUTERS/Kevin Lamarque/File Photo
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EU Says US Must Honor a Trade Deal after Court Blocks Trump Tariffs

FILE PHOTO: US President Donald Trump speaks during a press briefing at the White House, in Washington, D.C., US, February 20, 2026. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: US President Donald Trump speaks during a press briefing at the White House, in Washington, D.C., US, February 20, 2026. REUTERS/Kevin Lamarque/File Photo

The European Union's executive arm requested “full clarity” from the United States and asked its trade partner to fulfill its commitments after the US Supreme Court struck down some of President Donald Trump’s most sweeping tariffs.

Trump has lashed out at the court decision and said Saturday that he wants a global tariff of 15%, up from the 10% he announced a day earlier.

The European Commission said the current situation is not conducive to delivering "fair, balanced, and mutually beneficial” trans-Atlantic trade and investment, as agreed to by both sides and spelled out in the EU-US Joint Statement of August 2025.

American and EU officials sealed a trade deal last year that imposes a 15% import tax on 70% of European goods exported to the United States. The European Commission handles trade for the 27 EU member countries.

A top EU lawmaker said on Sunday he will propose to the European Parliament negotiating team to put the ratifying process of the deal on pause.

“Pure tariff chaos on the part of the US administration,” Bernd Lange, the chair of Parliament’s international trade committee, wrote on social media. “No one can make sense of it anymore — only open questions and growing uncertainty for the EU and other US trading partners.”

The value of EU-US trade in goods and services amounted to 1.7 trillion euros ($2 trillion) in 2024, or an average of 4.6 billion euros a day, according to EU statistics agency Eurostat.

“A deal is a deal,” the European Commission said. “As the United States’ largest trading partner, the EU expects the US to honor its commitments set out in the Joint Statement — just as the EU stands by its commitments. EU products must continue to benefit from the most competitive treatment, with no increases in tariffs beyond the clear and all-inclusive ceiling previously agreed."

Jamieson Greer, Trump’s top trade negotiator, said in a CBS News interview Sunday morning that the US plans to stand by its trade deals and expects its partners to do the same.

He said he talked to his European counterpart this weekend and hasn’t heard anyone tell him the deal is off.

“The deals were not premised on whether or not the emergency tariff litigation would rise or fall,” Greer said. “I haven’t heard anyone yet come to me and say the deal’s off. They want to see how this plays out.”

Europe’s biggest exports to the US are pharmaceuticals, cars, aircraft, chemicals, medical instruments, and wine and spirits. Among the biggest US exports to the bloc are professional and scientific services like payment systems and cloud infrastructure, oil and gas, pharmaceuticals, medical equipment, aerospace products and cars.

“When applied unpredictably, tariffs are inherently disruptive, undermining confidence and stability across global markets and creating further uncertainty across international supply chains,” The Associated Press quoted the commission as saying.

As primarily a trading bloc, the EU has a powerful tool at its disposal to retaliate — the bloc’s Anti-Coercion Instrument. It includes a raft of measures for blocking or restricting trade and investment from countries found to be putting undue pressure on EU member nations or corporations.

The measures could include curtailing the export and import of goods and services, barring countries or companies from EU public tenders, or limiting foreign direct investment. In its most severe form, it would essentially close off access to the EU’s 450-million customer market and inflict billions of dollars of losses on US companies and the American economy.