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Saudi Individual E-Payments Capture 70% of Transactions

The number of “Mada” card transactions online has risen to its highest levels since the service was introduced (SPA)
The number of “Mada” card transactions online has risen to its highest levels since the service was introduced (SPA)
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Saudi Individual E-Payments Capture 70% of Transactions

The number of “Mada” card transactions online has risen to its highest levels since the service was introduced (SPA)
The number of “Mada” card transactions online has risen to its highest levels since the service was introduced (SPA)

Saudi Arabia has seen a big rise in e-payments by individuals, making up 70% of total individual transactions in 2023, up from 62% in 2022—a 13% increase.

According to the Saudi Central Bank, also known as SAMA, almost all transactions, 96%, were made using Near Field Communication (NFC) technology.

The government, through its Financial Sector Development Program, part of Saudi Arabia’s Vision 2030, is focused on building a strong economy by empowering institutions, advancing the financial market, and backing fintech startups.

This program is crucial for the stability and growth of the Kingdom’s banking system, investing in technologies to improve banking experiences and access to financial services.

Experts speaking to Asharq Al-Awsat say the rise in individual e-payments is a big step in Saudi Arabia’s digital transformation journey, showing its commitment to improving the financial sector and financial inclusion.

Dr. Salem Bajajah from King Abdulaziz University credits technological progress and the government’s focus on information security, especially in banking.

He also mentioned that the Ministry of Commerce’s requirement for stores to have point-of-sale devices has helped boost e-payments.

Mohammed Al-Faraj, from Arbah Capital, highlighted that Saudi Arabia has seen a significant increase, with 70% of retail payments now made electronically by individuals.

This change marks an important moment in the Kingdom’s digital transformation efforts and its goal of improving the financial sector and financial inclusion.

Al-Faraj credited this rise to efforts by SAMA and other government bodies to promote digital payments, as well as awareness campaigns about the benefits and security of electronic transactions.

A statement by SAMA highlighted that Saudi Arabia has seen significant progress in adopting e-payments in recent years, thanks to collaborative efforts between the central bank and the financial sector.

SAMA emphasized its commitment to providing diverse payment options and improving the quality of digital payment solutions to facilitate financial transactions, enhance efficiency, and reduce costs.

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Oil Slips on US Stock Build, Middle East Disruptions Limit Losses

An oil tanker sails near the oil hub at the port of Fos-Lavera at sunset near Marseille, southern France, September 15, 2026. (Reuters)
An oil tanker sails near the oil hub at the port of Fos-Lavera at sunset near Marseille, southern France, September 15, 2026. (Reuters)
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Oil Slips on US Stock Build, Middle East Disruptions Limit Losses

An oil tanker sails near the oil hub at the port of Fos-Lavera at sunset near Marseille, southern France, September 15, 2026. (Reuters)
An oil tanker sails near the oil hub at the port of Fos-Lavera at sunset near Marseille, southern France, September 15, 2026. (Reuters)

Oil prices fell on Wednesday, retreating after a two-day rally following an unexpectedly large build in US crude inventories, while supply disruptions in the Middle East lingered.

Brent crude futures fell 73 cents, or 0.67%, to $108.02 a barrel at 0450 GMT, while US West Texas Intermediate futures were down $1.1, or 1.04%, at $104.73 a barrel.

Both benchmarks settled more than $3 higher and at their highest levels since May 19 on Tuesday.

US crude oil, ‌gasoline ⁠and distillate inventories ⁠all rose last week, market sources said on Tuesday, citing data from the American Petroleum Institute.

Crude inventories rose by 7.1 million barrels in the week ended September 11, the sources said, citing API data. That compared with analysts' expectations for a draw of about 1.6 million barrels, according to a Reuters poll.

API's data showed unexpected builds in gasoline and diesel inventories have weighed on prices, but regional stock ⁠increases do not change the underlying tightness in the global ‌crude market, Haitong Futures said in a ‌note.

Despite the inventory pressure, prices remained resilient as traders focused on disruptions to physical supplies, ‌said Priyanka Sachdeva, head of market insights at Phillip Nova, in a report ‌on Wednesday.

European diesel futures rose to a record high on Tuesday, further highlighting tightness in fuel markets as Middle East disruptions constrained ‌crude and product flows.

Visible 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 a fifth of the world's oil and liquefied natural gas supply before the US-Israeli war on Iran started comes after attacks in the region intensified.

Business

Hong Kong Unveils Plan to Align Economy with China’s Goals

Shoppers admire the financial Central district skyline of Hong Kong, China July 9, 2015. (Reuters)
Shoppers admire the financial Central district skyline of Hong Kong, China July 9, 2015. (Reuters)
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Hong Kong Unveils Plan to Align Economy with China’s Goals

Shoppers admire the financial Central district skyline of Hong Kong, China July 9, 2015. (Reuters)
Shoppers admire the financial Central district skyline of Hong Kong, China July 9, 2015. (Reuters)

Hong Kong's government unveiled plans on Wednesday to significantly boost investment on innovation and technology as it aims to align the financial hub with mainland China's development goals.

City leader John Lee made the announcement as he unveiled Hong Kong's first Five-Year Plan, outlining its economic and social strategy to 2030.

The city will aim to make research and development account for three percent of gross domestic product after 2030, up from 1.63 percent in 2024, according to an official document.

China, the world's second-largest economy, has made scientific and technological self-reliance a priority, investing heavily in industries including semiconductors and artificial intelligence as a way to reduce dependence on the United States.

Its ruling Communist Party has used five-year plans modelled on those of the former Soviet Union to set its development targets and social priorities since the 1950s.

Hong Kong was a British colony until 1997 and is now a Chinese "special administrative region" with different economic and trade regulations to the mainland.

It has long benefitted financially from its semi-autonomous position as a free-market gateway for investment into and out of China, though Beijing has asserted greater control over the city's governance since quashing widespread protests in 2019.

Lee vowed that the inaugural plan would uphold Hong Kong's capitalist system.

"I want to make it very clear: the five-year plan is not a planned economy," he told reporters on Tuesday ahead of its publication.

Christine Loh, a former government official and lawmaker, told AFP that it will give Hong Kong a "useful governance tool" to implement longer-term, strategic planning.

The move was "primarily to synchronize" Hong Kong with China's national Five-Year Plan released in March, said Dylan Loh, an associate professor at Singapore's Nanyang Technological University.

To Beijing, Hong Kong's plan signals "proactive loyalty and a commitment to integrating into national development goals", he added.

"What it does portend, to me, is that Hong Kong will accelerate its economic intertwining with Beijing."

- 'Dissolve the borders' -

Hong Kong's Five-Year Plan also aims to speed up development of the Northern Metropolis -- a development project to build a massive tech hub near the border with mainland China.

First proposed in 2021, the project will eventually cover a third of Hong Kong's total land area.

Critics and locals have raised concerns over its potential environmental impact as well as the strain it will put on the city's public finances.

Eilo Yu, a political scientist who specializes in Hong Kong and Macau development, said the program announced on Wednesday reflects "how the entire system (in Hong Kong) can be fully integrated with China's development".

The Northern Metropolis and Hengqin Island -- a landmass adjacent to Macau and three times its size -- are both part of China's vision, he said.

Yu added that Beijing hopes, through the "geographical integration" of the two cities, "to gradually dissolve the borders".

Business

UK Inflation Jumps to 3.1% in August as Fuel Prices Rise

FILE PHOTO: Canary Wharf, from the Horizon 22 viewing platform in London, Britain, June 9, 2026. REUTERS/Chris J. Ratcliffe/File Photo
FILE PHOTO: Canary Wharf, from the Horizon 22 viewing platform in London, Britain, June 9, 2026. REUTERS/Chris J. Ratcliffe/File Photo
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UK Inflation Jumps to 3.1% in August as Fuel Prices Rise

FILE PHOTO: Canary Wharf, from the Horizon 22 viewing platform in London, Britain, June 9, 2026. REUTERS/Chris J. Ratcliffe/File Photo
FILE PHOTO: Canary Wharf, from the Horizon 22 viewing platform in London, Britain, June 9, 2026. REUTERS/Chris J. Ratcliffe/File Photo

Britain's annual inflation rate climbed in line with analysts' expectations in August, official data showed Wednesday, as the Middle East war drove up fuel prices.

The Consumer Prices Index rose 3.1 percent in the 12 months to August, up from 2.9 percent the previous month, the Office for National Statistics said, according to AFP.

Higher inflation adds pressure on Prime Minister Andy Burnham and his finance minister John Healey to ease the cost of living for households ahead of the Labour government's budget update next month.

The Bank of England is forecast to maintain its benchmark interest rate at 3.75 percent on Thursday as the UK economy struggles for growth.

To tackle persistently high consumer prices, the US Federal Reserve is expected Wednesday to also lift borrowing costs, following a similar move by the European Central Bank last week.

With central bank interest rates on the rise -- and government bond yields reaching multi-decade highs in recent weeks -- Healey has pledged to maintain strict fiscal discipline.

But he has not been drawn on whether this means his budget on October 28 will include new tax rises.

Analysts expect inflation to rise towards the end of the year as higher energy costs feed through to bills further, with little sign of a deal to end the Middle East war.

"With the situation in the Middle East looking increasingly fraught, the expectation is that inflation will continue to climb higher until the end of the year at a minimum," said Richard Carter, head of fixed interest research at Quilter Cheviot.

"For the government, today's figures are a kick in the teeth for an administration that wants to make easing the cost of living its central mission," he added.