Ghada Ismail 

Open banking is emerging as a key force in reshaping financial services across the Middle East, moving beyond regulation to become an enabler of innovation. At the forefront of this shift is Spare, a Saudi-headquartered fintech, offering account-to-account payments that are faster, more secure, and more cost-efficient than traditional card networks.

With a mission to democratize access to financial infrastructure, Spare is building seamless rails for enterprises, SMEs, and fintechs, unlocking new use cases powered by instant settlements and real-time data. By working closely with regulators and businesses, the company is helping to address adoption challenges while setting the foundation for open banking to transform industries across the region.

In this interview, we explore how Spare is driving this change, what sets its model apart, and where open banking in the Middle East is headed next.

Can you walk us through Spare’s mission and how you’re redefining open banking payments in the GCC and MENA?

Spare’s mission is to democratise access to financial infrastructure to enable growth for innovative companies that want to build world-class products for their customers using a secure, seamless, and transparent connectivity that is compliant with regulatory guidelines. We’re redefining Open Banking by making payments more accessible for businesses of all sizes, giving them access to rails that are cheaper, more secure, and above all, faster. Open Banking payments will be a game changer, as they allow businesses to access liquidity far quicker than traditional legacy systems, enabling them to grow and operate more efficiently.

How does Spare differentiate itself from traditional payment gateways, and what value does your open banking model bring to fintech and enterprise customers?

At Spare, we connect directly to banks. When it comes to payments, we move money directly from account to account, avoiding intermediaries such as card networks, which means faster settlement and lower fees. For fintechs and enterprises, we unlock real-time payments, better margins, and new customer experiences with use cases such as easy-to-set-up recurring payments and refunds. This marks a significant improvement for many businesses, particularly SMEs. Lower transaction fees combined with instant settlement not only reduce costs but also enhance financial transparency and cash flow visibility.

How does Spare ensure regulatory compliance and data security in different markets, including Saudi Arabia?

At Spare, we work closely with regulators in each market and follow local licensing frameworks. On security, all customer data is encrypted, and we meet banking-grade standards for authentication and access. In Saudi Arabia, we comply with SAMA regulations, and all our data centers are based in the kingdom. In addition, in the UAE, we received an In Principle Approval, allowing us to conduct Open Finance activities under CBUAE’s regulated framework.
 

Which fields—like SME payments, lending platforms, or BNPL—are responding most to your open banking tools in the region?

We see strong pull from SMEs who need cheaper, faster collections, and from BNPL and lending players who rely on instant account verification and payouts.  There is also significant interest from lenders and microfinance companies in the rich banking data and credit risk assessment tools we provide.
 

What have been some of the biggest friction points businesses face when adopting open banking payments, and how does Spare help overcome them?

 Many businesses are concerned about customer adoption and the complexity of bank integrations. We solve this with a simple API and a user flow that feels as easy as card checkout.  We also support our partners with creating simple bank integration journeys and with educational material and content that they can equip their teams to educate customers and build trust.  Moreover, we believe the first wave of Open Banking payments adoption will come from the B2B space. Open banking offers powerful capabilities that directly address B2B needs, such as invoice payments, bulk disbursements, and recurring transactions. As with any new payment scheme introduced to consumers, widespread adoption will take time, but the foundation being built today will unlock significant efficiencies for businesses tomorrow.

What’s your roadmap for geographic expansion?
We’re focused on deepening our footprint in the region first - we’re headquartered in KSA, licensed in Bahrain, and recently received our IPA in the UAE. We’re also working on Kuwait and Oman, as they have recently released their open banking frameworks.
 

As open banking matures in the Middle East, what additional services or products is Spare exploring next?

Open banking in the region is still at its starting stages, so there’s much more to come. We’re looking at value-added services on top of payments: smarter payouts, recurring billing, data-driven credit, and insights that help with underwriting and personalized offers. Open finance is also on the horizon, and that’s an exciting next step.
 

What do you believe is the biggest misconception about open banking in the MENA region, and how is Spare helping shift that perception?

A big misconception is that open banking is only for banks and fintechs. In reality, it can transform many industries. E-commerce, healthcare, and real estate can all benefit from instant access to financial data and customer insights. At Spare, we show businesses that open banking is a foundation for innovation across the economy, not just financial services.

Noha Gad 

The e-payments have become the backbone of modern commerce as they enable everything from online shopping and bill payments to peer-to-peer money transfers and business-to-business transactions. The adoption of e-payments has surged in recent years thanks to their convenience, speed, and security features, such as tokenization and biometric authentication. Both businesses and consumers benefit from the ability to make instant or near-instant payments anytime and anywhere with minimal friction, setting the foundation for a cashless economy. 

Voice payments emerged as one of the latest innovations in the broader e-payments ecosystem. They allow users to perform financial transactions simply by speaking commands to voice-enabled devices like smartphones, smart speakers, or virtual assistants such as Amazon Alexa, Google Assistant, and Apple Siri. 

Voice payments leverage artificial intelligence (AI), natural language processing (NLP), and voice recognition to interpret spoken instructions, authenticate users, and process payments seamlessly without the need for physical interaction with devices. By saying commands, users can enjoy a faster, more convenient, and hands-free transaction experience.

This type of payment integrates with payment gateways and banks behind the scenes to complete these transactions securely, often using voice biometrics and multi-factor authentication to ensure safety.

How do voice payments work?

To conduct financial transactions via voice, users must follow few steps:

       *Activation: users activate their voice assistant by saying a wake word or opening a voice payment app and tapping the microphone button.  

       *Instruction: the user clearly states their payment command, specifying the action, the recipient, and the amount to be paid or transferred.

       *Voice recognition and processing: The voice assistant captures the spoken command and converts it into text using voice recognition technology. NLP algorithms then interpret the intent and details of the transaction.

       *Authorization: The assistant securely communicates with the user’s linked financial accounts to authorize the transaction. 

       *Authentication: Security steps, such as voice biometrics, passcodes, or multi-factor authentication, may be required.

       *Transaction processing: Once authorized, the payment instructions are transmitted to the payment service provider, which verifies the details and transfers the funds between accounts.

       *Confirmation: The user receives confirmation via voice feedback or on-screen notification.

Although voice payments offer great convenience and innovation in the digital payment space, they also come with several significant challenges and concerns that must be addressed for widespread adoption and trust. This includes:

       *Security risks. The risk of unauthorized transactions grows, as voice commands can be accidentally or maliciously triggered on voice-enabled devices.

       *Privacy. Voice payment systems collect sensitive data, including voice recordings and biometric profiles. Thus, protecting user privacy through secure storage, encryption, and adherence to data protection regulations is critical.

       *Accuracy. Voice recognition still faces challenges regarding accuracy, especially in noisy environments or with diverse linguistic accents and speech patterns.

       *Integration and standardization. The lack of universal standards makes it difficult to integrate voice payments across different devices and platforms. 

Future outlook

The future of voice payments is promising, driven by the rapid growth and transformative innovations that are expected to reshape the way consumers and businesses make financial transactions.  The voice payments market is expected to grow significantly, driven by key trends, including advanced biometric authentication, AI-powered personalization, and the integration of blockchain technology.

With the rising popularity of voice assistants and smart devices, along with consumers’ increasing comfort with voice commands, voice payments are expected to become an integral part of daily financial activities. This shift reflects a broader trend toward more natural, seamless, and user-friendly interactions in digital commerce. 

As voice payment technology matures, it will offer unprecedented convenience, enabling users to conduct transactions with simple spoken commands anytime and anywhere. Businesses and financial institutions are poised to leverage these technologies to streamline payment processes, reduce friction, and engage consumers more effectively.

Finally, voice payments are set to become a mainstream, trusted method of payment, fundamentally changing the way society conducts financial exchanges in the upcoming years.

Noha Gad 

E-wallets have transformed the way people handle financial transactions as they provide a seamless and safe digital alternative to cash and physical cards. These wallets consolidate various payment methods, such as credit cards, debit cards, and bank accounts, into a single, user-friendly interface, offering users a convenient experience and enabling them to make purchases, transfer money, and manage finances swiftly through their smartphones or any other connected devices. This simplification of payments has significantly boosted consumer adoption worldwide, particularly in urban communities and developing economies where mobile connectivity is widespread.

The rise of e-wallets considerably contributed to reducing dependency on cash and traditional banking infrastructure, ultimately promoting financial inclusion, especially in regions with a large unbanked population. 

There are several types of e-wallets, each catering to different user needs and technological ecosystems. In this blog, we will dive deep into the five main types of e-wallets and how they meet the evolving needs of both businesses and end-users.

Types of e-wallets

Closed wallet

Closed wallets, also known as a power wallet, operate as a preloaded account used for specific products or services within a particular transaction, often linked to the issuer’s payment gateway. Businesses and organizations often issue closed wallets to their customers for making payments exclusively within their ecosystem. Users of a closed wallet can only use the stored funds to make transactions with the wallet’s issuer.

Semi-closed wallet

This type of wallet has a limited coverage area as it is accepted only within a specific network of merchants or service providers. Merchants must agree to partner with the issuer to accept payments from a semi-closed wallet.

The semi-closed wallets allow users to make transactions at various merchant outlets and enable peer-to-peer transfers; however, they cannot be used to withdraw cash or make payments outside the specified network.

Open wallet

Open wallets are offered by banks to be used for any type of transaction. Unlike closed and semi-closed wallets, this versatile digital payment tool allows users to store funds and transact across various merchants and platforms. Both sender and receiver must have the same application installed on their devices.

Open wallets offer convenience and flexibility, enabling users to make payments at any merchant accepting digital payments via that wallet.

Crypto wallet

Crypto wallets facilitate secure transactions using cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. They store public and private keys required for initiating transactions on the blockchain network. The public key serves as an address where others can send cryptocurrency, while the private key is used to securely access and manage the stored funds.

Crypto wallets can be software-based (online or offline by using a USB stick) or hardware wallets that store the keys offline for enhanced security. Hardware wallets, also known as cold wallets, provide an extra layer of security and safety.

Internet of Things (IoT) wallets

The IoT wallets enable transactions between interconnected devices within the IoT ecosystem, allowing devices to exchange value and authenticate transactions seamlessly and securely.

This type is pivotal for various use cases, such as smart meters that facilitate automated utility payments, connected vehicles that enable in-vehicle payments, and supply chain tracking where devices interact to validate and record transactions.

Integration of emerging technologies into e-wallets

In recent years, the integration of emerging technologies, such as virtual reality (VR) and artificial intelligence (AI), has further reshaped the capabilities and user experience of e-wallets. 

AI has played a pivotal role in transforming the capabilities and user experience of e-wallets. Integrating AI tools can enhance e-wallets' security, personalization, and operational efficiency.

AI can contribute to enhancing fraud detection and prevention, providing personalized offerings, and helping users identify saving opportunities by analyzing their expenses. AI agents, virtual assistants, and chatbots are instrumental in elevating customer experience by providing 24/7 support, instantly answering queries, troubleshooting common issues, and guiding users through payment processes.

VR emerged as an innovative trend that enriches the retail and payment experience through an immersive digital environment. These technologies enable users to visualize products in virtual space and make instant purchases through their e-wallets without leaving the experience. 

VR can transform traditional e-wallet interfaces into interactive and visually rich experiences, making money management, bill payments, or fund transfers more engaging and less transactional.

Finally, e-wallets have revolutionized how consumers manage their financial transactions, offering a convenient and secure alternative to traditional cash and cards. By consolidating multiple payment methods into a single digital platform, e-wallets simplify payments and enable seamless money transfers, purchases, and financial management across diverse devices.

The integration of AI and VR into e-wallets can revolutionize social commerce and peer-to-peer payments within virtual worlds and redefine how consumers interact with e-wallets, blending convenience, security, and immersive experiences in the digital economy.

Ghada Ismail

CellSave Arabia is a leading provider of advanced stem cell preservation services in the Gulf region, offering families the opportunity to safeguard their future health through secure, high-quality cord blood and tissue banking. Known for its cutting-edge proprietary technology, internationally accredited standards, and patient-centered care model, CellSave Arabia has built a reputation for excellence in regenerative medicine. The company’s mission is rooted in making stem cell preservation accessible, reliable, and scientifically robust, empowering families with potentially life-saving options for generations to come.

In this exclusive interview, Sarah Al-Hajali, CEO of CellSave Arabia, discusses the company’s pioneering journey, its upcoming expansion into Saudi Arabia, and how the company is aligning with Vision 2030 to make stem cell preservation more accessible to Saudi families. She also opens up about navigating cultural sensitivities, forging research partnerships, and how AI is shaping the future of stem cell logistics in the region.

CellSave Arabia was the first private stem cell lab in the GCC back in 2005. What were the earliest challenges you faced pioneering this space, and how did you build trust in such a novel field?

CellSave Arabia was established in 2005 as the first and largest private stem cell laboratory in the GCC. At the time, stem cell preservation was a new and unfamiliar concept in the region, and we faced several key challenges in introducing it.

One major challenge was raising awareness among both healthcare professionals and the public. Many expecting parents had never heard of cord blood and tissue banking and were uncertain about its benefits, safety, and scientific validity. Educating families—especially mothers—about how stem cells could potentially treat conditions like cancer or autoimmune diseases required dedicated outreach and communication. Also, there was a common misconception that it was too expensive. 

At CellSave, our goal has always been to make this valuable service accessible to everyone. That’s why we introduced flexible payment plans to make it more affordable for all families.

As pioneers in the field, establishing credibility was critical. With no regional benchmarks to follow, we set high standards from the start, investing in international accreditations such as AABB and FDA accreditations, world-class facilities, and clinical partnerships. This, combined with transparent communication and strong collaboration with hospitals and OBGYNs, helped us earn the trust of families across the region.

Our journey has always been guided by a commitment to care, quality, and ethical responsibility, which remain at the heart of everything we do.

In 2015, we launched My Pregnancy Arabia, a non-profit initiative supporting pregnant women through education and community building. What started in the UAE has now expanded regionally, with our first successful event in Qatar held in April 2025, marking a new chapter in our mission to empower and support women throughout their pregnancy journey. Additionally, we’re excited to be expanding into Saudi Arabia soon. As part of this growth, we’ll be organizing educational events aimed at raising awareness about the benefits of stem cell banking. These events will help inform both healthcare professionals and expecting parents about the science, process, and long-term value of cord blood and tissue preservation.

Saudi Arabia is undergoing rapid healthcare transformation under Vision 2030. What makes the Kingdom a strategic priority for CellSave Arabia’s next phase of expansion?

Saudi Arabia’s healthcare transformation under Vision 2030 presents a tremendous opportunity for innovation, investment, and improved patient care. For CellSave Arabia, the Kingdom is a natural and strategic priority for our next phase of expansion.

The government’s commitment to enhancing healthcare infrastructure, embracing advanced medical technologies, and prioritizing preventive care aligns perfectly with our mission to offer life-saving, future-oriented solutions like stem cell preservation. As awareness continues to grow among healthcare professionals and families, and with an increasing focus on high-quality maternal and pediatric care, the Kingdom presents a strong opportunity and readiness for the services we provide.

Moreover, Vision 2030 emphasizes not only excellence in care but also health equity and accessibility, and that is at the heart of our next step. As we expand into Saudi Arabia, our goal is to make stem cell preservation more accessible to all families, especially those with medical histories that include conditions like cardiovascular disease, diabetes, and other inherited or chronic health concerns. We are working on expanding our footprint beyond major cities, partnering with both public and private healthcare institutions, and tailoring our offerings to meet the unique needs of Saudi families.

In short, Saudi Arabia offers the perfect environment for growth, innovation, and meaningful impact—values that have always defined CellSave Arabia’s journey.

As a GCC-based company, how do local cultural, regulatory, or healthcare dynamics influence your operations compared to global peers?

Culturally, there's a strong emphasis on family, trust, and religious values, which means we must approach awareness and education with sensitivity and respect. Many families initially had concerns about whether cord blood banking might conflict with their beliefs. Through open dialogue with scholars, we’ve clarified that the practice is not only legal but also aligned with their ethics, as it involves preserving cells from the umbilical cord—something that would otherwise be discarded—and can potentially save lives in the future. This understanding has been essential in building trust and making families feel confident and comfortable with their decision. At CellSave Arabia, we’ve taken great care to ensure our services are fully in line with cultural and religious principles, and we continue to work closely with both the medical and community sectors to educate, build trust, and provide reassurance to the families we serve.

As part of our commitment to supporting families, CellSave also offers a transplant assistance cash-back service of around SAR 15,000 if the stored cord blood is released for therapy within the first five years. This added support reflects our mission to not only preserve potential but also to stand by our clients during critical moments, reinforcing the long-term value and impact of stem cell banking.

On the regulatory side, we must comply with strict local healthcare laws and licensing requirements, which can vary from country to country within the GCC. This requires close collaboration with health authorities to ensure our processes meet all standards—especially in areas like data privacy, biological material handling, and clinical safety.

Additionally, the healthcare landscape in the GCC is unique, with a strong mix of public and private sector involvement, and a growing focus on preventive care and medical innovation. This dynamic environment allows us to work closely with both government and private hospitals, tailoring our services to meet local needs while still maintaining international standards.

Are you currently working with, or planning to partner with, any Saudi hospitals, universities, or health institutions to expand stem cell services or research efforts?

Yes, we are currently working on expanding our presence into Saudi Arabia and actively exploring partnerships with leading hospitals, universities, and healthcare institutions across the Kingdom. Our goal is to bring world-class stem cell preservation services closer to Saudi families, while also contributing to the country’s broader goals for healthcare innovation under Vision 2030.

We are in discussions with several public and private sector hospitals to integrate our services into their maternity and pediatric care offerings. At the same time, we’re looking to collaborate with universities and research centers to support stem cell research, clinical applications, and medical education in this field.

These partnerships will play a key role in ensuring that stem cell services are not only available, but also trusted, regulated, and aligned with the local medical and ethical landscape. Our expansion into Saudi Arabia is not just about business growth—it's about contributing meaningfully to a healthier future for families across the Kingdom.

How is CellSave Arabia currently using AI in its operations, from logistics and lab automation to quality assurance, especially as it scales in Saudi Arabia?

As we prepare to expand into new markets like Saudi Arabia, we are focused on adopting technologies that can help optimize operations, improve accuracy, and support scalability.

Currently, AI is being utilized in several valuable ways within our operations. For example, an AI-driven monitoring system is used in the lab to assess sample quality inside cryo dewars. This system continuously checks key markers and provides alerts and recommended actions if any values fall outside the acceptable range.

Also, AI plays a critical role in evaluating the condition of the sample upon receiving it. It verifies all essential metrics to ensure the sample has been transported under optimal conditions. If any of these criteria are not met, automated notifications are immediately sent to both the lab and the parents to prompt timely action.

AI offers exciting potential in enhancing sample tracking, environmental monitoring, and data-driven decision-making—all critical elements in stem cell preservation. We also see opportunities in using AI to support personalized client communication and operational efficiency, allowing us to deliver even more reliable and responsive services.

As innovation continues to shape the future of healthcare in the region, our goal is to remain at the forefront by thoughtfully integrating the right technologies to support our mission of safety, trust, and long-term value for families.

As Saudi consumers become more digitally engaged and expect healthcare experiences that are fast, convenient, and tech-enabled, how is CellSave Arabia evolving its service model to meet these rising expectations?

At CellSave Arabia, we understand that today’s families value speed, convenience, and clarity—especially when making important decisions like stem cell preservation.

We have digital tools and systems in place that allow us to respond to client inquiries more efficiently, provide quicker consultations, and offer real-time guidance throughout the enrollment and collection process. CellSave Arabia utilizes AI agents that can respond to expectant families 24/7 without the need for human interaction—handling everything from education to clients’ requests for documentation or sample health checks. Because each family has unique needs, these AI agents can also recommend the best services tailored to individual circumstances by referring to patients’ medical histories and other relevant information.

Our goal is to ensure that every interaction—whether online or in person—is simple, informative, and timely, in line with the modern expectations of Saudi families and the Kingdom’s broader vision for digital health transformation.

Does CellSave Arabia see Saudi Arabia as a future R&D hub for stem cell therapies, particularly given the government's investment in biotech and innovation?

With the Kingdom’s strong commitment to biotechnology and innovation, Saudi Arabia is well positioned to become a center of excellence for research and development in stem cell therapies. At CellSave Arabia, we are actively exploring strategic partnerships with universities, hospitals, and biotech organizations to contribute to this growing scientific ecosystem. These collaborations enable us to support advancements in regenerative medicine. For instance, in osteoarthritis, they can aid in repairing damaged cartilage and alleviating joint pain, while in ovarian rejuvenation, they provide new hope for restoring fertility and hormonal health. Additionally, stem cells are being investigated for their potential to regenerate heart tissue after cardiac injury, support recovery from neurodegenerative diseases like Parkinson’s and Alzheimer’s, and improve immune system function. Their ability to promote healing and restore damaged tissues also holds promise for enhancing overall health and wellbeing, paving the way for more personalized and effective medical treatments.

These advances directly support Saudi Arabia’s Vision 2030 goal to raise the average life expectancy to 80 years by 2030. By integrating cutting-edge regenerative treatments into healthcare strategies, we can contribute to extending healthy, active years of life, improving quality of life for the population, and reducing the burden of age-related diseases.

Mohamed Ramzy

Amid Egypt’s rapid digital transformation in recent years, Swypex has emerged as a key player in the fintech sector, offering innovative solutions that empower businesses to manage their spending with greater efficiency and transparency.

Since its founding in 2022, Swypex has filled the gap in the Egyptian fintech market, capitalizing on robust partnerships that fueled the company’s growth and propelled its business model toward ongoing evolution and success.

Sharikat Mubasher had an interview with the Co-founder and CEO, Ahmad Mokhtar, to learn more about Swypex’s journey and future strategy.

First, what inspired you to found Swypex, and how has the company’s vision developed since day one?

We founded Swypex in 2022 to meet the growing needs of businesses in Egypt. Over the past years, Egypt has witnessed a significant push towards digitizing financial services, driven by the government’s support marked by the rollout of ‘InstaPay’ for consumers, widespread adoption of point-of-sale (PoS) terminals, and implementation of the e-invoice system, in addition to mandating government entities to accept digital payments. 

Yet, despite this progress, businesses remained without genuine solutions to digitize their internal spending while maintaining robust governance and control levels. Here came Swypex to offer an innovative, safe solution that enables businesses to track expenses efficiently and transparently. 

What are the key services or flagship products that Swypex offers in the fintech field?

We offer a wide spectrum of technology services, notably smart corporate cards that allow each employee or team to operate under flexible, personalized spending policies. These cards can be activated within minutes and delivered in only 24 hours.

Swypex also features a comprehensive platform to manage expenses and approvals, offering live tracking and direct integration with e-invoice systems, real-time financial reporting, and smart analytics to help teams make informed decisions. Additionally, the platform integrates directly with the Enterprise Resource Planning (ERP) systems to streamline accounting processes.   

What sets Swypex apart from its competitors in this dynamic market?

At Swypex, we deliver several financial solutions tailored to meet the specific needs of businesses, empowering them to digitize expenses while ensuring higher levels of transparency and control.

We also develop programs that align with actual operations and procedures that companies follow today, delivered through a seamless, easy-to-use digital platform that helps finance and management teams streamline spending management efficiently and in a more organized manner.

What are the biggest challenges you face in delivering innovative financial solutions, and how do you address them?

The biggest challenge we face is the long-standing lack of innovative financial solutions, which has forced companies to create their own complex internal processes to manage spending.

To address this, we work closely with finance teams to deeply understand their workflows and develop software that helps them solve problems automatically without requiring complicated training or drastic changes to their daily operations. Our goal is to ensure that technology acts as an enabler, simplifying workflows rather than creating additional challenges.

How does Swypex align itself with security and compliance standards?

Swypex adheres to the highest global standards for data and transaction security and implements top-level protections in compliance with Payment Card Industry Data Security Standard (PCI DSS). We also work closely with local banks to ensure full compliance with banking laws and regulations set by the Central Bank of Egypt (CBE). 

What are the company’s expansion plans in terms of exploring new markets and developing products?

We are developing additional features for our clients, such as broadening subscription packages to cater to medium and large businesses by offering flexible services, spending analysis tools, ERP system integration solutions, and tailored short-term financing services for corporates. All of this aligns with Swypex’s mission to establish an inclusive financial ecosystem that covers every aspect of corporate expense management.  

What are the key partnerships that Swypex forged in Egypt and the broader region?

We formed multiple partnerships in Egypt, including a strategic collaboration with Visa to offer smart, secure corporate cards and another partnership with Mashreq Bank. Additionally, we partnered with MDP to develop banking and technical infrastructure.

These partnerships enable us to deliver services that give companies greater control, transparency, and operational efficiency in managing their financial processes.

What is the current size and reach of Swypex’s business activities?

Swypex officially launched its operations in 2024, rapidly accelerating its business growth. Today, we partner with several key players in pivotal sectors, such as logistics, contracting, manufacturing, retail, technology, tourism, and more. These partnerships significantly contribute to the steady monthly increase in the volume of transactions processed through SwipeX.

What role does customer experience play in Swypex’s strategy, and how do you enhance it? 

Customer experience is at the core of our work. We design every product and service based on genuine feedback from customers. Our dedicated team works continuously to enhance the user experience by regularly measuring customer satisfaction and engaging directly with their feedback.  

Swypex’s goal is to provide a flexible, fast, and hassle-free financial experience.

Finally, Swypex has contributed to shaping the fintech landscape in Egypt since its launch in 2022 by providing innovative financial solutions to help startups manage their spending efficiently. During this short period, the company has forged strategic partnerships with leading entities and financial institutions in Egypt.

Translation: Noha Gad

Noha Gad

The loyalty program market in Saudi Arabia is poised for steady growth in the coming years, fueled by innovative product launches and businesses increasingly leveraging loyalty strategies to boost sales and revenue.

According to a recent report published on Research and Markets, one of the world’s largest research market stores, the Saudi loyalty market is projected to grow by 15.4% annually, reaching $842.5 million in 2025, with a CAGR of 13% from 2025–2029, propelling the market to $1.37 billion by 2029.

This growth reflects a transformative shift in the Kingdom’s loyalty landscape, driven by technological advancements, evolving consumer demands, and Vision 2030-aligned policies that incentivize digital innovation.

At the forefront of this evolution is Resal, a pioneer in redefining loyalty and rewards solutions. By offering cutting-edge digital platforms, Resal bridges merchants, businesses, and consumers through an expansive, seamless network.

To explore Resal’s role in shaping the future of the loyalty and rewards landscape in Saudi Arabia, Sharikat Mubasher held an interview with CEO Hatem Kameli to discuss industry trends, growth drivers, and the company’s vision for revolutionizing the sector.

How does Resal contribute to the growth of digital payments in Saudi Arabia, and what makes your services unique?

Resal plays a pivotal role in advancing digital payments in Saudi Arabia by offering innovative solutions in digital cards, rewards, and loyalty programs. Our platform empowers individuals, businesses, and merchants to maximize the benefits of digital value through seamless and exceptional experiences. 

What sets Resal apart is our commitment to providing effortless rewards, seamless payouts, and smarter loyalty solutions. By integrating cutting-edge technology, we ensure that our services are not only efficient but also tailored to meet the evolving needs of our users. 

What are the biggest challenges facing loyalty programs in the Kingdom, and how do you address them?

The current loyalty and rewards landscape is fragmented, causing inefficiencies for consumers, businesses, and merchants. Consumers struggle to manage and redeem scattered loyalty points; businesses lack efficient tools for rewards and payouts; and merchants face challenges in digitizing and monetizing programs.

Resal addresses these issues by offering a unified digital platform that:

● Empowers consumers to aggregate and use loyalty points across a broad network.

● Enables businesses to manage and distribute rewards and incentives seamlessly.

● Helps merchants issue and manage digital prepaid cards and loyalty programs, enhancing customer engagement.

With 1.5 million users, how does Resal plan to scale its alternative digital payment solutions?

Resal has successfully secured $9 million in Series A funding to expand our digital rewards in Saudi Arabia. This investment will be utilized to enhance our technological infrastructure, develop new products, and expand our services to a broader audience.

Our growth strategy includes targeting new sectors, launching various technological products for alternative payment solutions, and strengthening our partnerships to reach more users and businesses across the Kingdom.

How does Resal plan to maintain its lead in digital rewards and loyalty programs, both regionally and globally?

To maintain our leadership position, Resal focuses on continuous innovation and strategic partnerships. We are committed to developing scalable products and services that cater to the evolving needs of our users with different use cases.

Our vision includes expanding our presence in the Middle East and North Africa region, offering alternative payment solutions, and enhancing our loyalty programs to provide more value to our users.

How will Resal’s partnership with Grintafy revolutionize Saudi Arabia’s sports sector?

Resal's strategic partnership with Grintafy aims to empower players and the sports community by offering digital rewards and creating an interactive user experience that encourages continuous skill development. 

By integrating our digital rewards solutions with Grintafy's platform, we provide athletes with incentives that motivate them to improve their performance and engage more deeply with the sports community. This collaboration is set to transform the way athletes and sports enthusiasts interact with digital platforms in Saudi Arabia.

Beyond sports, what other sectors does Resal target for expansion?

Beyond sports, Resal is strategically expanding its presence across several high-growth sectors, notably entertainment and lifestyle. These industries are integral to everyday consumer engagement, and our solutions aim to elevate how users interact with brands through seamless digital rewards and gifting experiences.

Our goal is to become a leading platform in innovative payment and spend management across diverse lifestyle sectors, enriching how people connect with brands and services through intelligent, easy-to-use digital tools.

What trends do you see shaping the future of loyalty programs in Saudi Arabia?

The future of loyalty programs in Saudi Arabia is being shaped by several key trends:

● AI-Powered Personalization through Data Analytics: Leveraging artificial intelligence to deliver personalized rewards and experiences is becoming increasingly important in meeting consumer expectations.

● Rise of Coalition Loyalty Programs: There is an increasing trend towards coalition loyalty programs, where multiple brands collaborate to offer shared rewards. This approach provides customers with more versatile and valuable benefits, enhancing the overall appeal of loyalty programs.

● Experiential Rewards: Saudi consumers are increasingly valuing unique experiences over mere discounts. Loyalty programs are evolving to offer curated lifestyle experiences such as exclusive dining events, travel packages, and entertainment options, fostering deeper emotional connections with brands.

Resal is at the forefront of these trends, continuously innovating to provide loyalty solutions that align with the evolving preferences and values of consumers in Saudi Arabia.

Magdy Hassan, CEO of taly

The sounds of coins clinking and bills rustling are becoming increasingly rare as we shift toward a cashless future, where digital transactions take the lead. While some people still prefer the feel of physical money, the global transition to digital payments is already well underway, and there are compelling reasons for it. The advantages of going cashless are hard to ignore.

This change is not just a vision for the future—it’s already happening in many parts of the world, including Egypt. Over the past decade, initiatives by the government and the Central Bank of Egypt have spurred economic growth and expanded financial inclusion. As a result, more than 177+ fintech startups and payment service providers (PSPs) have emerged, offering innovative solutions across 14 different subsectors. Many of these companies are expanding their services beyond Egypt, reaching regional and even global markets. The recent launch of Tokenization in Egypt is another game changer that would enable consumer to make their payment directly from their mobiles without the need to use a plastic card, which will embrace the digital life style.

In line with Egypt’s Sustainable Development Strategy and the UN Sustainable Development Goals, Egyptian banks have significantly advanced financial inclusion and digital transformation. Today, around 52 million citizens actively use financial accounts across banks, post offices, mobile wallets, and prepaid cards. Financial inclusion rates soared to 74.8% by the end of 2024, up from 70.7% in 2023, representing a 204% growth since 2016. Digital transformation is further demonstrated by a 32% annual increase in mobile wallet accounts, reaching a total of 42.1 million accounts in March 2024.

With the increasing demand of non-face-to-face payment and transfer due to the significant increase of online ordering Egypt's e-commerce market projected to double from 2025 to 2030, with the increasing need of people convenience the digital payments are becoming even more crucial. Evidence of this shift is clear: 85% of mobile wallet usage is dedicated to peer-to-peer transfers, with over 18 million wallets and over 6 million Instapay users playing a vital role in the ongoing digital transformation.

While the potential benefits of digital payments are undeniable, at taly, we believe it’s important to ask: Are we truly ready to be Digital Enabler?

The clear answer that Taly born Digitally with the vision of providing comprehensive ecosystem offering unparalleled convenience. Imagine a world where you can pay for anything, anywhere, with just a few taps on your phone or a swipe of your card. No more fumbling for change or countless trips to the ATM. Whether in bustling city markets or remote rural shops, taly ecosystem connects consumers with their service providers, merchant with their suppliers, Corporates with their employees, making day-to-day transactions faster, easier, secured, trackable, and more efficient for all stakeholders. The first of its kind Corporate Portal just launched by taly is a great example of increased corporates efficiency, saves time, reduces overhead costs, ease reconciliation between the company and its employees, and promotes a smoother economic flow.

Digital transactions create traceable records, making it harder for criminals to operate, and helping to combat tax evasion and money laundering, leading to a fairer and more just economic system.

Moreover, digital payments offer easy tracking and management, giving individuals better control over their finances and supporting effective budgeting. Consumers are increasingly aware of solutions like digital cards, Buy Now Pay Later (BNPL) options, and open banking, and they are actively integrating these solutions into their daily lives. We are really proud to be on the heart of all those solutions as digital enabler not competitor.

Of course, the transition to a cashless society isn’t without challenges. Concerns around privacy, cybersecurity, and accessibility for underserved populations are critical subjects that must be addressed. Strong safeguards are necessary to protect personal data and prevent fraud. Ensuring universal access to digital tools is vital before fully embracing a cashless system. Education and support programs will be key to bridging the digital divide and promoting inclusivity.

At taly, we understand that the shift to a cashless future is not a matter of if, but when. While challenges remain, the benefits of a cashless world—convenience, security, transparency, and economic efficiency—are undeniable. By embracing innovation and inclusivity, we can unlock the full potential of this transformation, paving the way for a prosperous future in Egypt.

Building on the continuous efforts of the Central Bank of Egypt, our company plays a pivotal role in Egypt’s digital transformation by offering a full suite of services and tailored solutions. With a team of over 200 employees, comprehensive digital processing capability, local first Tokenization platform, and payment gateway those connected with all global and local payment schemes, taly ensures secure and seamless transactions having recently renewed its ISO and PCI certifications positioning it as one of the first to be certified PCI DSS V4.0, reaffirming our commitment to the highest security standards.

As a comprehensive digital payment ecosystem, taly facilitates digital transformation by providing a seamless payment experience for banks, enterprises, and merchants. We also empower startups with innovative infrastructure that enhances financial ecosystems and accelerates transactions, driven by our unwavering commitment to advancing Egypt’s fintech sector and supporting Egypt’s Vision 2030.

Our company boasts unparalleled technological infrastructure in Egypt, promoting integration with banks and collaboration with digital payment apps. taly’s mission is to support the Egyptian economy’s digital evolution by providing the necessary infrastructure. We offer a wide range of digital solutions for Egyptian banks and their customers, including tokenization, allowing customers to use their phones as alternatives to plastic cards.

The fintech sector in Egypt has a very promising future, having already witnessed rapid development thanks to the diligent efforts of the Central Bank of Egypt. As digital transformation becomes not a luxury, but a necessity, it's time to embrace this change and leave the clink of coins behind.

Mohammed Ramzy

As Egypt’s fintech sector undergoes rapid transformation, several companies are racing to establish themselves as key players in this evolving landscape. Among them is XPay, a prominent fintech company making significant strides in digital payments and financial technology.

Industry forecasts indicate that Egypt’s fintech market is expected to grow at a compound annual rate of 37% until 2029. Against this backdrop, XPay, founded in 2018 by Mohamed Abelmottaleb, focuses on developing digital transformation solutions with a strong emphasis on financial inclusion. Its suite of services covers credit and debit card payment processing, transactions via Meeza cards, smart wallet payments, mobile payments, QR code payments, and Buy Now, Pay Later (BNPL) services.

In an exclusive interview with Sharikat Mubasher, Mohamed Abelmottaleb, Founder and Managing Partner of XPay, shared the company’s expansion plans, growth ambitions for 2025, and his vision for fostering innovation in Egypt’s fintech space.

How has XPay managed to compete in Egypt’s fintech scene?

XPay is a leading fintech company that started in 2018, right at the onset of the digital transformation era in Egypt, alongside industry giants like Fawry. I firmly believe that technology could reshape Egypt’s financial landscape. With this conviction, we launched XPay to provide payment services for businesses, vendors, and individuals through our own unique approach. We believe that financial technology is a fundamental right for every individual, regardless of their needs or background.

When did XPay officially launch operations?

The first phase focused on market research and analysis, followed by testing different financial service models to determine the best fit based on our extended 20-year expertise in the field. In 2021, XPay obtained its first license from the Central Bank of Egypt and officially began offering services to individuals and businesses. Today, XPay is considered one of the most prominent fintech companies in Egypt.

What has XPay achieved so far?

XPay has achieved significant success in Egypt’s digital payments sector, recording a 75% increase in the number of merchants by the end of 2024. This led to a 250% growth in total payment volume and a 340% rise in processed transactions, with a success rate of 83%.

What are your targets for 2025?

In 2025, we are aiming to process EGP 1 billion in digital payments, while maintaining what we call “cautious growth” carefully expanding our merchant and client base in a controlled and sustainable manner.

What do you mean by "cautious growth"?

This has been a core principle at XPay since Day One. It means every step of our expansion is thoroughly studied and carefully executed, minimizing risks for both the company and the market, especially given the sensitive nature of the sector we’re operating within.

What are XPay’s funding plans? Are you seeking new investment?

The company still relies primarily on investment from existing partners, but we plan to launch a new funding round next year to support our ambitious growth and expansion goals.

Are there any upcoming partnerships? What’s their purpose?

We are planning several partnerships with various entities this year to enhance the integration of our digital solutions and boost financial inclusion in Egypt. Currently, about 30% of Egyptians remain outside the formal financial system according to recent statistics, which is a significant gap given the population size. We need to develop more innovative services and solutions, and the best way to do this is by forming strategic partnerships with key players.

How do you see the future of fintech in Egypt?

Egypt is steadily moving toward becoming a cashless society — that’s inevitable. To achieve this, Egypt will need massive investments in digital infrastructure over the coming years. Alongside that, continuous development of technology platforms and systems will be essential. This creates a huge demand for new startups focused on innovation and advanced technology, particularly in AI-powered financial solutions. With the sector expected to grow by 37% annually until 2029, the future looks bright for fintech in Egypt.

Are there plans to expand to other markets?

Egypt remains our primary focus, and we are concentrating on expanding our services domestically. However, we definitely have plans to expand into regional markets, with Saudi Arabia being a top priority. We see tremendous potential in Saudi Arabia’s fintech landscape, and it fits well with our regional growth strategy.

Translated by: Ghada Ismail

Noha Gad 

The payment landscape in the Middle East and Africa (MEA) is undergoing rapid transformation, fueled by growing internet access and a young, tech-savvy population. This diverse region is characterized by a complex mix of local payment methods and varying regulatory frameworks. Consequently, merchants often face significant challenges, including high transaction costs, low conversion rates, and operational inefficiencies, as they navigate this environment.

Payment orchestration platforms offer a solution to these challenges. Acting as central hubs, they streamline payment processes, optimize transaction routing, and enable merchants to seamlessly integrate with multiple payment gateways and local payment methods.

In this regard, Sharikat Mubasher held an interview with Nader Abdelrazik, CEO of MoneyHash, the first and leading payment orchestration platform in MEA, to learn more about the company’s pivotal role in supporting merchants across the region, its offerings, and future expansions in the region and beyond.

Can you provide an overview of MoneyHash’s services that set the company apart in the payment orchestration space?   

MoneyHash offers a full suite of products to help medium and large merchants boost the performance of their payment infrastructure, improving transaction success rate, conversion, and revenue generation. What sets MoneyHash apart is its specialization in emerging markets with the largest network of integrations across over 50 countries in the Middle East and Africa. Additionally, our products cater to merchant needs from integration and checkout solutions to transaction routing and advanced reporting. 

MoneyHash recently raised a $5.2 million pre-series A round. How this investment will help the company accelerate its penetration in the MEA region?

The newly acquired funds are mainly dedicated to expanding team capacities to serve a larger customer pool and exploring new emerging markets like SEA and LATAM. 

The MEA region has diverse regulatory frameworks. How does MoneyHash navigate compliance across different markets?

Building a robust software product is key as we have to make sure we are compliant with data regulation and security in all markets we operate in. We follow a product-driven approach that helps us navigate compliance, and support our merchants in compliance questions as well.

How do you see payment behaviors evolving in the MEA region, and how is MoneyHash adapting to those changes?

The ecosystem is thriving when it comes to new local payment methods whether existing ones growing market share or new ones adding to the mix. This makes it harder for merchants to adapt. This is where MoneyHash comes in and supports merchants in future-proofing their infrastructure. 

What are the key emerging markets that the company plans to enter within the upcoming period? 

Our main focus is on the Middle East and Africa, and we are exploring SEA and LATAM.

MoneyHash actively collaborated with various fintech companies and banks in the region. What are the company’s future expansion plans, notably in the GCC and Saudi Arabia?

Saudi Arabia and the GCC are our top markets and account for the majority of our customer base. This is due to our deep understanding of the market, but also a testament to the amazing growth the region is witnessing.

How do you see the future of payment orchestration in the region, and what role will MoneyHash play in shaping it?

We are building the first orchestrator in the region, and we see this sector to be the next generation of payment services globally. We hope to make the region proud with the quality of our software and talent and establish this new product category successfully as a first mover.

Finally, MoneyHash’s commitment to innovation, particularly in emerging markets, positions it as a key player in shaping the future of payments in the MEA region. Its focus on building the first true orchestrator in the region and its vision for the payments future show that MoneyHash is not just adapting to the changing landscape, they're actively building it.

Kholoud Hussein 

As Saudi Arabia’s financial sector undergoes rapid digital transformation, the need for robust cybersecurity has never been greater. The increased reliance on online banking, digital payments, and wealth management platforms has created new opportunities for innovation and new vulnerabilities. Fraud, identity theft, and cyberattacks pose significant threats to the financial ecosystem, demanding advanced solutions to safeguard institutions and customers alike.

This is where artificial intelligence (AI) comes into play. By leveraging machine learning, pattern recognition, and real-time analytics, AI is revolutionizing fraud detection and cybersecurity in Saudi Arabia’s financial services industry. This fifth blog in our series explores how AI enhances security, paving the way for the next discussion on AI’s transformative role in the insurance sector.

1. The Growing Need for AI in Fraud Detection

The financial sector in Saudi Arabia has seen a surge in digital transactions, driven by Vision 2030’s emphasis on financial inclusion and innovation. However, this growth has also expanded the attack surface for cybercriminals.

Key Challenges:

• Sophisticated Cyber Threats: Cybercriminals are using advanced techniques like phishing, ransomware, and social engineering to exploit vulnerabilities.
• Volume of Transactions: The sheer number of digital transactions makes manual monitoring impractical.
• Evolving Fraud Tactics: Traditional rule-based systems struggle to keep up with new and complex fraud methods.

AI addresses these challenges by enabling proactive, scalable, and adaptive fraud detection mechanisms.

2. How AI Detects and Prevents Fraud

AI enhances fraud detection by analyzing massive datasets in real-time, identifying anomalies, and predicting potential threats.

Applications of AI in Fraud Detection:

• Anomaly Detection: Machine learning algorithms monitor transaction patterns and flag deviations that may indicate fraud, such as unusual spending behaviors or location changes.
• Behavioral Biometrics: AI tracks user behavior, such as typing speed or navigation patterns, to detect unauthorized access attempts.
• Real-Time Alerts: AI systems provide instant alerts to financial institutions when suspicious activities occur, enabling swift responses.
• Deep Learning for Pattern Recognition: Advanced AI models identify patterns across large datasets to detect coordinated fraud schemes.

3. Strengthening Cybersecurity with AI

AI not only detects fraud but also enhances overall cybersecurity by identifying vulnerabilities and fortifying defenses.

AI-Powered Cybersecurity Measures:

• Threat Intelligence: AI tools analyze global cyber threat data to predict and prevent attacks before they happen.
• Adaptive Authentication: AI systems dynamically adjust authentication requirements based on risk levels, such as requesting additional verification for high-risk transactions.
• Incident Response Automation: AI accelerates responses to cyber incidents, minimizing damage and recovery time.

4. Challenges in Implementing AI for Cybersecurity

While AI offers immense potential, its implementation is not without challenges:

• Data Privacy: Ensuring AI systems comply with Saudi regulations, such as the Personal Data Protection Law (PDPL), is critical.
• Cost of Implementation: Advanced AI systems require significant investment in technology and expertise.
• Adversarial AI: Cybercriminals are also leveraging AI to develop more sophisticated attacks, creating an ongoing arms race.

5. The Future of Fraud Detection in Saudi Arabia

• AI and Blockchain Integration

Combining AI with blockchain technology can further enhance fraud detection by creating transparent, tamper-proof transaction records.

• Predictive Analytics for Proactive Security

AI will increasingly shift from reactive measures to predictive analytics, anticipating fraud before it occurs.

• Collaboration Across Sectors

Financial institutions, government bodies, and tech providers will need to collaborate to build a unified defense against cyber threats.

AI’s Role in Vision 2030’s Cybersecurity Goals

AI’s contribution to fraud detection aligns with Vision 2030’s objectives of creating a resilient and secure financial ecosystem. By fostering trust in digital financial services, AI supports the Kingdom’s broader goals of innovation, inclusion, and global competitiveness.

Looking Ahead: AI in Insurance

As AI strengthens cybersecurity and fraud detection in financial services, its transformative potential extends to the insurance sector. From personalized policies to automated claims processing, AI is redefining how insurers operate and serve their customers. In the next blog, we will explore AI in insurance and its role in shaping a new paradigm for the industry.

In conclusion, AI is revolutionizing fraud detection and cybersecurity in Saudi Arabia’s financial sector, creating a safer and more trustworthy environment for customers and institutions alike. By detecting threats in real-time, enhancing security measures, and staying ahead of evolving fraud tactics, AI is a critical enabler of financial resilience.

Stay tuned for our next blog, where we explore how AI is driving innovation and efficiency in the insurance industry, creating a smarter, more personalized future for policyholders.

Kholoud Hussein

Embedded finance is rapidly reshaping how financial services are delivered, integrating them directly into non-financial platforms and everyday business operations. At Seamless KSA 2024, this trend is a focal point, showcasing how fintech, retail, and e-commerce are using embedded finance to revolutionize business interactions, driving new growth opportunities and enhanced customer experiences.

Embedded finance enables businesses to offer payments, lending, insurance, and other financial services within their platforms without relying on third-party financial institutions. For example, e-commerce platforms are now providing Buy Now, Pay Later (BNPL) options, giving customers the ability to finance purchases seamlessly. Saudi companies like Tamara are leading the way, streamlining the customer experience and driving higher sales conversions.

This transformation is not just improving user experiences; it’s also boosting business outcomes. According to industry reports, embedded finance is expected to grow by 25% annually in Saudi Arabia, with small and medium-sized enterprises (SMEs) and retailers benefiting the most. By embedding financial services into their platforms, businesses can unlock new revenue streams, improve customer retention, and make transactions more efficient.

Embedded finance is particularly impactful for SMEs, which often struggle to access traditional financial services. Companies like Lendo and Funding Souq are integrating lending solutions directly into business platforms, allowing small businesses to quickly access working capital, helping them grow and compete in a digital economy.

As Saudi Arabia’s digital economy continues to expand, embedded finance is set to play an even larger role in sectors like insurance, wealth management, and B2B transactions. The innovations showcased at Seamless KSA 2024 highlight the potential of embedded finance to become a core part of the Kingdom’s financial ecosystem, benefiting businesses and consumers alike through seamless, integrated financial services.

Ghada Ismail

As Saudi Arabia delves into its digital transformation trajectory toward a cashless community, the Kingdom’s payment sector has experienced tremendous growth in digital payments and financial technologies (fintech). 

However, this growth, by default, might have also attracted the attention of cybercriminals, making cybersecurity a critical issue for the financial sector. 

Recognizing the potential threats to its digital economy, Saudi Arabia’s government has implemented a series of regulatory measures to safeguard the integrity and security of the country’s rapidly expanding payment systems.

So, what is the current state of cybersecurity in Saudi Arabia’s payment sector? And what are the key cybersecurity challenges facing the industry, and the government’s regulatory efforts to protect the financial ecosystem from cyber threats? Let’s unfold the whole thing in the coming segments.

The Growth of Digital Payments in Saudi Arabia

Over the past few years, Saudi Arabia has seen a rapid shift toward cashless payments, a natural output of many advances in digital technology and a strong governmental push to reduce cash dependency. 

With digital payment platforms becoming mainstream, more consumers and businesses are conducting transactions online, which has made the payment ecosystem a prime target for cyberattacks. 

Cybercriminals are increasingly sophisticated, using methods like phishing, identity theft, and malware to exploit vulnerabilities in payment systems. Consequently, ensuring the security of these transactions is paramount to fostering trust and protecting the Kingdom's financial infrastructure.

Cybersecurity Challenges in Saudi Arabia’s Payment Sector

As digital payments become the norm for almost the majority of the population in  Saudi Arabia, so too do the risks associated with cybercrime. Some of the major cybersecurity challenges facing the payment sector include:

1. Increasing Fraud and Cyberattacks

With more consumers shifting to online payments, incidents of fraud and cyberattacks have also surged. Cybercriminals target digital transactions, seeking to steal sensitive financial information, such as credit card details and personal identification numbers (PINs). Techniques such as phishing (where attackers deceive users into revealing confidential information) and account takeover attacks have become more common.

Saudi Arabia’s financial institutions are on high alert for these threats. However, the sheer volume of transactions and the increasing sophistication of cybercriminals make it difficult to detect and prevent every potential attack.

2. Data Breaches and Privacy Risks

Data breaches, in which cybercriminals gain unauthorized access to sensitive personal and financial data, pose a significant risk to both consumers and businesses. In the payment sector, a breach can result in the exposure of sensitive information such as bank account numbers, credit card details, and personal identification. This not only causes financial loss but also erodes trust in the digital payments infrastructure.

Given the growing reliance on data in financial services, ensuring that digital payment platforms can securely handle and protect this information is crucial to preventing privacy violations.

3. New Attack Vectors from Emerging Technologies

The integration of emerging technologies such as Internet of Things (IoT) devices and blockchain in payment systems introduces new attack vectors for cybercriminals. As IoT-connected devices are increasingly used for payments, such as smartwatches and other wearables, they can also become entry points for hackers if not properly secured.

At the same time, new fintech solutions must ensure they comply with existing regulations while addressing potential security flaws in their applications.

Government Regulations to Enhance Cybersecurity

The Saudi Arabian government has recognized the importance of robust cybersecurity measures to support the growth of the digital payments sector. Over the last few years, various regulatory frameworks have been introduced to protect consumers, businesses, and financial institutions from cyber threats.

1. Saudi Central Bank (SAMA) Cybersecurity Framework

One of the most significant initiatives has been the development of the SAMA Cybersecurity Framework, introduced in 2017. The framework provides a comprehensive set of standards and guidelines for financial institutions to strengthen their cybersecurity defenses and manage the risks associated with digital payments. It requires banks, fintech companies, and other financial institutions to implement best practices in areas such as risk management, incident response, and continuous monitoring of cybersecurity threats.

2. National Cybersecurity Authority (NCA)

In 2017, Saudi Arabia established the National Cybersecurity Authority (NCA), which plays a central role in overseeing the country’s cybersecurity posture. The NCA collaborates with SAMA and other regulatory bodies to set national standards for cybersecurity across various sectors, including the financial sector.

The NCA is responsible for developing national policies to protect critical infrastructure, including payment systems, from cyberattacks. It also provides guidelines for financial institutions on safeguarding digital assets, detecting potential threats, and responding to cybersecurity incidents.

The NCA’s involvement ensures that cybersecurity regulations are standardized across the country, creating a cohesive defense against cybercriminals targeting digital payment systems.

3. Personal Data Protection Law (PDPL)

The introduction of the Personal Data Protection Law (PDPL) in 2022 marked a significant step toward strengthening data privacy and security in Saudi Arabia. This law governs how personal data, including financial information, is collected, processed, and stored. 

Under the PDPL, businesses, including financial institutions, must obtain user consent before processing personal data and ensure that appropriate security measures are in place to protect this data from breaches.

The PDPL requires payment providers to comply with strict rules regarding data protection and imposes penalties for non-compliance. This law aligns with global data protection standards such as GDPR (General Data Protection Regulation), ensuring that Saudi consumers’ data is protected while using digital payment services.

Technological Measures to Bolster Cybersecurity

In addition to regulatory frameworks, Saudi Arabia’s financial institutions are investing heavily in cutting-edge cybersecurity technologies to protect their payment systems. Some of the key technologies being deployed include:

1. Artificial Intelligence (AI) and Machine Learning (ML)

AI and ML are becoming increasingly essential in the fight against cybercrime. In the payment sector, these technologies enable real-time monitoring of transactions and help detect unusual patterns that may indicate fraud. AI-driven systems can automatically flag suspicious transactions, preventing cyberattacks before they can cause significant harm.

2. Blockchain Technology

Blockchain technology, known for its decentralized and immutable nature, is gaining traction as a means of enhancing the security of digital payments. Blockchain can provide an extra layer of protection by encrypting transaction data and ensuring that payment records are tamper-proof.

3. Biometric Authentication

Biometric authentication methods such as fingerprint scans, facial recognition, and voice recognition are increasingly being used to secure digital payments. These technologies provide an additional layer of security by verifying users' identities based on their unique physical traits, reducing the risk of unauthorized access to payment systems.

Looking Ahead: A Secure Future for Digital Payments in Saudi Arabia

As Saudi Arabia continues to progress toward becoming a cashless society, the importance of cybersecurity in the payment sector cannot be overlooked. With the combination of government regulations, technological advancements, and industry collaboration, Saudi Arabia is well-positioned to create a resilient, secure, and efficient digital payments ecosystem.

By adopting global best practices in cybersecurity and continuously enhancing its regulatory frameworks, the Kingdom is ensuring that consumers and businesses alike can put their confidence in the safety and security of digital transactions. As Saudi Arabia forges ahead with its Vision 2030 objectives, a secure digital payments infrastructure will be essential to building a thriving, modern, and competitive financial sector.