Fintech PR
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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Plug and Play, a global accelerator platform and one of the most active early-stage investors globally, has announced a strategic partnership with Gujarat International Finance Tec-City (GIFT City). Through the partnership, Plug and Play will establish and run the International Fintech Innovation Hub (IFIH), GIFT City’s FinTech Incubator and Accelerator, which aims to foster research and innovation in financial technology, reinforcing GIFT City’s role as a premier global fintech hub.
GIFT City’s MD and Group CEO, Mr. Tapan Ray, said, “Our vision at GIFT City is to drive fintech innovation by creating a climate-resilient, inclusive ecosystem that empowers diverse entrepreneurs and builds workforce competitiveness in emerging technologies. With the support of prominent partners in fintech education and incubation, we are committed to nurturing a new generation of talent that will be well-equipped to meet the needs of an evolving global economy.”
Manav Narang, Head of Financial Services for Plug and Play APAC and Program Lead for the GIFT Incubator and Accelerator added, “We are thrilled to bring Plug and Play’s global expertise to GIFT City. Our vision is to create India’s largest industry-wide fintech program – a collaborative platform where banks, payments corporations, venture capital and corporate venture capital firms, accelerators, and ecosystem partners unite. Together, we aim to catalyze transformative fintech solutions and nurture fintech unicorns that will shape the future of finance in India.”
The program will support fintech startups with resources, mentorship, capital, and networking to navigate and excel globally in the dynamic fintech landscape. The first batch of startups will be unveiled in January 2025.
The post Plug and Play and GIFT City Launch “IFIH,” a Global Fintech Incubator and Accelerator appeared first on .
Doo Group’s brokerage brand, Doo Financial is thrilled to announce its expansion into Indonesia by acquiring a reputable Indonesian broker to expand the business. This move brings its global investment services to local investors. Backed by the strength of Doo Group’s extensive international presence, cutting-edge technology, and 10 years of expertise, Doo Financial is well positioned to support investors at every level.
As a brand encompassing investment services offered by various legal entities within the Doo Group, Doo Financial provides a comprehensive range of global brokerage services. This wide range of products empowers investors to pursue their financial goals.
With a diversified portfolio, Doo Financial empowers investors to navigate various market conditions effectively, manage risks, and focus on long-term growth. This entry into the Indonesian market reflects Doo Financial’s commitment to supporting investors with flexible, high-quality investment options tailored to today’s dynamic financial landscape.
Supervision by International Regulatory Institutions to Ensure Top-Tier Safety
As a global leading finance group, Doo Group has licensed entities regulated by top regulatory authorities worldwide, ensuring a secure and reliable trading environment.
Our global credentials include licenses from the U.S. Securities and Exchange Commission (US SEC), the Financial Industry Regulatory Authority (US FINRA) in the U.S., the Financial Conduct Authority (UK FCA) in the UK, the Australian Securities and Investments Commission (ASIC), the Hong Kong Securities and Futures Commission (HK SFC), Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI) in Indonesia. These licenses enable us to provide secure and reliable financial services globally.
Dedication to Shape the Industry with Innovative Solutions
Doo Financial’s expansion into Indonesia brings advanced technology and a global perspective to empower local investors. As an international investment firm committed to secure and seamless trading, Doo Financial offers a diverse range of products and services to help diversify portfolios and open up new opportunities.
This growth elevates opportunities for Indonesian investors by offering seamless access to global markets and advanced trading platforms within a secure and regulated environment. It broadens investment choices and enhances the trading experience, aligning it with international standards and empowering local investors with comprehensive tools and resources for success.
Driven by unwavering commitment, this growth marks a significant milestone in Indonesia’s investment landscape, equipping our clients with the tools to navigate global markets. We remain dedicated to delivering exceptional service, exploring new opportunities, and driving future breakthroughs. With continued support from the FinTech community, we are excited to innovate and shape the future of finance.
Stay updated with the latest insights from Doo Financial. Join our community of empowered investors and let us be your trusted partner!
E-mail: [email protected]
The post Doo Financial Now in Indonesia: Offering Local Investors A Gateway to Global Markets appeared first on .
LIMASSOL, Cyprus , Nov. 15, 2024 /PRNewswire/ — Doo Group is proud to announce that Doo Financial, one of its brands, has been awarded a new license by the Cyprus Securities and Exchange Commission (CySEC). This achievement strengthens Doo Group’s commitment to providing a secure and regulated trading environment for its clients globally.
Expanding Regulatory Reach
The addition of the CySEC license highlights Doo Group’s extensive regulatory framework, which already spans across multiple financial jurisdictions, including the United Kingdom, Australia, Hong Kong and Malaysia. This strategic milestone reflects Doo Group’s dedication to ensuring compliance with international regulatory standards and prioritizing client security. As a European Supervisory Authority, CySEC offers a robust regulatory environment and is expected to enhance client confidence. For Doo Group, this new regulatory milestone reinforces its reputation as a trusted, reliable financial services provider.
“Acquiring the new license from CySEC is a significant milestone for Doo Financial, marking a key step in our ongoing growth and strategic expansion. This achievement not only reinforces our commitment to maintaining the highest standards of regulatory excellence but also solidifies our position as a trusted, reliable financial institution within Europe. By aligning with CySEC’s rigorous requirements, we are better positioned to offer enhanced services to our clients, foster greater transparency, and ensure long-term stability in an increasingly complex and dynamic financial landscape.” Costas Kappai, Doo Financial EU
Strengthening Client Confidence
Doo Financial EU, the European branch of Doo Financial, is now positioned to serve clients across Europe under the guidelines of a European Supervisory Authority. European clients will benefit from CySEC’s regulatory protections, including client fund safety and transparent business practices, ensuring a secure and trustworthy trading experience. This development allows Doo Financial EU to offer its suite of financial services and trading products to a wider audience, backed by the credibility and oversight of CySEC.
By expanding its regulatory reach, Doo Group continues to strengthen its position in the global financial market, enabling clients to trade with confidence. The CySEC license is another step toward achieving Doo Group’s vision of becoming a leader in financial services.
About Doo Group
Founded in 2014 and headquartered in Singapore, Doo Group is an international financial services provider with a focus on FinTech. With operations across 10 major business lines—including Brokerage, Wealth Management, Payments, and Digital Marketing—we are dedicated to delivering comprehensive financial solutions that empower our clients to explore a better future.
View original content:https://www.prnewswire.co.uk/news-releases/doo-group-strengthens-global-reach-with-cysec-license-for-doo-financial-302306893.html
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