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KSA BNPL Revolution: Market Set to Surge 48% as Consumers Embrace Flexible Payment: Ken Research
GURUGRAM, India, Feb. 27, 2024 /PRNewswire/ — The Kingdom of Saudi Arabia Buy Now, Pay Later (BNPL) market is experiencing explosive growth, fueled by a surge in digital adoption, increasing smartphone penetration, and a flourishing e-commerce landscape. Ken Research’s comprehensive report, KSA Buy Now, Pay Later (BNPL) Market Outlook to 2028: Empowering Consumers, Reshaping Retail, delves into this dynamic market, projecting a remarkable 48% CAGR over the next five years. This press release summarizes the key findings and offers valuable insights for investors, financial institutions, retailers, and stakeholders seeking to capitalize on this flourishing ecosystem.
Market Overview:
Several key factors are propelling the KSA’s BNPL market towards a future of convenient and accessible financing:
- Digital Savvy Population: The Kingdom boasts a highly tech-savvy population with high smartphone penetration, creating fertile ground for mobile-based BNPL solutions.
- E-Commerce Boom: The booming e-commerce industry in KSA is driving the adoption of BNPL options, offering consumers convenient checkout and payment flexibility.
- Financial Inclusion: BNPL solutions cater to unbanked or underbanked populations, promoting financial inclusion and increasing access to credit.
- Government Initiatives: Vision 2030 and other government initiatives focused on financial technology (FinTech) are fostering innovation and growth in the BNPL sector.
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Segmentation Spotlight:
Ken Research provides a detailed segmentation of the market, allowing you to pinpoint your target audience effectively:
- By Player Type: Leading BNPL players like Tamara, Saudi Post, and Tabby hold a significant share, followed by international giants like After pay and Klarna entering the market.
- By Product Type: Point-of-sale (POS) financing dominates, followed by pure-play online BNPL solutions. Integrated BNPL solutions with e-commerce platforms are gaining traction.
- By Target Segment: Millennials and Gen Z are the primary target audiences, but adoption is increasing across all age groups. Online shoppers and individuals seeking accessible credit constitute the primary user base.
- By Merchant Category: E-commerce platforms, fashion and apparel retailers, electronics stores, and travel and entertainment sectors are the major beneficiaries of BNPL adoption.
Competitive Landscape:
The KSA’s BNPL market features a mix of established players, emerging startups, and international entrants:
- Domestic Pioneers: Homegrown BNPL players like Tamara and Saudi Post are leading the market, offering innovative solutions tailored to local needs and regulations.
- Global Players: Established international BNPL giants like after pay and Klarna are entering the market with their global expertise and advanced technologies.
- Strategic Partnerships: Partnerships between BNPL players with e-commerce platforms, banks, and retailers are fostering wider adoption and market penetration.
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Recent Developments:
- Regulatory Framework: The Saudi Arabian Monetary Authority (SAMA) has established a regulatory framework for BNPL providers, ensuring consumer protection and market stability.
- Open Banking Initiatives: Open banking initiatives are enabling collaboration between BNPL players and traditional financial institutions, offering a wider range of financial services.
- Focus on Financial Literacy: Initiatives are underway to educate consumers about BNPL options, promoting responsible borrowing practices and managing financial well-being.
Future Outlook:
The KSA’s BNPL market is poised for exciting developments in the coming years:
- Product Innovation: Diversification of BNPL products beyond traditional retail purchases, such as travel and healthcare financing, will be observed.
- Expansion into Emerging Segments: BNPL solutions will cater to underserved segments, including small and medium-sized enterprises (SMEs) and unbanked populations.
- Data Analytics and AI: Adoption of data analytics and artificial intelligence will enhance risk assessment, personalize offers, and provide targeted marketing strategies.
- Collaboration and Partnerships: Collaboration between BNPL players, financial institutions, and retailers will foster stronger ecosystems and enhance user experience.
Challenges to Address:
Despite its promising future, the market faces some hurdles:
- Consumer Debt Concerns: Ensuring responsible use of BNPL options and preventing over-indebtedness remains a crucial concern.
- Regulatory Landscape: Continuously updating regulations in line with market developments is crucial to maintain a balanced and competitive market environment.
- Cybersecurity Concerns: Implementing robust cybersecurity measures is essential to protect consumer data and maintain user trust.
Why This Report Matters:
This report empowers various stakeholders to navigate the KSA’s BNPL market:
- Investors: Identify lucrative investment opportunities across different segments and technologies.
- Financial institutions: Understand disruptive trends, explore potential partnerships, and adapt their services to cater to the changing financial landscape.
- Retailers: Integrate BNPL options into their offerings to attract new customers, increase basket sizes, and boost sales conversions.
- Policymakers: Develop policies that foster innovation, promote responsible lending practices, and ensure consumer protection.
- Consumers: Gain insights into the BNPL landscape, make informed decisions about using these services, and manage their finances responsibly.
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The US Micro Lending market is expected to grow at a CAGR of 12 % from 2022 to 2028 with low-interest Rates, Ease of Access, Technological Advancements, flexible repayment schedules, and Alternative credit score models. As the market is anticipated to grow remarkably in the forecasted period thus the demand for microloans will also increase significantly.
According to Ken Research estimates, the KSA Lending Market –in 2022 at a CAGR of 50.4% owing to growing demand for financing penetration in the sector. KSA’s private consumption expenditure has risen, indicating improved living standards and reduced poverty. Demographic factors influence lending preferences, with under-24 individuals seeking credit for education and ventures, while 25-54 age group seeks loans for homes and cars.
Philippine retail deposit market has been growing steadily at a CAGR of ~10% with digital penetration and convenience banking being major growth drivers. Number of Depositors in the Philippines Banking System has been growing steadily as the financial inclusion rises and the penetration of direct accounts sharply rose. Retail deposits account for ~45% of the total value of Deposits in the Philippine Banking System; Wholesale Deposits encompass a varied type of depositors with different purposes.
Buy Now Pay Later industry in South Africa is estimated to generate a revenue of USD 1569 Million in 2027E, expanding at a CAGR of double digits in between 2022P and 2027E Increasing demand for extra credit line with less stringent KYC procedures without relying on CIBIL scores will be traction for consumers for utilization of BNPL services. Retailers as end user will witness upsurge in revenue contribution to 80% of the market share as more retailers will be coming forward to incorporate the BNPL services in their online and offline store to increase consumer base by collaborating with BNPL players.
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STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826
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Invitation to presentation of EQT AB’s Q1 Announcement 2024 |
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- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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