عربي English Türkçe اردو فارسى
Logo
Latest News
Business

SAMA to Introduce Independent Instant Payment System in Saudi Arabia

SAMA to Introduce Independent Instant Payment System in Saudi Arabia
TT
TT

SAMA to Introduce Independent Instant Payment System in Saudi Arabia

SAMA to Introduce Independent Instant Payment System in Saudi Arabia

The Saudi Arabian Monetary Authority (SAMA) has revealed a project to introduce an instant payment system in the Kingdom.

It announced licensing two digital wallet companies, bringing the number of authorized payment companies to four in the financial technology sector.

SAMA said this step is significant in the financial sector development program to achieve the Kingdom’s Vision 2030.

SAMA Governor Ahmed Alkholifey has expressed great interest in investing to develop a solid infrastructure for the financial sector.

He said this could be done by working on a program to develop digital payment solutions that mainly promotes economic development by increasing the effectiveness of financial transactions among all parties in the corporate and retail sectors.

In his speech on the sidelines of MEFTECH Conference, organized by SAMA in Riyadh, Alkholifey said the project will enable banking institutions and financial technology companies to improve current banking products, manage cash flows for the business sector and provide innovative services that meet customer needs and aspirations.

It will also enhance and raise their risk management efficiency and combat fraud and money laundering, he added.

Recent developments in the instant payment system will positively accelerate e-transactions on the medium and long terms and contribute effectively to achieving the initiative to move towards a society less dependent on cash, Alkholifey explained.

His remarks were made as the rate of e-payments in the Kingdom increased in H1 2019. The rate non-cash transactions increased to 36.2 percent, exceeding the target rate in 2020 of 28 percent.

He affirmed that the results of the performance of the Saudi payment systems have showed a record growth in the number of POS operations by 57 percent, reaching more than 1.6 billion payments through SAMA’s website alone.

The total value of operations amounted to an unprecedented record, exceeding SAR287 billion, with a growth rate of 24 percent, he said, adding that the number of operations implemented through NFC reached 918.5 million, with a growth rate of 442 percent.

Most Viewed

 
 
Business

Meta Buys China-founded AI Agent Manus

FILE PHOTO: The logo of Meta is seen at Porte de Versailles exhibition center in Paris, France, June 11, 2025. REUTERS/Gonzalo Fuentes/File Photo/File Photo
FILE PHOTO: The logo of Meta is seen at Porte de Versailles exhibition center in Paris, France, June 11, 2025. REUTERS/Gonzalo Fuentes/File Photo/File Photo
TT
TT

Meta Buys China-founded AI Agent Manus

FILE PHOTO: The logo of Meta is seen at Porte de Versailles exhibition center in Paris, France, June 11, 2025. REUTERS/Gonzalo Fuentes/File Photo/File Photo
FILE PHOTO: The logo of Meta is seen at Porte de Versailles exhibition center in Paris, France, June 11, 2025. REUTERS/Gonzalo Fuentes/File Photo/File Photo

Facebook owner Meta has agreed to acquire Manus, an artificial intelligence agent created by a company founded in China but now based in Singapore, the two firms said.

However, analysts warned the deal could fall foul of regulators at a time of fierce technological rivalry between Washington and Beijing.

Exceeding the capabilities of AI chatbots like ChatGPT, AI agents can autonomously perform complex tasks for users, and are seen as having huge potential.

Manus, created by startup Butterfly Effect, can for example sift through and summarize resumes or create a stock analysis website, according to its website.

Meta said Monday that the deal -- the financial details of which were not disclosed -- will "bring a leading agent to billions of people and unlock opportunities for businesses across our products".

"The era of AI that doesn't just talk, but acts, creates, and delivers, is only beginning," Manus chief executive Xiao Hong said on X.

"And now (with Meta), we get to build it at a scale we never could have imagined."

Meta CEO Mark Zuckerberg is making a huge push into AI, spending billions of dollars on acquisitions, hiring engineers and building data centers.

Bloomberg Intelligence analysts said the purchase is likely aimed at expanding Meta's AI agent task capabilities, and that it could be worth more than $2 billion.

However, "it could draw regulatory scrutiny given that Singapore-based Manus was founded in China", the analysts said.

Business

Precious Metals Fall again, Asian Stocks Swing as Traders Wind Down

Gold and silver prices have fallen from record highs this week. DAVID GRAY / AFP/File
Gold and silver prices have fallen from record highs this week. DAVID GRAY / AFP/File
TT
TT

Precious Metals Fall again, Asian Stocks Swing as Traders Wind Down

Gold and silver prices have fallen from record highs this week. DAVID GRAY / AFP/File
Gold and silver prices have fallen from record highs this week. DAVID GRAY / AFP/File

Precious metals extended losses Tuesday on profit-taking after hitting recent records, while equities fluctuated in quiet trade as investors wound down ahead of the New Year break.

Traders were taking it easy in the last few days of 2025 following a stellar 12 months that have seen tech firms push several stock markets to all-time highs, while bitcoin, gold and silver have also enjoyed multiple peaks, said AFP.

Minutes from the Federal Reserve's most recent policy meeting -- at which it cut interest rates a third straight time -- are due to be released later in the day and will be scanned for an idea about whether a fourth can be expected in January.

The US central bank's monetary easing in the back end of this year has been a key driver of the markets' rally, compounding a surge in the tech sector on the back of the vast amounts of cash pumped into all things AI.

It has also helped offset recent worries about a possible tech bubble and warnings that traders might not see a return on their investments in artificial intelligence for some time.

Still, Asian markets have enjoyed a healthy year, with Seoul's Kospi piling on more than 75 percent and Tokyo's Nikkei 225 more than 25 percent -- both having hit records earlier in the year.

Still, both edged down Tuesday, with Shanghai, Sydney and Taipei also lower. Hong Kong, Singapore, Wellington and Jakarta rose.

The mixed performance followed losses for all three main indexes on Wall Street.

The big moves of late have been seen in precious metals, with gold hitting a record just shy of $4,550. Silver, meanwhile, topped out at $84 after soaring around 150 percent this year.

Investors have been piling into the commodities on bets for more US rate cuts, a weaker dollar and geopolitical tensions.

Silver has also been boosted by increased central bank purchases and supply concerns.

However, both metals have pulled back sharply this week on profit-taking, with gold now around $4,340 and silver at $73.50.

Oil dipped, having jumped more than two percent Monday when investors rowed back bets on peace talks to end Russia's war with Ukraine as a meeting between US President Donald Trump and Ukrainian counterpart Volodymyr Zelensky ended with little progress.

That surge followed Friday's similar-sized rally on optimism for a breakthrough to end the nearly four-year conflict.

An end to the war could see sanctions on Russian oil removed, which would see a huge fresh supply hit the market.

Bitcoin, which has tumbled since spiking above $126,000 in October, was stabilizing just below $90,000 after a shaky end to the year.

Business

Quality of Life Program Center Launches 'Smart Cities' Report

The Quality of Life Program Center has launched its new report on "Smart Cities". (SPA)
The Quality of Life Program Center has launched its new report on "Smart Cities". (SPA)
TT
TT

Quality of Life Program Center Launches 'Smart Cities' Report

The Quality of Life Program Center has launched its new report on "Smart Cities". (SPA)
The Quality of Life Program Center has launched its new report on "Smart Cities". (SPA)

The Quality of Life Program Center has launched its new report on "Smart Cities," highlighting key global trends in the development of smart cities and their role in improving quality of life and enhancing urban sustainability.

This launch aims to promote human-centered cities and advance smart urban development, in line with Saudi Vision 2030 objectives, the Saudi Press Agency reported on Tuesday.

The report notes that smart cities are among the most important pillars of modern urban development, as they rely on the use of advanced technologies, data analytics, and the Internet of Things to improve service efficiency, enhance quality of life, and address growing urban challenges such as traffic congestion, pollution, and resource management.

It also reviews several global indicators demonstrating the ability of smart solutions to reduce emergency response times, improve educational outcomes, increase residents' satisfaction with public services, and reduce energy consumption and carbon emissions through smart grids and advanced transportation systems.

The report emphasizes that adopting smart city concepts constitutes a fundamental pillar for achieving sustainable urban development, improving quality of life, and building more resilient and prosperous communities, thereby enhancing the competitiveness of Saudi cities at the regional and global levels.