RIYADH: As part of an initiative to improve user experience and reduce electronic waste, Saudi Arabia will adopt a unified charging standard for electronic devices, mandating USB Type-C ports. The new regulation, which took effect on Jan. 1, follows a decision by the Communications and Space Technology Commission in partnership with the Saudi Standards, Metrology, and Quality Organization.

The goal of this unification is to streamline charging and data transfer technology across the Kingdom, ensuring higher-quality technical products and enhancing consumer convenience.

CST and SASO have estimated that the new policy will reduce the local demand for various types of charging ports by over 2.2 million units each year. It will also save consumers more than SR170 million ($45.2 million) annually and support the Kingdom’s sustainability goals by cutting electronic waste by nearly 15 tonnes per year.

The first mandatory phase includes mobile phones, tablets, digital cameras, e-readers, portable video game consoles, headphones, earphones, loudspeakers, keyboards, computer mice, portable navigation systems, and wireless routers. A second phase, beginning on April 1, will expand the mandate to include laptop computers.

RIYADH: Saudi Arabia’s fintech ecosystem is expanding further with the Saudi Central Bank, or SAMA, granting licenses to two new service providers. 

Tal Finance has been authorized to offer debt-based crowdfunding solutions, making it the 12th company in the Kingdom to provide such services. This addition brings the total number of finance companies licensed by SAMA to 62, highlighting the increasing role of alternative financing solutions in Saudi Arabia.

Meanwhile, SAMA has granted a license to Hiberbay Ink Al-Saoudia for IT Systems to deliver e-wallet services, increasing the total number of payment service providers in Saudi Arabia to 27. This move is aimed at promoting digital payment solutions and accelerating the Kingdom’s shift toward a cashless economy.

These developments align with Saudi Arabia’s Vision 2030 objectives to bolster the digital economy, expand financial inclusion, and increase the share of cashless transactions to 70 percent by 2025.

SAMA’s efforts are also tied to the Financial Development Sector strategy, which aims to have 525 active fintech companies operating in the Kingdom by 2030.

“Managing the transformation of the financial sector is a cornerstone of Vision 2030,” SAMA said in a statement, highlighting its focus on innovation and efficiency.

Through these initiatives, the central bank seeks to foster financial stability, stimulate economic growth, and position Saudi Arabia as a global fintech leader.

The fintech sector is expected to play a pivotal role in driving foreign investment, projected to contribute 20 percent of total foreign inflows. This growth is fueled by Saudi Arabia’s tech-savvy population, which is embracing consumer fintech innovations like buy now, pay later services.

In an interview with Arab News in December, Arjun Singh, partner and global head of fintech at Arthur D. Little Middle East, highlighted the natural evolution of Saudi Arabia’s consumer finance landscape, driven by an expanding array of financial products tailored to the diverse needs of its growing market.

He added that the Saudi BNPL market is poised to grow from $1.4 billion in 2024 to $2.8 billion by 2029, reflecting a compound annual growth rate of over 10 percent.

SAMA’s recent licensing activity underscores its commitment to supporting innovation while ensuring financial stability and efficiency. As the Kingdom’s fintech landscape expands, these developments are expected to drive significant economic and technological progress.