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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

World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
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World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)

World food prices edged lower in October as weaker import demand contributed to monthly declines in cereal, dairy and meat prices, but were still nearly 6% higher than a year earlier, the United Nations' Food and Agriculture Organization said on Friday.

The FAO Food Price Index, which tracks monthly changes in international prices for a basket of food commodities, ‌averaged 133.9 points ‌in October, down from a revised ‌135.6 ⁠in September.

The index ⁠was 5.9% higher than a year earlier, but remained 16.4% below its March 2022 peak.

FAO's cereal price index fell 4.5% from September and was 12.6% lower than a year ago, as wheat and maize quotations declined. Wheat prices eased on weak import demand ⁠and improved production prospects, especially in Argentina.

"Expectations of ‌easing constraints on Black ‌Sea export flows added to the downward pressure on prices, ‌although continued disruptions to Black Sea logistics limited the decline," ‌FAO said in a statement.

Maize prices also eased after reaching a three-year high in September, pressured by the US harvest, expectations of ample supplies in South America and renewed ‌prospects of easing tensions in the Black Sea region.

Vegetable oil prices edged up 0.3%, ⁠as ⁠higher soybean and sunflower oil prices more than offset a fall in rapeseed oil prices.

Sugar prices rose 6.6%, their fourth straight monthly increase, to the highest level since December 2024, after rainfall disrupted harvesting in Brazil. They were now 28.8% above a year ago.

The dairy index fell 1.1%, as lower butter and cheese prices linked to ample supplies and subdued demand outweighed gains in milk powder.

The meat index declined 1.2%, while still slightly above its year-earlier level, as ovine and bovine meat prices fell.

Business

Copper Falls, Set for Worst Week Since March on AI Rout

Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)
Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)
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Copper Falls, Set for Worst Week Since March on AI Rout

Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)
Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)

Copper dropped on Friday and was set for its biggest weekly drop in London since March, as a rout in technology stocks battered markets.

Benchmark three-month copper on the London Metal Exchange was down 1.3% at $13,663 a metric ton by 0700 GMT. That placed it on track to fall 3.44% in the week, Reuters said.

The most-traded copper contract on the Shanghai Futures Exchange fell 1.08% to 106,830 yuan ($16,018.17) a ton.

The weakness reflects worries over AI investment, ‌with copper increasingly ‌influenced by "sentiment towards data center expansion," said ‌Craig ⁠Lang, principal analyst ⁠at CRU.

Technology shares were battered after Democratic wins in the US midterms fueled concerns that new regulatory oversight could cap the AI buildout.

On the other hand, supply constraints cushioned copper's decline.

"I would be cautious about calling this a sustained correction, given ongoing mine supply challenges and exceptionally tight ⁠metal availability outside the US," Lang said.

Copper stocks ‌in SHFE-monitored warehouses <CU-STX-SGH> fell by ‌over 24% this week to just 33,848 tons — the lowest ‌in almost three years. The closely watched Yangshan copper ‌premium <SMM-CUYP-CN>, a gauge of appetite for imports into key consumer China, increased to $210 a ton on Thursday, matching its record high.

Smelters in the country are facing a double squeeze of negative treatment ‌charges and lower sulfuric acid prices.

Meanwhile, warehouse inventories outside the US have been drawn ⁠down as ⁠material was pulled into the country ahead of a potential tariff on imports of refined copper.

"These physical constraints should provide some support against weaker investor sentiment," Lang said.

Among LME metals, aluminium lost 0.54%, zinc lost 1.42%, lead lost 0.45%, nickel dipped 0.23% and tin gained 0.83%.

On the SHFE, aluminium nudged down only 0.04%, zinc lost 1.35%, lead was little changed, down only 0.03%, nickel rose 2.14% and tin dropped 3.45%.

SHFE inventories were down across the board this week, led by sharp drops in aluminium <AL-STX-SGH> and lead <PB-STX-SGH>.

Business

Emerging Economies Set to Match Advanced Nations’ Renewable Capacity Additions, IEA Says

Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)
Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)
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Emerging Economies Set to Match Advanced Nations’ Renewable Capacity Additions, IEA Says

Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)
Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)

Emerging ‌and developing economies outside China are expected to add as much new renewable energy capacity as advanced economies for the first time over the next five years, driven by the current energy crisis, the International Energy Agency said on Friday.

Gas and oil prices have soared this year as the US-Iran war disrupts traffic through the Strait of Hormuz, a key route for global oil and gas trade.

Global renewable energy ‌capacity is forecast ‌to increase by almost 4,800 gigawatts ‌between ⁠2026 and 2031, ⁠the IEA said in its annual outlook.

Emerging and developing economies are expected to add about 1,100 GW, roughly the same as advanced economies, with China adding around 2,550 GW, the agency said.

Capacity growth in Southeast Asia, Africa and the Middle East is ⁠expected to triple over the period, ‌led mainly by solar installations, ‌the IEA said.

China will remain the biggest contributor to ‌global renewable energy growth, although its share is ‌forecast to fall to 53% by 2031 from 60% in 2025.

India is emerging as the world's second-fastest deployer of renewables and is expected to more than double its contribution ‌to global growth by 2031 to nearly 8.5%.

Grid connection delays remain ⁠a major ⁠challenge, with projects awaiting connections worldwide rising 60% over the past year, equivalent to four times the wind and solar capacity connected to grids during the same period.

Grid constraints are expected to slow growth in advanced economies, with annual additions in Europe through 2031 forecast to remain broadly in line with 2025 levels.

Renewable energy is expected to meet 6% of global transport energy demand by 2031, while higher fuel-blending mandates prompted the IEA to raise its biofuels forecast by 40% from last year's report.