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Saudi Central Bank Signs Fintech Cooperation Agreement with Singapore Monetary Authority

The Saudi Central Bank (SAMA) signed a cooperation agreement with the Monetary Authority of Singapore (MAS). SPA
The Saudi Central Bank (SAMA) signed a cooperation agreement with the Monetary Authority of Singapore (MAS). SPA
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Saudi Central Bank Signs Fintech Cooperation Agreement with Singapore Monetary Authority

The Saudi Central Bank (SAMA) signed a cooperation agreement with the Monetary Authority of Singapore (MAS). SPA
The Saudi Central Bank (SAMA) signed a cooperation agreement with the Monetary Authority of Singapore (MAS). SPA

The Saudi Central Bank (SAMA) signed a cooperation agreement with the Monetary Authority of Singapore (MAS) on Wednesday in the fields of fintech (finance technology) and innovation.

The agreement was signed by SAMA Governor Ayman Al-Sayari and Singapore Minister for Foreign Affairs Dr. Vivian Balakrishnan, representing MAS, in Riyadh.

The agreement aims to strengthen collaboration and foster mutual development of the two organizations. It seeks to facilitate activities in international markets while respecting the rights and obligation of both parties, provide a robust framework for cooperation between the innovation departments of both organizations, establish effective mechanisms for sharing information regarding fintech and innovation, promote their utilization in the markets, and enhance cooperation and foster coordinated efforts in areas of mutual interest.

The cooperation agreement represents a landmark milestone in advancing fintech and innovation, showing high commitment to leveraging resources and expertise available to both parties.

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Nokia Posts Quarterly Profit Miss, Flags Disruption from Trump's Tariffs

A view shows Nokia headquarters in Espoo, Finland, October 19, 2023. JUSSI NUKARI/Lehtikuva/via REUTERS/File photo
A view shows Nokia headquarters in Espoo, Finland, October 19, 2023. JUSSI NUKARI/Lehtikuva/via REUTERS/File photo
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Nokia Posts Quarterly Profit Miss, Flags Disruption from Trump's Tariffs

A view shows Nokia headquarters in Espoo, Finland, October 19, 2023. JUSSI NUKARI/Lehtikuva/via REUTERS/File photo
A view shows Nokia headquarters in Espoo, Finland, October 19, 2023. JUSSI NUKARI/Lehtikuva/via REUTERS/File photo

Nokia reported first-quarter profit well below market expectations on Thursday and flagged a short-term disruption from US tariffs with an estimated impact of between 20 million and 30 million euros to its second-quarter profit.

Comparable operating profit fell to 156 million euros ($176.9 million) in the first quarter of 2025, a 36% miss against the average forecast of 243.83 million euros by analysts surveyed by LSEG.

A one-time charge in its mobile networks division had an impact of 120 million euros on quarterly margins, the company said.

Nokia's sales in North America have been growing steadily despite losing market share to Nordic rival Ericsson, reflecting a renewed market strength after years of weakness, Reuters reported.

But now the sweeping tariffs imposed by US President Donald Trump could counter this trend, as companies might pause orders fearing price increases.

The Finland-based company also announced a strategic multi-year extension of its partnership with T-Mobile in the US to expand the carrier's 5G network coverage.

"Telecommunications is not a place where customers tend to change their expenditures," Nokia's CEO Justin Hotard told reporters.

Its quarterly net sales totalled 4.39 billion euros, down 3% on a constant-currency basis compared to a year earlier and a notch lower than the 4.41 billion euros expected by analysts.

Nokia confirmed its outlook for the rest of the year, which now includes the acquisition of Infinera, but said achieving the top-end of the range for operating profit would be more challenging than initially expected.