Kholoud Hussein 

Seamless KSA 2024 is at the forefront of showcasing retail tech startups that are revolutionizing the industry through AI, IoT, and blockchain technologies. As Saudi Arabia rapidly embraces Vision 2030’s economic diversification and digital transformation goals, retail tech startups are playing a critical role in reshaping how businesses engage with consumers and manage their operations. These emerging startups drive innovation across the retail ecosystem, enhance customer experiences, optimize supply chains, and improve overall efficiency.

At Seamless KSA 2024, several Saudi retail tech startups are leading the charge with AI-powered solutions that personalize the shopping experience. Startups like Sary are utilizing AI algorithms to provide smart product recommendations and predictive analytics, allowing retailers to understand consumer preferences better and anticipate demand. These solutions enable businesses to optimize inventory management and improve sales by offering tailored recommendations, ultimately boosting customer satisfaction.

Additionally, IoT is becoming an integral part of the retail landscape, as showcased by startups like Tamara. By leveraging IoT technology, Tamara is transforming how retailers track inventory, monitor supply chains, and automate warehouse operations. Real-time data from IoT sensors helps businesses reduce waste, streamline logistics, and ensure products are always available, enhancing the operational efficiency of retail businesses in Saudi Arabia.

Moreover, blockchain technology is gaining traction among retail tech startups for its ability to enhance transparency and security in transactions. Platforms like Ajar are using blockchain to build trust in digital payments and ensure the authenticity of transactions. By integrating blockchain, startups are also improving supply chain transparency, enabling consumers to trace the journey of products from source to shelf.

Seamless KSA 2024 is not only highlighting these innovative technologies but also fostering an ecosystem that encourages collaboration between startups, investors, and established retailers. By supporting the next generation of retail tech startups, the event is helping to reshape the future of retail in Saudi Arabia, driving growth, and ensuring that businesses can thrive in an increasingly digital and connected world.

Ghada Ismail

Imagine managing your finances entirely from your smartphone, with instant access to banking services at your fingertips. This is the promise of neobanking, a fresh wave of digital-only banks that are reshaping the traditional banking experience. In a world increasingly driven by technology, neobanks leverage cutting-edge innovations to offer streamlined services that prioritize convenience and accessibility.

 As Saudi Arabia embraces its Vision 2030 initiative, the Kingdom is witnessing a financial metamorphosis, with neobanks emerging as key players in this digital revolution. By blending technology with finance, these banks are not just changing how people bank—they are redefining what banking means in a rapidly evolving landscape.

While many people can easily mix up between neobanks and digital banks, there’s actually a difference between the two things. Neobanks operate entirely online without physical branches, focusing on mobile-first experiences and innovative features, while digital banks may offer online services but can also have physical branches.

Neobanking refers to the emergence of digital-only banks that operate without traditional physical branches. These banks leverage technology to offer a wide range of financial services, including account management, payments, lending, and investment options, all through mobile apps or websites. Unlike conventional banks, neobanks focus on providing streamlined, user-friendly experiences, often with lower fees and enhanced accessibility. They cater to tech-savvy consumers who prefer managing their finances online, reflecting a broader shift towards digitalization in the financial sector.

The Rise of Neobanking in Saudi Arabia

In recent years, Saudi Arabia has witnessed a significant shift in its banking landscape, driven by rapid technological advancements and a growing preference for digital financial solutions. The government’s Vision 2030 initiative aims to diversify the economy and foster innovation, creating a favorable environment for neobanks to flourish. As part of this vision, the Saudi Arabian Monetary Authority (SAMA) has introduced regulatory frameworks to support the establishment of digital banks, encouraging competition and enhancing consumer choice.

Key Players in the neobanking & digital banking space

Several neobanks and digital banks have emerged in Saudi Arabia since then, aiming to disrupt traditional banking models. Notable players include:

STC Pay: Originally a digital wallet, STC Pay has evolved into a comprehensive digital banking platform, offering users a range of services such as money transfers, payments, and investment options.

Alinma Bank: While primarily a traditional bank, Alinma has launched a digital-only platform to cater to tech-savvy customers, providing services that are quick, convenient, and accessible.

Saudi Digital Bank: This new entrant focuses solely on digital banking services, emphasizing user-friendly interfaces and innovative features tailored to the needs of a younger demographic.

Riyad Bank's Digital Services: Riyad Bank offers a range of digital banking services that cater to modern banking needs, enhancing customer experience. The bank targets a diverse customer base looking for a blend of traditional and modern banking services.

Benefits of Neobanking

Neobanks in Saudi Arabia are gaining traction for several reasons:

• Cost Efficiency: With lower operational costs than traditional banks, neobanks can offer competitive pricing, including lower fees and higher interest rates on deposits.
• Accessibility: Neobanks provide services that are easily accessible via smartphones, enabling users to manage their finances anytime, anywhere.
• Innovative Features: Many neobanks incorporate advanced technologies such as AI and data analytics to provide personalized financial insights, budgeting tools, and smart spending alerts.

Challenges Ahead

Despite the promising growth of neobanking in Saudi Arabia, several challenges remain. Regulatory compliance is a significant hurdle, as neobanks must navigate evolving regulations set by SAMA. Additionally, establishing trust among consumers accustomed to traditional banking methods is crucial. Building brand recognition and demonstrating reliability will be key factors in attracting a loyal customer base.

The Future of Neobanking in Saudi Arabia

The future of neobanking in Saudi Arabia looks promising, with continued investment in technology and innovation. As the country’s young population embraces digital solutions, neobanks are well-positioned to capitalize on this trend. Collaboration between neobanks and fintech companies can also drive further innovation, creating a dynamic ecosystem that enhances financial services.

As Saudi Arabia stands on the brink of a financial transformation, neobanks are not just a passing trend but a key force in shaping the future of banking in the Kingdom. With their focus on technology, user experience, and innovation, these digital-only institutions are meeting the demands of a modern, tech-savvy population. 

By fostering competition and enhancing consumer choice, neobanks are paving the way for a more inclusive financial ecosystem. As the landscape continues to evolve, embracing these changes will be essential for both consumers and traditional banks alike. The journey towards a fully digital banking experience is just beginning, and Saudi Arabia is poised to lead the charge into this exciting new era.

Kholoud Hussein 

As Saudi Arabia pursues its Vision 2030 goals of diversifying the economy and promoting sustainability, the intersection of e-commerce and sustainability is becoming increasingly important. The Seamless KSA 2024 event brings together retailers, e-commerce leaders, fintech innovators, and government officials to discuss the latest trends and innovations in digital commerce, with sustainability emerging as a key theme. This article explores how Saudi Arabia’s e-commerce sector embraces sustainable practices, technology's role in this transformation, and the insights shared at Seamless KSA 2024.

Sustainability in E-commerce: A Growing Priority

E-commerce has seen explosive growth in Saudi Arabia, particularly in recent years. The sector is expected to reach $30 billion by 2026, according to a 2024 report by Saudi Arabian General Investment Authority (SAGIA). However, with this rapid expansion comes increased pressure on logistics, packaging, and energy consumption, all of which have environmental implications. As a result, sustainability is becoming a priority for the Kingdom’s e-commerce industry, driven by both government initiatives and changing consumer expectations.

Minister of Commerce Majid Al-Qasabi emphasized at Seamless KSA 2024, “Sustainability is no longer an option, but a necessity. The future of e-commerce in Saudi Arabia will be shaped by how businesses integrate sustainable practices into their operations, from packaging and delivery to energy consumption and waste management.”

In line with Vision 2030, which includes ambitious environmental goals such as reducing the Kingdom’s carbon footprint, the e-commerce sector is under increasing scrutiny to adopt sustainable practices. Seamless KSA 2024 provided valuable insights into how these practices are being implemented and the technologies driving this transformation.

1. Sustainable Packaging and Waste Reduction

One of the key areas of focus in the sustainability discussion at Seamless KSA 2024 was sustainable packaging. As e-commerce orders continue to rise, so does the use of packaging materials, much of which is plastic or non-recyclable. Saudi Arabia’s e-commerce giants, including Noon and Jarir, are beginning to recognize the environmental impact of excessive packaging and are adopting eco-friendly alternatives.

During a panel discussion at Seamless KSA, Noon’s COO, Ali Kothari, remarked, “As we scale our e-commerce operations, the need for sustainable packaging becomes critical. We are actively investing in biodegradable and recyclable materials, reducing our reliance on plastic, and working with suppliers to minimize packaging waste.”

Companies are also exploring innovations such as minimalist packaging, which reduces the size and volume of materials used, and reusable packaging solutions, allowing consumers to return packaging for reuse. These efforts are aligned with Saudi Arabia’s broader environmental goals, including the Saudi Green Initiative, which aims to promote circular economy practices and reduce waste.

In a 2024 report by McKinsey & Company, it was highlighted that e-commerce businesses can reduce their carbon footprint by up to 15% through sustainable packaging solutions alone. This not only addresses environmental concerns but also meets the growing demand from eco-conscious consumers who are increasingly factoring sustainability into their purchasing decisions.

2. Optimizing Logistics and Reducing Emissions

Another critical element of sustainability in e-commerce is the optimization of logistics and delivery processes. The rise of same-day delivery and on-demand logistics has led to an increase in the number of delivery vehicles on the road, contributing to carbon emissions and traffic congestion. Seamless KSA 2024 highlighted the role of AI and big data in optimizing delivery routes, reducing fuel consumption, and minimizing the environmental impact of logistics.

According to a 2024 study by PwC, optimizing last-mile delivery operations through AI-powered route planning and electric vehicle (EV) adoption could reduce carbon emissions from e-commerce logistics by 25% in the Kingdom. Several e-commerce companies are already experimenting with electric delivery vehicles and alternative energy solutions to power their logistics networks.

STC Pay CEO Ahmed Al-Enizi spoke at the event, stating, “The future of e-commerce logistics is sustainable. By adopting electric delivery vehicles and leveraging AI to optimize delivery routes, we can not only reduce our operational costs but also significantly lower our environmental impact.”

Additionally, drone delivery is emerging as a futuristic solution for reducing emissions in last-mile delivery. Though still in the testing phase, drone delivery has the potential to revolutionize logistics in Saudi Arabia by cutting delivery times and emissions. Seamless KSA 2024 showcased several drone technology demonstrations, highlighting the potential of this technology to make e-commerce more environmentally friendly.

3. Renewable Energy Integration in E-commerce Operations

A major theme at Seamless KSA 2024 was the integration of renewable energy into e-commerce operations. As warehouses and fulfillment centers grow in size and scale, so do their energy consumption needs. To meet the demands of high-volume operations while adhering to Saudi Arabia’s environmental goals, many e-commerce companies are investing in solar power and other renewable energy sources to power their facilities.

Amazon Saudi Arabia, for example, announced at Seamless KSA 2024 that it plans to power its new fulfillment centers in Riyadh entirely with solar energy by 2026. Ronaldo Mouchawar, Vice President of Amazon MENA, said, “Sustainability is central to our operations. By integrating renewable energy into our facilities, we are not only reducing our carbon footprint but also supporting Saudi Arabia’s commitment to increasing renewable energy adoption.”

The Saudi Green Initiative, launched as part of Vision 2030, aims to increase the share of renewable energy in the Kingdom’s energy mix to 50% by 2030. E-commerce companies are aligning with this target by incorporating solar panels, energy-efficient lighting, and smart building technologies in their logistics centers, warehouses, and office spaces. These energy-efficient solutions not only reduce the environmental impact of e-commerce but also offer cost savings in the long run.

4. Promoting Circular Economy and Sustainable Consumer Behavior

Beyond operational changes, Seamless KSA 2024 also addressed the role of circular economy principles and promoting sustainable consumer behavior in the e-commerce space. A growing number of companies are introducing recycling programs, product refurbishment, and second-hand marketplaces to extend the life cycle of products and reduce waste.

For example, Mumzworld, a leading e-commerce platform for mothers and children, launched a recycling initiative that allows customers to return used baby products such as strollers and toys, which are then refurbished and resold at a discount. This not only reduces waste but also encourages consumers to participate in sustainable practices.

Hala Al-Tuwaijri, CEO of the Center for Sustainability and Waste Management, emphasized at the event, “E-commerce businesses have a responsibility to promote sustainable consumption. By adopting circular economy models and engaging consumers in recycling and reuse initiatives, we can reduce the environmental footprint of online shopping.”

Seamless KSA 2024 also highlighted the importance of educating consumers about the environmental impact of their purchasing decisions. Many companies now offer carbon-neutral or carbon-offset options at checkout, allowing customers to compensate for the carbon emissions generated by their purchases. This growing trend aligns with consumer demand for greater transparency and accountability from businesses regarding their sustainability efforts.

5. The Role of Government and Policy in Driving Sustainability

The Saudi government’s active role in promoting sustainability was a key topic at Seamless KSA 2024. Through various initiatives and regulatory frameworks, the government is encouraging e-commerce businesses to adopt sustainable practices. The Saudi Central Bank (SAMA), for instance, is working closely with fintech companies to integrate sustainable finance solutions that support environmentally conscious business practices.

In his opening remarks at Seamless KSA 2024, Mohammed Al-Jadaan, Minister of Finance, said, “The government is committed to creating a regulatory environment that encourages sustainability across all sectors, including e-commerce. By incentivizing companies to adopt green technologies and sustainable practices, we are ensuring that economic growth goes hand in hand with environmental stewardship.”

The National Renewable Energy Program (NREP), launched as part of Vision 2030, also plays a key role in the e-commerce sector’s transition to sustainability. The program encourages private companies to invest in renewable energy solutions and provides financial incentives for businesses that adopt sustainable energy practices.

Looking Ahead: The Future of Sustainability in Saudi E-commerce

The discussions and innovations showcased at Seamless KSA 2024 indicate that sustainability is no longer a peripheral concern for Saudi Arabia’s e-commerce sector. It is becoming a core component of business strategy, driven by both government initiatives and consumer demand. As Saudi Arabia continues to lead the MENA region in e-commerce growth, the integration of sustainable practices will be essential in ensuring the long-term success and resilience of the industry.

Technology as a Catalyst for Sustainable E-commerce

The role of technology, particularly AI, IoT, and blockchain, will be critical in accelerating the transition to sustainable e-commerce. These technologies are already being used to optimize supply chains, reduce emissions, and provide greater transparency in product sourcing and delivery. As these technologies continue to evolve, they will offer even more opportunities for e-commerce businesses to reduce their environmental impact and improve efficiency.

Consumer Demand for Sustainability

As eco-conscious consumers become a larger share of the market, businesses will need to meet their expectations by offering sustainable products, transparent supply chains, and environmentally friendly options. Companies that fail to address sustainability may face increasing pressure from both consumers and regulators, making it

Noha Gad

Saudi Arabia has emerged as a burgeoning hub for financial technology (fintech) in the Middle East in recent years, driven by Vision 2030's ambitious goals of diversifying the national economy and modernizing the financial sector. With a rapidly growing digital infrastructure and a youthful population eager to embrace digital solutions, the Kingdom positioned itself as a leader in fintech innovation. 

At the forefront of this transformation is UmrahCash, a pioneering fintech company specializing in streamlining financial services for pilgrims, notably those coming from emerging markets, and businesses in the Umrah sector.

Sharikat Mubasher held an interview with Founder William Phelps to discuss how UmrahCash streamlines and eases the spiritual journeys of Hajj and Umrah for travelers from developing countries, and know more about the company’s future plans and the challenges it faces to grow and expand into new markets.

What are the services that UmrahCash provides to enhance pilgrims' experience in the Kingdom?

For many pilgrims, particularly those from emerging markets, it is extremely difficult to access foreign currency. Local capital controls, FX scarcity, and infrastructural issues in their home countries make it almost impossible for them to raise money and pay for their trips to Saudi Arabia. UmrahCash addresses this issue by providing direct and easy access to Saudi Riyals for pilgrims upon arrival to the Kingdom. We collect local currency abroad, credit their virtual wallets on the UmrahCash app, and allow them to cash out their balance in Riyals with our agents in Mecca, Medina, and Jeddah. This process is transparent, cost-effective, and secure. There is no risk of middlemen, volatile currency rates, or transporting large volumes of physical cash; the entire exchange process is handled within the UmrahCash platform. This way, we allow travelers to focus on the spiritual obligations of their pilgrimage, rather than worrying about how they will pay for it.

What are UmrahCash’s plans to expand its presence in the region? And how the recently secured $500,000 investment could fuel these plans?

Given the complexity and sensitivity surrounding Hajj and Umrah, we are expanding slowly and purposefully. A large part of our implementation surrounds financial infrastructure to ensure we’re well-placed to serve pilgrims at every level of society in ways that are comfortable and consistent with their levels of technological and financial exposure. As a result, we’re dedicating a significant portion of our recent investment to accruing licensing, technology, and infrastructure in a number of key markets. Whether mobile money, bank accounts, or virtual wallets, our vision is to consolidate a comprehensive range of solutions in one centralized platform for as many Muslims as possible.

Who are the customers that UmrahCash targets? 

Our main aim is to reduce the financial barriers associated with pilgrimage. Hence, our target market is pilgrims from emerging markets specifically those countries with capital controls, FX scarcity, and infrastructural issues preventing easy access to currency abroad. We are beginning with West Africa as our key region of focus, but view South and South East Asia as markets for expansion in the future. Ultimately, UmrahCash is designed for travelers with all levels of capital, financial, and technological knowledge; it is inclusive and welcomes all whose journeys are made easier by its infrastructure. 

Do you plan to raise more funds within the upcoming period?

Our recent investment positions us well to grow and scale over the next 6 months. As a cash flow-driven business with a lean operational structure, we can remain dynamic as we grow. With this in mind, we are looking to open a new round towards the end of the year and are keen to connect with interested investors as early as possible.

How could UmrahCash contribute to realizing Saudi Arabia’s goal of welcoming 30 million Umrah visitors annually by 2030?

In recent years, Saudi Arabia has done an excellent job of making pilgrimage as accessible as possible to Muslims around the world. Whether through direct engagement with national Hajj bodies or more general solutions such as the Nusuk app, the efforts of the Ministry of Hajj and Umrah are highly commendable. However, issues outside of the Kingdom continue to present barriers to pilgrims, namely local economic conditions and infrastructural problems. UmrahCash bridges this gap, building on the work of Saudi authorities at home whilst cutting through those local issues abroad. In doing so, we are directly making pilgrimage more accessible, allowing more Muslims to realize their ambition of visiting Mecca and Medina with fewer restrictions. 

What are the key challenges facing UmrahCash to grow in the Saudi market?

We are hopeful that we will be able to engage with and work alongside the Saudi government as our platform continues to grow. Regulation is fundamental in a business such as ours, whether viewed from the perspective of Hajj and Umrah or simply finance. It is extremely important we are able to develop alongside and under the purview of the authorities. In this respect we are hopeful, Saudi Arabia has taken great strides in clarifying large parts of its regulatory framework in a number of sectors. 

We expect finance and fintech to continue in this trend, particularly with respect to opportunities for non-residents to access financial technology. This lies at the heart of UmrahCash’s mission, and it is as much a challenge as it is an exciting opportunity.

Kholoud Hussein 

FinTech is playing a transformative role in revolutionizing SME banking in Saudi Arabia, providing small and medium enterprises (SMEs) with innovative solutions that enhance their access to capital, streamline banking services, and promote financial inclusivity. 

As the Kingdom pushes forward with its Vision 2030 initiative to diversify the economy and reduce dependency on oil, fintech innovations are enabling SMEs to grow faster and access financial resources that were once difficult to obtain.

A report by Fintech Saudi in 2024 noted that SMEs account for over 99% of all businesses in Saudi Arabia and contribute significantly to employment and economic growth. However, many SMEs have historically faced challenges in accessing traditional banking services, such as loans and credit. Fintech companies are bridging this gap by providing digital financial solutions that cater specifically to the unique needs of SMEs.

One primary way fintech is transforming SME banking is through digital lending platforms. These platforms utilize AI and big data to assess creditworthiness, enabling SMEs to secure loans with minimal paperwork and faster approval times than traditional banks. Companies like Lendo and Funding Souq are leading the charge in offering invoice financing and peer-to-peer lending, making it easier for businesses to obtain the capital they need to grow.

In addition, payment gateways and digital wallets simplify SMEs' financial transactions. Platforms like STC Pay and HyperPay provide secure and efficient payment solutions, allowing businesses to accept digital payments seamlessly. This is especially important as Saudi Arabia moves closer to becoming a cashless society.

Government-backed initiatives, such as the Saudi Central Bank's (SAMA) Regulatory Sandbox, are also helping fintech companies develop innovative SME banking solutions in a controlled environment. 

In conclusion, fintech is empowering SMEs in Saudi Arabia by offering accessible, tech-driven financial services, positioning them as a key driver of the country’s economic diversification efforts under Vision 2030.