Shaimaa Ibrahim
As Saudi Arabia continues its journey to become a global fintech hub in line with Vision 2030, several foreign fintech companies have set up their regional headquarters in the Kingdom, taking advantage of the various incentives offered by the regulatory environment in Saudi Arabia. Among these companies is “Payer Max”, which is committed to supporting the digital transformation journey in the Kingdom, and contributing to the growth of its fintech ecosystem.
In September, Pyramex was officially granted a Payment Gateway Technology Service Provider (PTSP) license by Saudi Payments, on behalf of the Saudi Central Bank (SAMA). This license allows the company to provide comprehensive payment gateway services to merchants across the Kingdom.
PayMax is a fintech company with a strong focus on emerging markets, committed to providing professional global payment solutions in an all-inclusive manner. This extensive network supports over 600 payment methods and over 70 transaction currencies. Headquartered in Singapore, it has over ten regional offices.
In this regard, Sharikat Mubasher interviewed Nouf Bin Salamah, Business Development Manager at PayerMax, to discuss the company’s strategy to support the fintech sector, especially concerning financial inclusion and economic diversification in the Kingdom, in addition to highlighting the most prominent strategic factors that Saudi Arabia possesses, which would attract foreign companies to establish their regional headquarters in the Kingdom.
What are the most prominent agreements you have related to supporting the development of financial technology?
PayerMax is the first Asian fintech company to set up a regional headquarters in MENA, in Saudi Arabia. Additionally, PayerMax is also among the first companies selected for the National Technology Development Program (NTDP) Relocate initiative initiated by the Ministry of Communications and Information Technology (MCIT) in Saudi Arabia. We're actively exploring collaborations with various Saudi ministries and entities to contribute to Vision 2030. And we are committed to supporting the government's goal of financial inclusion for all citizens. We can collaborate with authorities to offer inclusive financial products and services that reach the underbanked population by leveraging our proven experience in emerging markets. Meanwhile, PayerMax supports the establishment of transparent and robust regulatory systems to support the growth of emerging innovations and technologies.
We support business growth and expand globally with digital payment solutions. And these include different industries like games, social, e-commerce, etc.
How do you see the transformation and development in financial technology?
Financial technology (FinTech) is undergoing a rapid and transformative phase, driven by advancements in technology, changing consumer preferences, and regulatory shifts. We can expect to see a further shift towards digital financial services, with a focus on personalization and tailored solutions based on individual needs and preferences. Financial services will be increasingly embedded into non-financial platforms, providing a seamless and convenient experience for consumers. This trend will blur the lines between traditional financial institutions and FinTech companies.
We see immense potential in the Saudi FinTech market. The focus on innovation and Vision 2030 creates a favorable environment for FinTech companies like PayerMax. Initiatives like the RHQ program and the NTDP Relocate initiative demonstrate the government's commitment to fostering a vibrant FinTech ecosystem.
What are Payermax's plans to contribute to achieving the Kingdom's goals related to financial inclusion and economic diversification?
PayerMax is actively working to increase access to financial services, particularly for underserved populations. By providing innovative payment solutions and facilitating seamless transactions, we are breaking down barriers to financial inclusion. This aligns with the Kingdom's goal of creating a more inclusive and equitable financial system.
PayerMax’s focus on enabling cross-border transactions and supporting SMEs, combined with our commitment to promoting digital payments and innovation, is directly contributing to Saudi Arabia’s efforts to diversify its economy and drive digital transformation.
Why did Payermax choose the regional headquarters for its offices in the Kingdom of Saudi Arabia?
Since the launch of Vision 2030. Saudi Arabia has become an attractive destination for international companies. Our objective is to be an active contributor to the Kingdom's vision which is achieving 70% of non-cash transactions by 2030.
The RHQ program, a joint initiative by the Ministry of Investment and the Royal Commission for Riyadh City, is designed to enable and facilitate the ambitious growth plans of participating organizations in the region. It is also a valuable initiative that simplifies expansion for multinational companies.
We see a positive and evolving environment for entrepreneurship in the KSA. The government's focus on technology and innovation creates fertile ground for new businesses and entrepreneurs from all over the world.
PayerMax is very optimistic about the future of the Saudi fintech sector, highlighting the growing demand for digital payment solutions. PayerMax's selection as the first Asian fintech company for the program highlights the Kingdom's commitment to fostering a diverse and innovative business ecosystem.