Fintech PR
Kingdom Debt Landscape Transforms: KSA Debt Collection Market Poised for 5.2% CAGR, Driven by Regulatory Reforms and Technology Adoption: Ken Research
GURUGRAM, India, Feb. 27, 2024 /PRNewswire/ — The Kingdom of Saudi Arabia debt collection market is undergoing a significant transformation, fueled by a growing economy, rising consumer debt levels, and a robust regulatory framework. Ken Research’s comprehensive report, KSA Debt Collection Market Outlook to 2028: Navigating a Changing Landscape, delves into this dynamic market, projecting a promising 5.2% CAGR over the next five years. This press release summarizes the key findings and offers valuable insights for debt collection agencies, financial institutions, and stakeholders seeking to navigate this evolving landscape.
Market Overview:
Several key factors are propelling the KSA debt collection market towards a future of efficiency and ethical practices:
- Economic Growth: The Kingdom’s economic diversification efforts are contributing to a growing economy, leading to increased consumer spending and potential debt accumulation.
- Rising Debt Levels: Increased access to credit cards and personal loans has contributed to rising personal debt levels, driving the demand for effective debt collection services.
- Regulatory Reforms: The introduction of the “Collection Agencies Law” in 2017 has established a clear regulatory framework, promoting ethical and transparent debt collection practices.
- Technological Advancements: The adoption of innovative technologies like Artificial Intelligence (AI) and data analytics is transforming the industry, enhancing efficiency and effectiveness.
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Segmentation Spotlight:
Ken Research provides a detailed segmentation of the market, allowing you to tailor your approach to specific segments:
- By Debt Type: Unsecured debt, encompassing credit card dues and personal loans, dominates the market, followed by secured debt like mortgages and car loans.
- By Client Type: Banks and financial institutions are the primary clients, with a growing demand from telecom companies, utilities, and retail sector players.
- By Service Type: Traditional collection efforts remain prevalent, but early intervention and pre-collection services are gaining traction to prevent delinquencies.
- By Collection Stage: First-party and second-party collections, where the original creditor attempts recovery, hold a significant share, with third-party agencies playing an increasing role in later stages.
Competitive Landscape:
The KSA debt collection market features a mix of established players and emerging companies:
- Established Local Players: Leading local companies with extensive market experience and established networks dominate the market.
- International Players: Global debt collection giants are entering the market with their international expertise and sophisticated technologies.
- Specialized Service Providers: Niche players are emerging, offering specialized services such as pre-collection strategies, legal support, and asset recovery.
Recent Developments:
- Focus on Ethical Practices: The Saudi Arabian Monetary Agency (SAMA) is actively monitoring the industry, ensuring adherence to ethical and lawful collection practices.
- Technological Innovation: Debt collection agencies are increasingly adopting AI-powered tools for task automation, risk assessment, and personalized communication strategies.
- Data Analytics and Big Data: Leveraging data analytics and big data enables better debtor profiling, improved collection strategies, and informed decision-making.
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Future Outlook:
The KSA debt collection market is poised for exciting developments in the coming years:
- Focus on Customer Experience: Debt collection agencies will prioritize customer experience, offering flexible payment options and debt management solutions.
- Enhanced Regulatory Landscape: Continued regulatory reforms are expected to further enhance transparency and consumer protection in the debt collection process.
- Digital Transformation: The integration of advanced technologies like chatbots and online portals will further streamline the collection process and offer convenient communication channels for debtors.
- Collaboration and Consolidation: The market may witness increased collaboration and consolidation between players, leading to larger, more diversified agencies.
Challenges to Address:
Despite its promising future, the market faces some hurdles:
- Negative Public Perception: Overcoming negative perceptions associated with the debt collection industry remains a challenge.
- Skilled Workforce Shortage: Attracting and retaining qualified professionals with expertise in ethical practices and new technologies remains crucial.
- Cybersecurity Concerns: Implementing robust cybersecurity measures is essential to protect sensitive client and consumer data.
Why This Report Matters:
This report empowers various stakeholders to navigate the evolving landscape of the KSA debt collection market:
- Debt collection agencies: Gain insights into emerging trends, regulatory requirements, and best practices to enhance their services and adapt to the changing environment.
- Financial institutions: Understand the evolving debt collection landscape, optimize their credit risk management strategies, and build stronger partnerships with collection agencies.
- Policymakers: Develop policies that promote responsible lending practices, ensure consumer protection, and foster a sustainable and ethical debt collection industry.
- Consumers: Gain knowledge about their rights and responsibilities, understand available debt management resources, and make informed decisions regarding debt repayment.
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NEW YORK, Dec. 18, 2024 /PRNewswire/ — The New York Stock Exchange (NYSE) is proud to offer a new daily pre-market update and additional content directly from the iconic NYSE Trading Floor.
Access the new Daily NYSE Pre-market update and additional content here: https://www.multivu.com/nyse/9306251-en-new-york-stock-exchange-pre-market-update
DAILY NYSE PRE-MARKET UPDATE
Kristen Scholer, Senior Markets Anchor, NYSE, delivers a daily pre-market update that includes key insights into the trading day ahead leading up to the NYSE’s Opening Bell.
NYSE ORIGINAL CONTENT:
Elevate your reporting with the latest market insights and content from the NYSE, the world’s leading financial marketplace by leveraging a range of exclusive NYSE content including:
- NYSE Photo Highlights: NYSE-listed companies, Trading Floor moments, Leadership events.
- NYSE B-Roll Footage: NYSE Trading Floor, Market milestones, and Bell-ringing events.
- NYSE Original Content:
- Floor Talk: Exclusive interviews with industry trend-setters and innovators.
- Inside the ICE House Podcast: Conversations with CEO, founders, and leaders.
- Taking Stock: Go face-to-face with visionary entrepreneurs who are redefining sectors.
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Fintech PR
Gan & Lee Pharmaceuticals Announces U.S. FDA Clearance of the IND application for the innovative Bi-weekly GLP-1RA GZR18 Injection, Bofanglutide, with chronic weight management Indication (A Phase 2 head-to-head with Tirzepatide clinical trial)
BEIJING and BRIDGEWATER, N.J., Dec. 18, 2024 /PRNewswire/ — Gan & Lee Pharmaceuticals (Gan & Lee, Shanghai Stock Exchange: 603087.SH), is pleased to announce that the Food and Drug Administration (” FDA “) has cleared the Investigational New Drug (IND) application for GZR18 Injection to conduct a phase 2 clinical trial, a head-to-head with Tirzepatide from Eli Lilly and Company (NYSE: LLY) in the US (NCT06737042). GZR18 is a long-acting glucagon-like peptide-1 (GLP-1) receptor agonist (RA) being developed by Gan & Lee Pharmaceuticals. The clinical trial indication of this application is the chronic weight management for obese or overweight patients, with or without T2DM.
According to the latest data released by the World Obesity Federation (WOF) Global Obesity Report (2024), approximately 2.2 billion adults worldwide were overweight (referring to BMI ≥ 25kg/m2) in 2020, accounting for about 42% of the total adult population. It is expected that this number will rise to 3.3 billion by 20351. Obesity can lead to a series of complications, including diabetes, cardiovascular diseases and even mental diseases such as depression. The medical expenses caused by obesity and its complications have brought a heavy medical burden to patients and society.
GZR18, as a GLP-1 receptor agonist, can delay gastric emptying by activating GLP-1 receptors expressed on the gastrointestinal tract; and enhance satiety and suppress appetite by activating GLP-1 receptors in the hypothalamus and other parts, thereby reducing the patient’s weight. GZR18 injection is the first bi–weekly GLP-1 mono-agonist formulation. Current clinical data has demonstrated weight loss effects comparable to or even better than multi-target once-weekly GLP-1 formulations, providing new insights for the future development of GLP-1 drugs. The development of the bi-weekly GZR18 injection is expected to offer more flexible treatment options for obese patients , leading to improved long-term weight management efficacy and adherence.
About GZR18
GZR18 is a long-acting glucagon-like peptide-1 (GLP-1) receptor agonist (RA) being developed by Gan & Lee Pharmaceuticals. The indications currently under development are type 2 diabetes and chronic weight management for obese or overweight patients. Clinical data shows that administering GZR18 injection once a week and every two weeks can achieve good hypoglycemic or weight loss effects2.
References:
1. World Obesity Alliance 2024 World Obesity Report [EB/OL]. London: World Obesity Alliance,
2. LINONG JI, WEI CHEN, RUIHUA DONG, MINGXIA YUAN, DONG ZHAO, SHUGUANG PANG, LIYUAN ZHAO, JING ZHAO, ZHONG-RU GAN; 1858-LB: A Novel GLP-1 Analog, GZR18, Induced an 18.6% Weight Reduction in Subjects with Obesity in a Phase Ib/IIa Trial. Diabetes 14 June 2024; 73 (Supplement_1): 1858–LB. https://doi.org/10.2337/db24-1858-LB
About Gan & Lee
Gan & Lee Pharmaceuticals developed the first Chinese domestic insulin analog. Currently, Gan & Lee has six core insulin products, including five insulin analog varieties: long-acting glargine injection (Basalin®), fast-acting lispro injection (Prandilin™), fast-acting aspart injection (Rapilin®), mixed protamine zinc lispro injection (25R) (Prandilin™25), aspart 30 injection (Rapilin®30), and one human insulin injection – mixed protamine human insulin injection (30R) (Similin®30). The company has two approved medical devices in China, namely reusable insulin injection pen (GanleePen), and disposable pen needle (GanleeFine®).
In China’s 2024 National Insulin-Specific Centralized Procurement, Gan & Lee Pharmaceuticals ranked first among all selected companies in terms of procurement demand for insulin analogs. The company is also making strides in international markets, with the disposable pen needle (GanleeFine®) approved by the US Food and Drug Administration (FDA) in 2020 and received GMP inspection approval from the European Medicines Agency (EMA) in 2024. These achievements significantly boost Gan & Lee’s competitiveness in both international and domestic markets.
In the future, Gan & Lee will strive for comprehensive coverage in diabetes treatment. Moving forward with its mission to become a world-class pharmaceutical company, Gan & Lee will also actively develop new chemical entities and biological drugs, focusing on treatments for metabolic diseases, cardiovascular diseases, and other therapeutic areas.
Further Information:
[email protected] (Media)
[email protected] (Business Development)
[email protected] (Medical Information)
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Project in partnership with AUO starts on January 1, 2025
MANCHESTER, England, Dec. 18, 2024 /PRNewswire/ — Smartkem (Nasdaq: SMTK), which is seeking to change the world of electronics using its disruptive organic thin-film transistors (OTFTs), has received and accepted a £900,000 (USD 1.1 million) grant from Innovate UK for its previously announced project partnership with AUO to develop a rollable, transparent microLED display. Part of the 2024 UK-Taiwan Collaborative R&D Initiative, the 2-year project will commence on January 1, 2025, with initial grant payments beginning in the first quarter of 2025.
About the 2024 UK-Taiwan Collaborative R&D Initiative
The 2024 UK-Taiwan Collaborative R&D Initiative has invested more than £10 million this year to promote bilateral industrial technology research and development cooperation. The nine award-winning projects will promote the joint development of advanced technologies in fields such as electrical information communication, biomedicine, and electromechanical by Taiwan-UK enterprises.
About Smartkem
Smartkem is seeking to reshape the world of electronics with its disruptive organic thin-film transistors (OTFTs) that have the potential to revolutionize the display industry. Smartkem’s patented TRUFLEX® liquid semiconductor polymers can be used to make a new type of transistor that can be used in a number of display technologies, including next generation microLED displays. Smartkem’s organic inks enable low temperature printing processes that are compatible with existing manufacturing infrastructure to deliver low-cost displays that outperform existing technology.
Smartkem develops its materials at its research and development facility in Manchester, UK and provides prototyping services at the Centre for Process Innovation (CPI) at Sedgefield, UK. It has a field application office in Taiwan. The company has an extensive IP portfolio including 138 granted patents across 18 patent families, 16 pending patents and 40 codified trade secrets. For more information, visit: www.Smartkem.com and follow us on LinkedIn http://www.linkedin.com/company/Smartkem-limited.
Forward-Looking Statements
All statements in this press release that are not historical are forward-looking statements, including, among other things, its market position and market opportunity, expectations and plans as to its product development, manufacturing and sales, and relations with its partners and investors. These statements are not historical facts but rather are based on Smartkem Inc.’s current expectations, estimates, and projections regarding its business, operations and other similar or related factors. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expect,” “intend,” “plan,” “project,” “believe,” “estimate,” and other similar or elated expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond the Company’s control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update information in this release to reflect events or circumstances in the future, even if new information becomes available.
Contacts:
Selena Kirkwood
Head of Communications for Smartkem
T: +44 (0) 7971 460 364
[email protected]
U.S. Investors
David Barnard, CFA
Alliance Advisors Investor Relations
T: 1 415 433 3777
[email protected]
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