The Banking Executive Magazine - February 2022

SAIB SAIB APPOINTS NEW CHAIRMAN, VICE CHAIRMAN crease in utilization as they ac- counted for 95% of all PoS transac- tions in 2021, alongside other electronic payment methods such as e-commerce payments, "SADAD" system payments and the new Instant Money Transfer through "Sarie" sys- tem, and others. Additionally, corporate payments in the business sector have marked a significant increase in elec- tronic payments, with 84% of the sector's total payment transactions being electronic in 2021, compared to just 51% in 2019, marking a 65% increase in electronic payment share during the past two years. The results have also shown that major corporations rely on electronic payments to complete 99.6% of their transactions, while the same metric stood at 78% for SMEs transactions and 76% for those of micro enter- prises. SAMA stated that this achievement comes in support of the guidelines of the Kingdom's leadership, which aim to promote the electronic transforma- tion of the Saudi economy, positively redirecting consumers to adopt elec- tronic payments to conduct their transactions, recognizing its benefits in the facilitation of more convenient transactions, the reduction of the fi- nancial burden imposed on the na- tional economy by cash payments, in addition to the reduction of opera- tional costs imposed on most retail stores and shops, better record keep- ing and the increase of transparency in financial transactions. ISSUE 158 FEBRUARY 2022 the BANKING EXECUTIVE 51 Saudi Investment Bank (SAIB) has appointed Abdullah Salih Jum'ah as the company's Chairman. The bank has also elected Abdulaziz Al Khamis as the board's Vice Chairman, ac- cording to a bourse filing. It is noteworthy to mention that earlier this month, SAIB approved a capital increase of SAR 2.5 billion to SAR 10 bil- lion from SAR 7.5 billion through bonus shares.