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'Samsung Pay' Service Enabled in Saudi Arabia during Q4 2024, Says SAMA

The logo of Samsung is seen on a building during the Mobile World Congress in Barcelona, Spain February 25, 2018. (Reuters)
The logo of Samsung is seen on a building during the Mobile World Congress in Barcelona, Spain February 25, 2018. (Reuters)
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'Samsung Pay' Service Enabled in Saudi Arabia during Q4 2024, Says SAMA

The logo of Samsung is seen on a building during the Mobile World Congress in Barcelona, Spain February 25, 2018. (Reuters)
The logo of Samsung is seen on a building during the Mobile World Congress in Barcelona, Spain February 25, 2018. (Reuters)

The Saudi Central Bank (SAMA) said on Tuesday that it signed an agreement with Samsung to enable the launch of Samsung Pay in Saudi Arabia during Q4 of 2024.

The agreement was signed at the inaugural 24 Fintech conference in Riyadh.

The step reflects SAMA's ongoing efforts to improve digital payment in Saudi Arabia, in line with the objectives of the Financial Sector Development Program, a key initiative of Saudi Vision 2030, the bank said in a statement.

It also reflects SAMA's commitment to developing a robust digital payments infrastructure through the national payments system "mada", thus moving toward a less cash-dependent society by providing advanced digital payment solutions that align with international standards.

The Samsung Pay service aims to offer an advanced and secure payment experience, enabling users to easily store and manage their digital payment cards with the Samsung Wallet application.

The launch of the Samsung Pay service is part of a series of technical innovations that aim at meeting market needs and advancing Saudi Arabia's position as a global pioneer in FinTech.

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Chinese Tech Giant Huawei Says Profits Fell 28% Last Year

(FILES) A Huawei logo is seen at the Mobile World Congress (MWC) in Shanghai on June 26, 2024. (Photo by AFP) / China OUT
(FILES) A Huawei logo is seen at the Mobile World Congress (MWC) in Shanghai on June 26, 2024. (Photo by AFP) / China OUT
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Chinese Tech Giant Huawei Says Profits Fell 28% Last Year

(FILES) A Huawei logo is seen at the Mobile World Congress (MWC) in Shanghai on June 26, 2024. (Photo by AFP) / China OUT
(FILES) A Huawei logo is seen at the Mobile World Congress (MWC) in Shanghai on June 26, 2024. (Photo by AFP) / China OUT

Chinese smartphone maker giant Huawei said Monday that profits fell 28 percent last year as it faced international economic uncertainty and weak consumption at home.

The Shenzhen-based company has been at the center of an intense standoff between China and the United States after Washington warned its equipment could be used for espionage by the Chinese government, an allegation Huawei denies.

Sanctions since 2019 have cut the firm's access to US-made components and technologies, forcing it to diversify its growth strategy.

The company announced Monday that it made a net profit of 62.6 billion yuan ($8.6 billion) last year, down from 87 billion yuan in 2023.

Revenue rose 22 percent on-year -- marking a third successive increase after a sharp drop in 2021 during the pandemic.

Its 862.1 billion yuan in revenue was the highest since the figure surpassed 890 billion yuan in 2020.

The results were "in line with forecast", the company's rotating chairwoman Sabrina Meng said in a statement, according to AFP.

Employees "banded together to tackle a wide range of external challenges", Meng said, adding that the firm was "firmly committed to its quality goals and will keep honing quality as a competitive edge".

US sanctions have since 2019 cut Huawei off from global supply chains for technology and US-made components, a move that initially hammered its production of smartphones.

Last year, the company unveiled its first smartphone equipped with a fully homegrown operating system, a test of its ability to challenge the dominance of Western juggernauts.

It also released the world's first triple-folding phone, launched hours after its US rival Apple lifted the curtain on its newest iPhone.

Apple remains popular among Chinese consumers but has ceded ground to domestic players such as Huawei in recent years.

Huawei remains one of the world's leading equipment manufacturers for 5G, the fifth generation of mobile internet, and has been involved in infrastructure projects in numerous countries.