Safexpay ventures into Saudi Arabia, Oman, and Qatar

Mumbai: Safexpay, a leading digital payments company, announces the expansion of its tailored suite of payment solutions in three key GCC (Gulf Cooperation Council) countries- Saudi Arabia, Qatar, and Oman to cater to the unique needs of businesses and consumers in the region. This strategic move represents a significant step forward in Safexpay's mission to reshape the future of payments, solutions and foster innovation in these dynamic Middle Eastern markets.The product offerings in these nations encompass a comprehensive range of solutions designed to cater to specific market requirements. . These include, a White Labelled Payment aggregation, Payouts solutions, contactless payments like Facial Recognition-Based Payments, and Single-Click Checkout features viz. Aasaan.To support its expansion into the GCC region, Safexpay has strategically partnered with prominent organisations in the UAE, such as Magnati, Abu Dhabi Islamic Bank, Paynest, Dubai Chamber of Commerce, Rakbank and Network International. These partnerships are instrumental in enabling Safexpay to on-board merchants seamlessly and provide tailor-made solutions for their businesses, ensuring that their expertise and value proposition reach the right players in the market.Safexpay is committed to investing approximately 10 million USD in the GCC region to ensure the success of its operations and provide world-class payment solutions. The company anticipates remarkable growth in the GCC region, with expectations of achieving an annual growth rate of 80-100% by 2025."Our focus has always been on creating a global network effect and contributing to the fintech and techfin space by innovative solutions. The decision to target Saudi Arabia, Qatar, and Oman was a natural progression for Safexpay. The GCC countries, including the UAE, Qatar, Oman, and KSA, are witnessing exponential growth in contactless payments and are actively exploring innovative ways to serve consumers and businesses. This presents a significant opportunity for Safexpay to make a meaningful impact. We aim to on-board around 5000 merchants over the next 2-3 years, further cementing its presence in these markets, our value proposition is offering omnichannel platform for merchants, which is first of its kind in GCC markets" stated Ravi Gupta, Founder and CEO at Safexpay.With an estimated count of 4 million Micro, Small, and Medium Enterprises (MSMEs), the substantial prospective customer market extends across Saudi Arabia, Qatar, Oman, and the UAE. Safexpay envisions becoming the preferred payment service provider for customised solutions in the fintech space within the region. It embodies the “India to the world” sentiment with commitment to establishing an indelible mark in the international fintech space by catering to the unique needs of businesses and consumers in Saudi Arabia, Qatar, and Oman. Moreover, Safexpay has set its sights on further expansion into neighbouring markets once its presence is well-established in the GCC region. This expansion plan aligns with the company's strategy of creating a strong foothold before broadening its reach.

Strategic Gears experts explore metaverse development in Saudi Arabia

Saudi: Strategic Gears’ latest thought leadership publication explores the development of the global metaverse industry and its integration into real-world business, including its uptake/adoption in Saudi Arabia and the rise of the Saudi metaverse market.The report also examines global benchmarks in the metaverse industry in the US, China, the UAE, Saudi Arabia, Spain, Barbados, South Korea and Japan in terms of their industry size, their national strategies for the metaverse and industries or areas where the metaverse is used/adopted.Strategic Gears experts also conducted interviews with two metaverse players in Saudi Arabia – Dolf Technologies and FalconViz -- on where the growth opportunities are and the challenges to overcome them in the global and Saudi context.The report concludes with Strategic Gears expert recommendations on maximising metaverse adoption in terms of overall metaverse development, transforming challenges into enablers, Saudi Arabia's metaverse growth, as well as recommendations based on lessons learned from the country benchmarks and interviews. Key conclusions and recommendations include:Given the expanding number of initiatives and creative ideas by both the government and Saudi businesses, increasing expenditures in the sector and more participation from the private sector are crucial, as well as continuously monitoring and evaluating the amount of money spent on metaverse projects versus the return on investment.Factors that could support metaverse development in Saudi Arabia include the integration of intermediaries such as banks and brokers into various metaverse platforms, the creation and implementation of appropriate governance structures, greater branding and awareness of the metaverse’s socioeconomic benefits for the Kingdom, coupled with more events and partnership opportunities domestically and with international stakeholders to bring in best practices, knowledge transfer and expertise.Early adoption and a clearly defined adoption strategy are required, starting with the identification of use cases that offer real value before beginning to plug in data sources and ultimately integrating with the business.Solutions need to be tailormade for the Saudi market, and sectors that stand to benefit the most from metaverse adoption are education, healthcare, industrial, entertainment and tourism.There is misinformation and hype around the metaverse which can distract from real practical applications. New hardware and software infrastructure will also be needed to support the metaverse.The metaverse will grow into a diverse and thriving digital economy with room for a wide range of businesses to operate and fairly compete. The goal is to create an open metaverse that is marked by collaborations that can lower access barriers.The “Metaverse Development in Saudi Arabia” report is available to download

How AI and blockchain technologies are shaping financial markets in the GCC

Dubai: It didn’t take long for Artificial Intelligence (AI) and Blockchain technologies to impact companies, as their rise is gradually shaping new business models, optimizing performance and boosting efficiency across the entire economic spectrum. Among the many sectors affected by this digital transformation, are financial markets in the GCC and beyond.On one hand, the integration of AI helps to improve data analysis and enables the swift processing of vast financial data, leading to better decision-making and risk assessment. Automated trading algorithms execute trades rapidly based on market trends and patterns, while AI assists in risk management by identifying and mitigating potential risks through data analysis.On the other hand, Blockchain technology enhances security in financial markets, guaranteeing safe and transparent transactions, which helps reduce fraud and enhances trust in regional financial markets. It also streamlines financial processes, such as settlements and record-keeping, driving efficiency and lowering costs. In Saudi Arabia, for example, Blockchain technology is being used to create a new and simple way to finance small and medium enterprises. As for Dubai, the city has been at the forefront of Blockchain adoption, with ambitious plans to become the Blockchain capital of the world, as the Emirati leadership strives to fully digitize the government by utilizing Blockchain for all government documents, which demonstrates a firm commitment to embracing this technology for various sectors.According to Ritu Singh, Regional Director of Stone X Group Inc., the combination of AI and Blockchain technologies is expected to have a profound impact on financial markets in the Middle East. Singh says: “While the specific investment capital dedicated to AI and Blockchain in this part of the world is not clear yet, their projected impact and the region's advancements indicate a growing interest and investment in such transformative technologies, which contributes to reshaping the financial landscape.”A recent PwC report has highlighted the potential for AI to disrupt markets and foster the creation of innovative services and business models in the Middle East. The report projects that the region will gain 2% of the total global benefits of AI by 2030, with the UAE experiencing the largest impact, amounting to approximately 14% of its 2030 GDP. The report further estimates that the potential impact of AI in the Middle East could reach US$320 billion, with Saudi Arabia anticipated to be one of the economies that will benefit the most from AI advancements.According to The International Data Corporation, it is estimated that the Middle East will be spending $3 billion on AI in 2023 with that amount more than doubling to $6.4 billion by 2026. The region is expected to see annual growth in spending of almost 30% in this technology over the next three years, which is the fastest growth rate worldwide over the coming years. Furthermore, more than 80% of CEOs in the Middle East believe that AI is critical to the future of their businesses, and over 70% of them are investing in such technologies.For, a leading trading company which has its office in Dubai and part of StoneX Group Inc., investing in AI technologies has already started. The company offers customers an AI-based Performance Analytics tool, in addition to giving them access to advanced Risk Management Performance Analytics solutions.In this line, Singh confirms: “At, our commitment lies in delivering the finest cutting-edge tools and market access to our esteemed customers. We firmly believe that AI will revolutionize every aspect of trading, spanning from markets to trading technology, and we are at the forefront of this transformation by offering our customers AI-based tools, such as Performance Analytics. We’ve also introduced an AI index for trading, The BITA Artificial Intelligence Giants UST Index, and other exciting offerings are currently under development.”Recently, a growing number of companies has started using The BITA Artificial Intelligence Giants UST Index, which aims at providing exposure to the Artificial Intelligence (AI) sector through a selection of companies that are publicly listed in the US with revenue in the AI ecosystem. This includes areas such as microprocessors, data center platforms, machine learning and autonomous artificial intelligence development, among others. Index constituents are weighted by free-float market capitalization and rebalanced semi-annually, while index values are disseminated on an intraday and end-of-day basis. The base currency of the index is USD. However, index values may be published in other currencies when applicable.

WWE sold to Saudi Arabia, say reports

It has been rumoured that WWE, the wrestling entertainment behemoth, has been sold to Saudi Arabia.The company has of late been going through tumultous times, with the resignation of it Chairman-Co-CEO Stephanie McMahon on January 10. This was following her father Vince McMahon was reinstated to the Board of Directors. Nick Khan will now serve as the lone WWE CEO.Rumours had it that Vince McMahon was reinstated to set the ground for the WWE to be sold. Multiple reports say that the sale has already been finalised. An imminent deal, say reports, with Saudi Arabia’s Public Investment Fund (PIF) could be confirmed. The PIF is the sovereign wealth fund of Saudi Arabia. It is among the largest sovereign wealth funds in the world with total estimated assets of $620 billion (£514 billion).Vince McMahon said in a statement: “First, I’d like to express my full support for Stephanie’s personal decision. I’ll forever be grateful that she offered to step in during my absence and I’m truly proud of the job she did co-leading WWE. Stephanie has always been the ultimate ambassador for our company, and her decades of contributions have left an immeasurable impact on our brand. I’m proud to announce that Nick Khan will serve as WWE CEO. Nick’s business acumen and mastery of the media industry have helped catapult our business to record revenue and profitability. Together, we look forward to working with the Board at this critical moment in time to review our strategic alternatives and maximize value for all WWE shareholders.”Stephanie McMahon said:“I cannot put into words how proud I am to have helped lead what I consider to be the greatest company in the world and I am confident WWE is in the perfect position to continue to provide unparalleled creative content and drive maximum value for shareholders.”