Gurugram, India, Jan. 17, 2023 (GLOBE NEWSWIRE) — The KSA Personal Finance Market is in rising stage, being pushed by technological developments and digitalization in private financing. Banks dominate the availability aspect of the KSA private finance ecosystem, nevertheless the rising non-banking finance corporations and FinTech corporations are expected to create robust competitors available in the market.
- Due to shift of focus in the direction of possession of houses in Saudi Arabia Vision 2030 mission, the renovation and residential enchancment section is expected to grow and that may assist the non-public finance market within the nation.
- The main gamers within the private finance market embrace Al Rajhi and SNB adopted by Emirates NBD, Banque Saudi Fransi. Non-banks are available in the market embrace Nayifat Finance Company and Emkan Finance Company.
- Working girls inhabitants in KSA has been on an rising development and is expected to lead to a rise available in the market, thereby positively affecting the KSA Personal Finance Market.
Future of KSA Personal Finance Market: The KSA Personal Finance Industry is expected to grow at a sturdy CAGR. Outstanding private loans are expected to grow with within the subsequent 4 years. Wedding loans are expected to account for almost all share by renovation and residential enchancment loans, which is especially pushed by Saudi Arabia Vision 2030. Due to rising privatization and the purpose of privatization being included in Vision 2030, the quantity of employed workforces is expected to enhance and the workforce can also be expected to decline for public sectors.
Entrance of New Players available in the market: New gamers coming into the KSA Personal Finance Market are FinTech corporations. The nation at the moment has 82 FinTech corporations and the quantity in these corporations is expected to grow quickly over the subsequent few years. The market has witnessed partnership between FinTech corporations and choice analytics corporations to make their digital lending course of more sturdy. With new entrants, strict adjustments in insurance policies will be seen associated to insolvency and different parameters.
Government insurance policies: Vision 2030 by the KSA authorities has large plans for the financial system concentrating on to enhance employment figures that could be fruitful for the non-public finance market as effectively. The loans borrowed by Large Corporation and Private Sector is expected to grow primarily due to rising privatization as one of the objectives in Vision 2030. KSA’s Vision 2030 consists of Financial Sector Development Program which envisions higher entry to monetary merchandise and goals to enhance the share of cashless transactions by creating the digital infrastructure. The Program additionally focuses on enabling FinTechs to drive innovation and competitors. FinTech corporations are expected to contribute immensely in the direction of the expansion of the market.
The report “KSA Personal Finance Market Outlook to 2026F – Driven by Growing Digitalization and Increased Consumption Needs“ by Ken Research gives a complete evaluation of the potential of the Personal Finance Industry in KSA. The report additionally covers the overview and genesis of the business, market size in phrases of outstanding credit and quantity of loans; market segmentation by objective of mortgage, by provider, by tenure of mortgage, by reserving mode, by geography, by nationality of borrower, by employment of borrower; development enablers and drivers, challenges and bottlenecks, developments driving digital adoption; regulatory framework; business evaluation, aggressive panorama together with competitors state of affairs, market shares of main gamers on the idea of outstanding credit. The report concludes with future market projections of every segmentation and analyst suggestions.
Key Segments Covered:-
KSA Personal Finance Market
By Purpose of Loan
- Renovation & Home Improvement
- Consumer Durables
- Tourism & Travel
- Debt Consolidation
- Non-Banks (NBFIs & FinTechs)
By Tenure of Loan
- < 1 yr
- 1-2 years
- 2-3 years
- 3-4 years
- 4-5 years
By Booking Mode
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By Nationality of Borrower
By Employment of Borrower
- Government Employee
- Large Corporation Private Sector Employee
- Medium & Small Corporation Private Sector Employee
Key Target Audience:-
- KSA Finance Industries
- Government Bodies & Regulating Authorities
- Finance Industry
- Finance Companies
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Time Period Captured within the Report:-
- Historical Period: 2017-2021
- Base Year: 2022
- Forecast Period: 2022– 2026F
- Al Rajhi Bank
- Saudi National Bank
- Riyad Bank
- The Saudi British Bank (SABB)
- Banque Saudi Fransi
- Arab National Bank
- Al Bilad Bank
- Emirates NBD
- Alinma Bank
- Nayifat Finance Company
- Emkan Finance Company (owned by Al Rajhi Bank)
- Murabaha Marena Financing Company
- United Company for Financial Services (Tasheel Finance)
- Al Yusr Leasing & Financing
- Al-Amthal Finance Company
- Quara Finance Company
- Tayseer Finance
- Saudi Finance Company (acquired by Abu Dhabi Islamic Bank)
- Abdul Latif Jameel United Finance Company
- Osoul Modern Finance Company
- Matager Finance Company
Key Topics Covered within the Report:-
- KSA Personal Finance Market Overview
- Ecosystem of KSA Personal Finance Market
- KSA Personal Finance Industry Evolution
- KSA Personal Finance Market Size, 2017-2021
- KSA Personal Finance Market Segmentation, 2021 (By Purpose of Loan, By Supplier, By Booking Mode, By Tenure of Loan, By Geography, By Nationality of Borrower, By Employment of Borrower)
- Industry Analysis of KSA Personal Finance Services
- Value Chain of KSA Personal Finance
- Key Growth Drivers in Personal Finance Market in KSA
- Trends and Developments in KSA Personal Finance Industry
- SWOT Analysis of KSA Personal Finance Industry
- Islamic Financing
- Issues and Challenges in KSA Personal Finance Industry
- Government insurance policies affecting the KSA Personal Finance Industry
- Competition Framework for KSA Personal Finance Market
- Future Outlook and Projections of the KSA Auto Finance Market, 2021-2026F
- Market Opportunities and Analyst Recommendations
- Research Methodology
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Ken Research Private Limited
Ankur Gupta, Director Strategy and Growth
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