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.

 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.”

7  Samsung Electronics announced today the receipt of the MENA Tech Editors’ Choice Award trophy, recognizing its Smart TVs for significant advancements in security innovations within the MENA region. The trophy was presented at the Samsung office in Riyadh, where Ahmad Al-Ramahi, Head of the TV Department, graciously accepted this prestigious award on behalf of the company, acknowledging the exceptional capabilities of the Samsung Knox security platform. The award was unveiled during the prestigious IFA exhibition— the world’s largest consumer electronics show—held in Berlin last September.

As smart homes increasingly integrate connected devices, robust security measures have become a must. MENA Tech editors commended Samsung’s unwavering commitment to user safety, emphasizing that its Smart TVs are pivotal in protecting consumers’ digital lives from evolving cyber threats. This recognition underscores Samsung’s dedication to delivering cutting-edge security features through its renowned Knox platform, ensuring comprehensive protection across all connected devices.

The award presentation was attended by distinguished media representatives, tech influencers, and journalists, highlighting the significance of this accolade within the technology community.

“In an era where smart devices are integral to our daily lives, security emerges as a foremost priority for consumers,” stated Ahmad Al-Ramahi. “Receiving the MENA Tech Editors’ Choice Award reaffirms Samsung’s commitment to pioneering security solutions that empower our users to engage confidently with their connected experiences. Our Knox platform not only secures our Smart TVs but also safeguards user data throughout the entire smart home ecosystem.”

Amjad Bassam, CEO of MENA Tech, remarked, “Our Editors’ Choice program is designed to recognize outstanding innovations in products and solutions within the tech realm. Our editorial team commended Samsung’s enhanced security level in its TVs and their commitment to protecting consumer data, making it their choice in the TV security category.” While Ali Wadi Hasan, Senior Editor, added: “Doing our research into Samsung TV security features and documentation, we noticed the great commitment the company showed toward protecting its consumers’ security and privacy in an increasingly dangerous cyber space. That commitment was the driving force behind our decision.”

Looking ahead, Samsung is poised to further elevate its security innovations to meet the dynamic needs of its customers. With exciting advancements on the horizon, the company remains steadfast in its mission to advance technology while prioritizing user safety and privacy.

For more information about Samsung’s Knox security platform and innovations in Smart TV technology, please visit samsung.com.