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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

Boeing Dreamliner to Fly Riyadh Air's First Passengers in July

A Riyadh Air aircraft flies over the Saudi capital, Riyadh (Public Investment Fund)
A Riyadh Air aircraft flies over the Saudi capital, Riyadh (Public Investment Fund)
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Boeing Dreamliner to Fly Riyadh Air's First Passengers in July

A Riyadh Air aircraft flies over the Saudi capital, Riyadh (Public Investment Fund)
A Riyadh Air aircraft flies over the Saudi capital, Riyadh (Public Investment Fund)

Riyadh Air, Saudi Arabia’s new national carrier wholly owned by the Public Investment Fund, is moving onto the global aviation stage through London, with an ambition that goes beyond conventional air travel.

The carrier, which reflects the Kingdom’s view of aviation as a strategic industry and economic driver, said it would open tickets to the public for direct flights between King Khalid International Airport and Heathrow Airport on its new Boeing 787-9 Dreamliner fleet from July 1, 2026.

The move is part of plans to connect Saudi Arabia to more than 100 destinations by 2030.

It follows the airline’s launch last year of its first daily flights to Heathrow, when tickets were initially available to selected groups of passengers and Riyadh Air employees under an operational program designed to ensure full readiness before the carrier receives its first aircraft from Boeing.

The program also allowed the airline to use its newly allocated operating slots at Heathrow.

Riyadh Air said bookings would open from Tuesday through its website, official app and approved travel service providers.

Travel classes

Chief Executive Tony Douglas said the launch of flights on the new aircraft marked a “milestone” for Riyadh Air and reflected its vision to redefine air travel and connect Riyadh to the world through comfort, innovation and Saudi hospitality.

The airline said its Boeing 787-9 Dreamliner aircraft would feature four travel classes, Business Elite, Business, Premium Economy and Economy. The two business cabins will include seats that convert into fully flat beds.

Passengers will also have access to advanced entertainment systems through Panasonic Avionics’ Astrova platform, with 4K screens, Bluetooth connectivity and a library of more than 500 films and 600 television series.

Riyadh Air said its hospitality offering would include products from Kayanee, children’s kits in cooperation with Disney, varied menus and bedding from John Horsfall.

The airline also announced the launch of Sfeer, its loyalty program, offering benefits including a “best offer guarantee,” no expiry of points, free in-flight internet and exclusive privileges for founding members.

Aviation specialists said opening ticket sales to passengers marks a new phase for Saudi Arabia’s aviation sector.

The government has set a national strategy to turn the Kingdom into a global aviation logistics hub by doubling capacity to 330 million passengers, linking it to 250 international destinations and raising air cargo capacity to 4.5 million tons by 2030.

Tourism and business traffic

Tourism media expert Mohammed al-Abdulkarim told Asharq Al-Awsat that Riyadh Air’s announcement of the start date for its first commercial flights, along with the official launch of ticket sales from July, was a pivotal step in the transformation of Saudi aviation.

He said it reflected faster implementation of the national aviation strategy under Vision 2030.

Abdulkarim said choosing July 1 for the entry into service of the carrier’s first new B787-9 aircraft showed Riyadh Air was ready to move from building and preparation into actual operations.

The start of ticket sales through the airline’s official platforms, he said, reflected operational confidence and early readiness to enter the international aviation market.

He said launching the first route between Riyadh and London carried major strategic and economic significance. London is one of the world’s biggest centers for business, tourism and air transit, he said, and the route shows Saudi Arabia’s early focus on a high-yield international network directly linked to major global markets.

Raising capacity

Abdulkarim said Riyadh Air’s ownership of four B787-9 aircraft now in the final stages of operational certification showed a push to build a modern fleet focused on efficiency, passenger experience and advanced technology.

That, he said, is essential for competing in the global aviation market, especially after the rapid changes the sector has seen since the pandemic.

He said the entry of a new national carrier of this scale would strengthen Saudi Arabia’s capacity, raise the competitiveness of its air transport sector regionally and internationally, and support tourism, investment, logistics and supply chains.

“The Kingdom is not only targeting higher passenger numbers, but is working to reshape its position as a global aviation hub linking three continents,” he said.

“With new airport projects, expanded air connectivity and the launch of modern carriers, Saudi Arabia is moving toward becoming one of the region’s most important transport and travel hubs in the coming years.”

Competing with major airlines

Aviation expert Al Motaz Al-Mirah said the launch of Riyadh Air’s first tickets showed Saudi Arabia’s strong confidence in the future of aviation.

He said the project is starting with a global vision and modern services aimed at competing with major international airlines, while choosing London as the first destination gives the new carrier a strong presence on one of the world’s most important international travel routes.

Speaking to Asharq Al-Awsat, Al-Mirah said the move was a practical step toward achieving Saudi Arabia’s aviation strategy.

It was not only about adding destinations and flights, he said, but about building an integrated travel experience that strengthens Riyadh’s position as a global air transport hub.

He said the move was expected to support tourism and investment and raise the kingdom’s competitiveness in aviation in the coming years.

Business

Saudi Airports Handle 141 Million Passengers in 2025 as Aircraft Fleet Expands

Travelers move through stanchion lines at the departure terminal of King Khalid International Airport in Riyadh. (AFP)
Travelers move through stanchion lines at the departure terminal of King Khalid International Airport in Riyadh. (AFP)
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Saudi Airports Handle 141 Million Passengers in 2025 as Aircraft Fleet Expands

Travelers move through stanchion lines at the departure terminal of King Khalid International Airport in Riyadh. (AFP)
Travelers move through stanchion lines at the departure terminal of King Khalid International Airport in Riyadh. (AFP)

Saudi Arabia’s airports handled 140.9 million passengers in 2025, marking another year of strong growth for the Kingdom’s aviation sector as the national aircraft fleet expanded by 33.8%, according to data released by the General Authority for Statistics.

The number of passengers traveling through Saudi airports rose 9.6% from 2024, reflecting the Kingdom’s accelerating push to strengthen its position as a regional travel hub and global aviation gateway.

International traffic accounted for 75.8 million passengers, up 9.4% year-on-year, while domestic passenger traffic increased 9.8% to 65.1 million. On average, Saudi airports handled around 207,700 international passengers and 178,600 domestic passengers a day.

King Abdulaziz International Airport in Jeddah remained the Kingdom’s busiest airport, handling 53.5 million passengers during the year, an increase of 9.0% from 2024. King Khalid International Airport in Riyadh followed with 40.8 million passengers, up 8.7%, while King Fahd International Airport in Dammam handled 13.7 million passengers, posting annual growth of 7.0%.

The increase in passenger traffic was accompanied by a rise in flight activity across the Kingdom’s airports. Total arriving and departing flights climbed 8.3% year-on-year to 979,800 flights in 2025, including 506,300 domestic flights, up 6.8%, and 473,500 international flights, up 9.9%.

King Abdulaziz International Airport also recorded the highest number of aircraft movements with 314,400 flights, followed by King Khalid International Airport with 296,800 flights and King Fahd International Airport with 108,500 flights.

Saudi Arabia’s aviation fleet recorded one of the strongest areas of growth during the year, with the total number of commercial and general aviation aircraft rising to 483 from the previous year’s level. The fleet included 266 commercial aircraft and 217 aircraft dedicated to general aviation.

Aircraft with capacities ranging from 151 to 250 seats accounted for the largest share of the commercial fleet at 120 aircraft, while the sector continued to modernize its operations, with 99 aircraft less than five years old.

The Kingdom also expanded its global air connectivity during 2025, with Saudi airports linked to 66 countries worldwide, up 1.5% from a year earlier. The total number of domestic and international destinations connected to the Kingdom rose 2.3% to 176 destinations.

Saudi Arabia ranked 18th globally in the 2025 Air Connectivity Index, underscoring the sector’s growing international reach.

Saudia accounted for the largest share of flights operating in Saudi airspace at 25.5%, followed by low-cost carrier flynas at 13.3% and flyadeal at 8.6%.

Air cargo volumes handled through Saudi airports totaled 1.18 million metric tons in 2025, with imports accounting for the largest share at 695,600 tons. Transit cargo reached nearly 420,100 tons, while exports exceeded 69,700 tons.

March recorded the highest monthly cargo throughput of the year, with more than 113,400 tons handled during the month.

The Kingdom also continued to expand logistics infrastructure at its main airports to support cargo growth and broader supply chain ambitions. King Fahd International Airport operated nine cargo facilities, while King Khalid International Airport had eight facilities and King Abdulaziz International Airport operated four integrated cargo facilities.

The expansion forms part of Saudi Arabia’s strategy to position itself as a global logistics hub linking Asia, Africa and Europe.

Business

Supertanker with Iraqi Oil Heads for Vietnam After Hold-up in US Blockade

Tankers are seen off the coast of the Fujairah, as Iran vows to close the Strait of Hormuz, amid the US-Israel conflict with Iran, in Fujairah, United Arab Emirates, March 3, 2026. (Reuters)
Tankers are seen off the coast of the Fujairah, as Iran vows to close the Strait of Hormuz, amid the US-Israel conflict with Iran, in Fujairah, United Arab Emirates, March 3, 2026. (Reuters)
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Supertanker with Iraqi Oil Heads for Vietnam After Hold-up in US Blockade

Tankers are seen off the coast of the Fujairah, as Iran vows to close the Strait of Hormuz, amid the US-Israel conflict with Iran, in Fujairah, United Arab Emirates, March 3, 2026. (Reuters)
Tankers are seen off the coast of the Fujairah, as Iran vows to close the Strait of Hormuz, amid the US-Israel conflict with Iran, in Fujairah, United Arab Emirates, March 3, 2026. (Reuters)

Supertanker Agios Fanourios I is heading for Vietnam to discharge its Iraqi crude oil cargo after it was held by the US Navy for five days in the Gulf of Oman, the vessel's manager said on Monday.

The Maltese-flagged Very Large Crude Carrier sailed out of the Strait of Hormuz on May 10 and was sailing in the Gulf of Oman before making a ‌U-turn on ‌May 11.

It resumed its journey ‌toward ⁠Vietnam on May 16 ⁠and is expected to arrive at the Nghi Son refinery on May 30, LSEG shipping data showed.

A VLCC can carry a maximum of two million barrels of oil.

A source at the vessel's Athens-based manager Eastern Mediterranean Maritime, who spoke on condition of ⁠anonymity, confirmed that the tanker was sailing ‌on to Vietnam after ‌it had received US Navy approval.

The US military's Central Command ‌said last week that the vessel was redirected as ‌part of ongoing enforcement of the blockade against Iran.

At least two other crude tankers sailed from the strait last week, but overall crude traffic through the strait has ‌remained limited.

Before the war on Iran began, the Strait of Hormuz was the conduit ⁠for 20% ⁠of the world's energy supplies, equating to 125 to 140 daily passages.

"Shipping confidence around Hormuz is still very weak," ship broker Clarksons said in a note on Monday.

A further 12 ships crossed the strait in the past 24 hours, including two liquefied petroleum gas tankers bound for India, according to satellite analysis from data analytics specialists SynMax.

A separate LPG tanker was sailing through the strait on Monday also bound for India, data on the MarineTraffic platform showed.