Saudi Arabia is establishing itself as a transformative force in Middle Eastern banking, holding close to 1 trillion in total assets in 2023. Under Vision 2030, the Kingdom is redefining its financial landscape with a strong focus on digital innovation, employee and customer experience, regulatory advancements, and financial inclusion, positioning itself as a model for national-scale transformation.
A new report from Arthur D. Little (ADL) highlights Saudi Arabia’s leadership in shaping a future-ready banking environment that sets new standards for the GCC. The report also shows how innovative initiatives taken from South East Asia markets are providing insight into building the new banking chapter in KSA.
Vision 2030 is driving growth across the Saudi banking sector, with initiatives centered on expanding digital payments, enhancing financial inclusion, and establishing a resilient regulatory framework. Supported by the Saudi Arabian Monetary Authority (SAMA), the Kingdom’s banks are at the forefront of adopting advanced technologies like artificial intelligence and cloud computing to improve customer experience and security. This focus on forward-thinking infrastructure development exemplifies Saudi Arabia’s commitment to creating an inclusive financial system for its citizens.
“Vision 2030 represents more than just economic reform for Saudi Arabia; it embodies a profound transformation of the Kingdom’s financial landscape,” said Yacin Mahieddine, Partner in the Global Financial Services practice at Arthur D. Little “By prioritizing financial inclusion, strengthening regulatory frameworks, focusing on employee experience, and advancing digital payments, Saudi Arabia is building a resilient, future-ready banking environment. This commitment is setting a new regional benchmark, and we believe the Kingdom is positioned to become a leader in secure, accessible, and technology-driven financial services.”
“The scale and ambition of Saudi Arabia’s transformation under Vision 2030 are truly unparalleled,” said Nelson Danam, Principal and a member of the Global Financial Services Practice at Arthur D. Little. “Through the integration of AI-driven fraud prevention and cloud-based systems, Saudi banks are not merely adopting technology but are setting the standard for what it means to be prepared for the future. This approach speaks to a commitment that goes beyond regional aspirations—it is about establishing a financial sector that serves all citizens while leading by example in the region.”
The KSA market has also welcomed many leaders with experience from the South East Asia market. The sharing of experience has led to various ingenious initiatives and is today helping build the future of banking in KSA, with some noticeable innovative examples:
• The emphasis on mobile-first, seamless digital banking experiences with minimal branch reliance, to improve customer accessibility and reduce operational costs.
• The integration of financial services into non-banking platforms like e-commerce, creating a broader service ecosystem that enhances customer engagement and convenience.
• Leveraging innovative technology solutions and Apps to reach underserved segments for microloans, SME segments, digital wallets, … to help tap the underbanked.
• The use of advanced analytics to deliver highly personalized products and services, improving customer loyalty and lifetime value.
• Enhancing collaboration with regulators through sandbox frameworks to test new financial products safely, enabling quicker innovation adoption in compliance with SAMA regulations.
With a significant contribution to the GCC region’s $3.2 trillion in total banking assets, Saudi Arabia is playing a critical role in advancing a resilient and innovative financial landscape across the Middle East. Arthur D. Little’s report underscores that Saudi Arabia’s commitment to Vision 2030 is not just building a stronger banking sector but is setting the course for the future of finance in the GCC.

Johannesburg, South Africa – Nokia, in partnership with Reflex and Net Nine Nine, will expand broadband access for underserved communities across South Africa. The collaboration, led by Reflex, will utilize Nokia’s fiber broadband solution to bring affordable broadband access to millions of people, supporting essential digital services such as online education, telehealth, and remote working that are crucial to economic growth and social inclusion.

Nokia’s collaboration with Reflex and Net Nine Nine underscores the commitment to deliver cutting-edge technology solutions that address the digital divide. The deployment, currently underway, covers communities in Gauteng and Free State provinces of South Africa. The project supports South Africa’s governmental drive to extend quality, affordable broadband connectivity to underserved populations.

Albert Oosthuysen, CEO of Net Nine Nine, said: “Net Nine Nine has always had the goal of bridging the digital divide here in South Africa, and we’re already making great strides across South Africa’s township communities. With this partnership, we’re in an even better position to bridge that gap without having to sacrifice the quality of services for these areas.”

Paul Divall, CEO of Reflex, said: “We are thrilled to strengthen our partnership with Nokia and Net Nine Nine in bringing affordable broadband equipment and managed solutions to Net Nine Nine. This initiative is a significant step toward ensuring that quality internet access is within reach for everyone, regardless of income level.”

Toni Pellegrino, South Africa Managing Director, Head of Network Infrastructure, Southern and Eastern Africa, at Nokia said: “Working with Reflex and Net Nine Nine allows us to extend affordable, high-speed broadband services to the areas of South Africa that need it most. This will help further advance the country’s digital transformation and digital inclusion goals and connect a vast number of underserved regions across South Africa currently without any broadband connection.”

By empowering more communities with reliable internet, Nokia, Reflex, and Net Nine Nine reaffirm their commitment to bridging the digital divide and supporting social and economic progress in South Africa.

 Nokia today announced that Fibertime will deploy its fiber solution to rapidly expand broadband access to underserved regions of South Africa. Fibertime will quickly connect the next 1.5 million customers leveraging Nokia’s Lightspan FX Optical Line Terminals (OLTs) and Wi-Fi 6 enabled Optical Network Terminals (ONTs). Nokia’s technologies are key to enabling Fibertime’s flagship product: R5 a day for uncapped, unthrottled internet.

Currently, less than 85% of South Africans have access to high-speed broadband, leaving many reliant on costly mobile plans that are up to 70 times more expensive per gigabit than fiber. Through Nokia’s fiber solution, Fibertime will unlock a new wave of affordable, reliable, pay-as-you-go broadband, empowering local communities with increased access to education, employment, and business opportunities. The deployment will help create a semi-mobile network within underserved areas, allowing end-users to access high-speed broadband services from anywhere in the community, not just their homes or businesses.

The fiber deployment will initially cover Cape Town, Johannesburg, Gqeberha, Mangaung and Stellenbosch, with plans to rapidly expand into additional countries and communities. As part of the agreement, Fibertime will deploy 500,000 Nokia Wi-Fi 6 enabled ONTs over the next 36-months, prioritizing homes in underserved areas. Fibertime will also leverage Nokia’s ONT Easystart to automate and simplify the ONT activation process, helping to streamline deployments. Fibertime is also working on an advanced network upgrade powered by Nokia’s Altiplano platform to further drive automation and scale. Nokia and Fibertime are also working on new R&D projects to develop technologies that enhance connectivity and enable operations in Africa’s most remote areas.

Sandy Motley, President of Fixed Networks at Nokia, said: “Nokia’s fiber solution is uniquely positioned to help Fibertime reach millions of underserved customers needing high-speed broadband for essential services like online education and telehealth. Our scalable OLT portfolio provides flexible coverage for both densely populated and rural areas. Paired with our Wi-Fi 6-enabled ONTs, we enable fast, automated onboarding. Together, these solutions allow Fibertime to speed up deployments and provide the capacity to bring thousands of customers online at once.”

Alan Knott-Craig, Founder of Fibertime, said: “With Nokia’s support, we’re confident in our ability to reach 1.5 million homes within the next five years. We’re unlocking a massive, untapped market of 13 million homes in South Africa that are ready for affordable, quality internet. That market will need approximately R60billion of investment over the coming decade and will generate reliable returns for investors. The market opportunity is akin to that presented to mobile operators when they expanded into prepaid markets. Together with Nokia, we can bridge the digital divide, accelerate growth, and create lasting social and economic impact across South Africa.”