Two financial technology businesses plan to include in the Saudi Stock Exchange

Two Saudi businesses for financial technology prepare them to include in the Riyadh Stock Exchange, in an effort to take advantage of the increasing demand for these services in the kingdom, according to informed sources. The sources, who refused to reveal his identity because of the confidentiality of the information, added that the ‘Akan’ financing business ‘has appointed Morgan Stanley’ and ‘Al -Rajhi Financial’ to advise on a preliminary public proposal. The company, owned by ‘Al -Rajhi Bank’, offers the second largest borrowing in Saudi Arabia in terms of assets, small loans and credit cards for individuals, and it announced a net income of 887 million Riyals ($ 236 million) in 2024. Some sources have added that the ‘first finances’ provide financing for individuals and companies, and also prepare for a general presentation of its part. The company announced a $ 181 million profit last year. Representatives of Al -Rajhi Bank, Al -rajhi Financial and Morgan Stanley refused to comment. It was not possible to reach the representatives of ‘First Finance’ to comment. Saudi Arabia is to diversify the economy, Saudi Arabia is working to diversify its efforts to diversify its economy and expand the scope of financial inclusion within the framework of the economic transformation plan “Vision 2030”. If two companies are included “Poss” and “First Finance”, it will join other financing companies trying to take advantage of the capital markets in the kingdom with their openness and expanding consumer options in the entertainment and entertainment sector. One of the windows of this transformation: nearly half of the sales of ‘Sports Clubs’, the Saudi Fitness Clubs, by the service providers of ‘Buy now and later’ in the first nine months of 2024, an increase of only 18% in 2022. This sharp rise reflects how the payments are based on installments. Also read: Created payment services in Saudi Arabia attract more buyer who offered the kingdom have offered a number of financial technology companies over the past few years, and many have achieved strong early profits. The United International Holding Company, which owns the Tashael business for consumer financing that is compatible with Islamic legislation, raised $ 264 million last year. The share has increased by more than 18% since its inclusion in December, which has in general the decline in Saudi shares. At the same time, the share of Rasan Information Technology, specializing in financial technology, has risen 132% since the initial launch of $ 224 million in June 2024. Al -Rajhi Bank is also looking forward to a preliminary public for the company “Ijada”, which is a subsidiary in the field of technology, while ‘Tabi’, a boot in the ‘BNPL’, a boot in the ‘BNPL’, offer. News ”.