Visa, the exclusive payment technology partner at the Olympic and Paralympic Games, has introduced three commercially available wearable payment devices. In the spirit of the Olympic Winter Games, Visa created NFC-enabled payment gloves, commemorative stickers and Olympic pins that allow fans and athletes to complete seamless and secure payments with a simple tap at any contactless-enabled terminal.
“We are looking forward to transforming the payment experience for everyone who attends the upcoming Olympic Winter Games in PyeongChang,” said Iain Jamieson, Korea country manager at Visa. “At Visa, we have been working tirelessly to ensure all of the Olympic venues are equipped with the very latest payment capabilities to provide the best experience possible for all those on-site.”
Visa teamed up with Lotte Card, the financial arm of South Korean-based retail giant, Lotte Department Store, to produce and make these new prepaid payment wearables available for purchase in Korea.
Commemorative Olympic pin
Inspired by the long-standing tradition of collecting commemorative pins at the Olympic Games, Visa is bringing to market four unique lapel pins featuring custom PyeongChang 2018 designs to offer a payment-enabled collectible for fans and athletes to utilize on-site.
Payment-enabled gloves
This payment glove will offer fans a way to pay safely and securely without having to get cold hands. The gloves contain a dual interface chip housed with a contactless antenna capable of completing purchases throughout official Olympic Venues and compatible readers globally.
Sticker
With a thin and flexible adhesive design and an embedded dual interface NFC-chip and antenna, these micro-tags can be attached to almost anything to make seamless payments.
In addition to the wearables and as the exclusive payment partner of the Olympic Games, Visa is facilitating and managing the entire payment system infrastructure and network throughout all venues within the Games. This includes more than 1,000 contactless point-of-sale terminals capable of accepting mobile and wearable payments.
As the payments industry increasingly shifts from plastic to digital, new technology advances from Visa and its partners are bringing consumers a simple and secure purchasing experience.
Visa introduces new payment wearables for Winter Olympics fans
Visa introduces new payment wearables for Winter Olympics fans
DeveGO25: Social Development Bank signs 51 agreements to support startups, productive families
The Social Development Bank has announced the signing of 51 agreements covering the establishment of financing portfolios, as well as local and international cooperation partnerships, on the sidelines of the Entrepreneurship and Modern Business Practices Forum, known as DeveGO25. This milestone reinforces the bank’s growing role in building an integrated entrepreneurial ecosystem and expanding its developmental impact through financial and nonfinancial solutions tailored to the needs of entrepreneurs, startups, micro and small enterprises, freelancers, and productive families, in line with the economic transformation of the Kingdom under Saudi Vision 2030.
The announcement was made during the second edition of the forum, which witnessed the signing of a package of specialized financing portfolios. Most notably, this included a joint financing portfolio with Arab National Bank valued at SR100 million ($26.6 million) to support entrepreneurs’ projects, alongside a financing portfolio with the Council of Foundations, valued at SR50 million to enhance the sustainability of nonprofit organizations.
The SDB also signed a number of corporate social responsibility financing portfolios with Al-Ghuwairi Charity Foundation to support community initiatives, as well as with ACWA Power to help entrepreneurs and innovators in the energy sector, in addition to Fakeeh Care Group to support startups in the healthcare sector.
Furthermore, financing portfolios were signed to support freelancers and entrepreneurs in partnership with Naylah Finance, Al-Yusr Leasing and Financing, Al-Jabr Financing, and J-B Financial Solutions. These financing portfolios reflect the bank’s accelerating direction toward diversifying support solutions and developing innovative financing channels capable of accommodating the needs of entrepreneurial segments across all regions of the Kingdom.
As part of its international partnerships, the bank strengthened its presence within global entrepreneurial networks through the signing of agreements with leading international entities. It partnered with Alibaba for a Saudi–Chinese initiative aimed at supporting the international market access of Saudi startups and productive families through specialized training and capacity-building programs, as well as linking them with potential clients and partners in China. In addition, SDB partnered with Incofin to cooperate on financing programs for small and emerging enterprises, while exchanging expertise in the areas of investments, joint funds, sustainable finance, and financing guarantees. Furthermore, the SDB entered a partnership with Riversands to exchange knowledge and expertise in investment programs and nonfinancial services dedicated to entrepreneurs, small enterprises, and co-working spaces.
In support of entrepreneurs and small enterprises, the bank signed cooperation agreements with the Royal Commission for Jubail and Yanbu, Qassim Chamber, Al-Qurayyat Chamber, and Riyadh Chamber, to finance startups and small enterprises, enhancing beneficiary capabilities through training and capacity-building programs, and creating more than 500 sustainable jobs for citizens. These efforts contribute to strengthening the role of such enterprises in the national economy. In addition, a tripartite agreement was signed with the Sports Investment Forum and the Council of Saudi Chambers to support enterprises and strengthen the investment ecosystem in the sports sector.
In the area of supporting productive families and freelancers, the SDB signed agreements with a range of entities, including the King Salman Charity Housing Association, the Heritage Commission, the Hail Region Development Authority, the Saudi Geological Survey, and Last Mile Information Technology (Thrive), to implement programs and initiatives aimed at supporting productive families and encouraging self-employment.
The agreements also included innovative partnerships with digital platforms such as The Chefs, Cloud Chefs, and HungerStation, to provide innovative digital sales channels that contribute to strengthening freelance work and, in turn, the local economy. In addition, the SDB collaborated with Hala Payments and STC Bank to launch financing cards for freelancers.
As part of efforts to enhance market access, the bank signed eight agreements with the Ministry of Islamic Affairs, Riyadh Municipality, King Salman Social Center, Zain Telecom, the Small and Medium Enterprises Bank, Ministry of Interior Clubs, Saudi Railways Company and NADEC, aimed at establishing permanent sales outlets within their premises. This initiative contributes to creating sustainable marketing channels that enhance the ability of productive families to increase their income and transition their projects into more structured and resilient business models.
The agreements also included strategic partnerships with government entities and national institutions serving diverse objectives. A cooperation agreement with the Authority for the Care of Persons with Disabilities will empower beneficiaries through the “Kanaf” financing product and specialized training programs, while a collaboration with the Ministry of Municipalities and Housing (Developmental Housing Agency) will enable nonprofit organizations to manage productive families’ portfolios. Partnerships with Albilad Bank and NEO Digital Banking will promote a culture of savings.
The forum also witnessed a significant expansion of the SDB’s “education product,” through the signing of agreements with national universities and institutes to enable students to continue their education with the help of accessible financing solutions. These agreements included Northern Border University, Effat University, King Abdulaziz University, Qassim University, Imam Muhammad ibn Saud Islamic University, Institute of Public Administration, University of Business and Technology, Arab Open University, Resal Company, Saa’i Endowment Foundation, and Gulf Training Company.
