Ghada Ismail

Expanding your startup into international markets is a thrilling milestone, filled with opportunities for growth, innovation, and brand recognition on an international scale. But, like any significant venture, it requires careful planning, especially when selecting the right international partners. In this episode, we’ll explore how to navigate the complexities of global partnerships and establish collaborations that ensure sustainable success.

Why International Partnerships Are Crucial

Entering a foreign market without local knowledge is like sailing in uncharted waters without a compass. International partners provide critical advantages:

• Market Intelligence: They understand local consumer behavior, regulatory landscapes, and industry trends.
• Established Networks: They can open doors to distributors, clients, and suppliers that would otherwise take years to access.
• Risk Mitigation: With their insights, you can avoid common pitfalls related to cultural missteps, legal issues, and operational inefficiencies.

Key Criteria for Selecting International Partners

When scouting for the perfect partner, focus on the following factors:

1. Cultural Alignment
   Shared values, business ethics, and communication styles can make or break a partnership. Misalignment often leads to misunderstandings and inefficiencies. Ensure your partner’s work culture complements your startup’s ethos.
2. Market Expertise
   Look for partners with proven experience in your target market. Evaluate their track record, network strength, and industry knowledge. They should bring value beyond just geographic proximity.
3. Financial Stability
   A financially sound partner can weather market challenges and support long-term growth. Conduct due diligence to ensure they’re a reliable ally.
4. Strategic Synergy
   Does the partner’s expertise fill gaps in your capabilities? A strategic fit amplifies both parties’ strengths, making your collaboration more impactful.
5. Scalability and Commitment
   Your partner should have the resources and ambition to grow with you as your startup scales. Gauge their willingness to invest time, effort, and resources into the partnership.

How to Identify and Approach the Right Partners

1. Conduct Comprehensive Research
   Utilize market reports, competitor analysis, and local business directories to vet potential candidates.
2. Engage with Business Communities
   Online platforms like LinkedIn, local chambers of commerce, and startup hubs can connect you to reputable companies in your target market.
3. Start Small
   Test the waters with a pilot project or short-term agreement before committing to a full-fledged partnership.

Navigating Challenges in Cross-Border Partnerships

1. Cultural Barriers
   Language differences, negotiation styles, and decision-making processes can create friction. Invest in cross-cultural training and establish clear communication norms.
2. Legal and Regulatory Issues
   Work with legal advisors familiar with both your home country and the target market to draft contracts that protect your interests.
3. Trust-Building
   Transparency, consistent communication, and clear expectations are key to fostering trust. Regular visits and check-ins also strengthen relationships.

To recap, expanding into international markets is a complex but rewarding journey. The right partners can turn potential hurdles into stepping stones, accelerating your path to global success. Take the time to choose wisely, communicate openly, and align strategically for a partnership that not only survives but thrives across borders.

As your startup grows, so do the complexities of maintaining impactful partnerships. In the next episode of The Partnership Playbook, we’ll dive into "Navigating the Mature Stage: Partnerships for Sustainability and Legacy." Discover how to build alliances that not only sustain your business but also leave a lasting mark on your industry. Stay tuned! Bottom of Form

Ghada Ismail

Scaling up is a pivotal stage for any startup. Growth accelerates, operations expand, and the stakes are higher than ever. At this stage, strategic partnerships can act as powerful catalysts, unlocking new markets, increasing operational efficiency, and enhancing brand credibility. This episode will explore the types of partnerships that startups should consider during scaling, along with actionable advice for forming and managing these alliances.

Why Partnerships Matter in the Scaling-Up Stage?

Scaling up isn’t just about doing more of the same; it’s about doing things smarter and more efficiently. Strategic partnerships help startups:

Access New Markets: Leverage established networks to reach untapped audiences.

Improve Operational Efficiency: Streamline processes and reduce costs with the help of experienced partners.

Enhance Credibility: Collaborations with well-known brands build trust among customers, investors, and stakeholders.

Accelerate Innovation: Gain access to technology or expertise that drives growth.

You should know that the scaling-stage partnerships require a long-term mindset, so you have to choose partners who align with your vision and can grow with you.

Types of Partnerships for Scaling Up

Distribution Partnerships: Partner with companies that can help you scale by expanding your reach.

What They Bring: Established customer bases, retail networks, or online platforms.

Example: A Saudi startup in the F&B sector partnering with a regional supermarket chain to distribute products across the GCC.

B. Technology Collaborations: Enhance your offerings or improve efficiency by teaming up with tech providers.

What They Bring: Advanced tools, platforms, or services that complement your business.

Example: A logistics startup integrating AI-driven route optimization software from a global tech firm.

C. Market Expansion Partners: Collaborate with entities that help you enter new geographies.

What They Bring: Local expertise, regulatory knowledge, and cultural insights.

Example: A Saudi e-commerce company partnering with a local logistics firm in North Africa to streamline cross-border operations.

D. Brand Co-Marketing Partnerships: Join forces with established brands to enhance visibility and customer trust.

What They Bring: Credibility, larger audiences, and shared marketing budgets.

Example: A scaling fintech company partnering with a major bank to promote its financial services app.

E. Talent Development Partners: Work with institutions or consultants to ensure you have the talent required to scale.

What They Bring: Training programs, leadership development, and access to skilled professionals.

Example: Partnering with training organizations to upskill your workforce as you expand operations.

Identifying the Right Partner

At the scaling stage, choosing the right partner requires careful evaluation.

Key Criteria to Assess:

Alignment of Goals: Do their priorities align with your growth objectives?

Track Record: Do they have experience working with scaling startups?

Scalability: Can they adapt as your needs grow?

Cultural Fit: Do their values and work style match yours?

Due Diligence Checklist:

Review their partnership history and case studies.

Validate their operational and financial stability.

Consult mutual connections for unbiased insights.

Building Long-Term Scaling Partnerships:

 Establish clear KPIs that reflect growth objectives.

Use trial phases to test the partnership before scaling up fully.

Foster open communication to address challenges collaboratively.

Negotiate Mutually Beneficial Terms:

Define revenue-sharing or cost-sharing structures.

Protect your IP and outline responsibilities in formal agreements.

Include flexibility to adjust the partnership as your startup scales.

Managing Growing Partnerships

As partnerships grow, they can become complex. Use these strategies to maintain alignment:

Regularly revisit agreements to ensure they meet evolving needs.

Use technology to manage shared workflows and monitor KPIs.

Invest in relationship-building to keep the partnership strong.

In this stage, you may need to consider involving legal and financial advisors experienced in scaling-stage partnerships to protect your interests while maximizing potential. Also, you should avoid overdependence as relying too heavily on a single partner can expose your startup to risks. Diversify partnerships to maintain flexibility and resilience.

Wrapping this up, scaling your business is an exhilarating phase, but it’s not a journey you need to take alone. The right partnerships can amplify your impact, helping you unlock new opportunities, solve operational challenges, and solidify your position in the market.

As you navigate this stage, remember that partnerships are not just about growth but also about sustainability. Choose allies who share your vision and are committed to building a lasting, mutually beneficial relationship.

Coming Up in Episode 4: "Going Global: The Perfect Partnerships to Expand Your Startup Worldwide!"

In the next episode of The Partnership guide for startups, we’ll explore how to identify and secure the perfect partnerships for taking your startup global. Expanding into international markets requires the right allies who understand local cultures, legal landscapes, and market dynamics. Tune in to learn how to build global partnerships that accelerate your expansion and ensure your brand thrives on the world stage.

Selina Bieber

As Egypt’s entrepreneurial ecosystem continues to evolve, the country’s small business owners are increasingly recognizing the power of digital solutions to propel their ventures forward. According to the 2024 Global Entrepreneurship Survey, an overwhelming 96% of Egyptian small business owners said that they believe that artificial intelligence (AI) can have a positive impact on their businesses. Yet, despite this optimism, many entrepreneurs still struggle to establish a polished online presence due to a lack of technical expertise, time, or resources.

Survey Insights Reveal Key Barriers to Growth

These challenges are further underscored by additional insights from the survey, which highlight the primary barriers to business growth: difficulties in marketing online (56%), reliance on outdated traditional marketing methods (37%), and a shortage of expertise in website building or technology management (20%). While digital transformation is key to unlocking new opportunities, the path forward for many small businesses remains fraught with obstacles.

GoDaddy's Commitment to Simplifying Digital Journeys

At GoDaddy, we are committed to removing these barriers and simplifying the digital journey for entrepreneurs worldwide. Our latest innovation, GoDaddy Airo™, available in English language, is specifically designed to help small business owners build and manage their online presence with ease. This AI-powered experience provides entrepreneurs with the tools they need to both establish an online identity and to grow their business in a highly competitive digital marketplace.

Introducing GoDaddy Airo™: A Game-Changer for Entrepreneurs

GoDaddy Airo™ is not just another website builder—it’s a comprehensive AI-powered experience that streamlines the entire process of creating and enhancing a business’ online presence. Whether an entrepreneur is launching their first business or scaling an existing one, GoDaddy Airo™ offers an intuitive, user-friendly experience that enables anyone to build custom websites, design unique logos, and craft effective social media marketing strategies.

For those starting with just an idea, GoDaddy Airo™ offers seamless onboarding, suggesting domain names based on a simple description of the business from the entrepreneur. Upon choosing a domain name, it generates essential business assets, including logos and fully designed websites, complete with eye-catching visuals and engaging content tailored to attract customers. The experience also provides professional email accounts, with a paid subscription, that strengthens the credibility and prestige of the business.

As businesses grow, GoDaddy Airo™ continues to support their expansion with powerful marketing tools. It also creates comprehensive email marketing campaigns and optimizes social media calendars. 

Supporting Egypt’s SMEs with Tailored Digital Solutions

In Egypt, where small and medium-sized enterprises (SMEs) play a vital role in driving economic growth, providing tailored digital solutions is more important than ever. GoDaddy recognizes the unique challenges that local entrepreneurs face and is committed to empowering them with technology that simplifies digital transformation. By removing technical barriers and offering AI-powered tools that cater to their specific needs, GoDaddy Airo™ is helping Egypt’s small business owners benefit from new technologies and unlock new opportunities to thrive in an increasingly digital world.

In a landscape where an online presence is no longer optional but essential for success, GoDaddy Airo™ is revolutionizing the way Egyptian entrepreneurs engage with technology. By making AI accessible and easy to use, we’re not just offering products—we’re empowering Egypt’s entrepreneurs to realize their full potential and secure their place in the digital economy. 

Selina Bieber is the Vice President for International Markets at GoDaddy.

Ghada Ismail 

Welcome back to the ‘Building Bridges: A Startup's Guide to Partnerships at Every Stage’ series. In the previous installment, we explored the foundational partnerships essential for startups in their pre-launch phase. Today, we dive into the seed stage, a pivotal moment in a startup's journey when the focus shifts to securing funding, building a market presence, and assembling a scalable team. Partnerships during this phase can either propel a startup toward its next big milestone or lead to missed opportunities.

The Seed Stage: A Crucial Growth Phase

At the seed stage, startups transition from idea validation to actual execution. This phase typically involves:

Securing initial capital.

Establishing a product-market fit.

Laying the groundwork for scalable operations.

For all these goals, partnerships play a central role. Whether through financial backing, strategic insights, or operational support, the right alliances can accelerate growth and de-risk early challenges.

Key Partnerships to Cultivate at the Seed Stage

Angel Investors

These early-stage backers bring more than just funding; they offer industry knowledge, mentorship, and valuable connections.

Why they matter: Angel investors often have vested interests in the startup’s success and can provide tailored guidance that goes beyond financial support.

Venture Capital (VC) Firms

While traditionally associated with later stages, some VCs specialize in seed funding. Partnering with such firms not only brings financial resources but also credibility.

Why they matter: Their expertise and networks open doors to new markets, advisors, and even future funding rounds.

Early Adopter Customers

Collaborating with initial users or clients who are passionate about your product can provide critical feedback and validate your market assumptions.

Why they matter: They help refine your offering, build case studies, and establish early revenue streams.

Talent Partners

Building a strong team is imperative at this stage. Recruitment agencies, universities, or even freelance platforms can be vital allies in identifying the right talent.

Why they matter: A capable team ensures smoother scaling and higher efficiency.

Service Providers

Specialized partners for marketing, product development, or legal services can help streamline operations without the need for full-time hires.

Why they matter: They provide expertise at a fraction of the cost, enabling startups to allocate resources effectively.

What to Look for in Seed-Stage Partners

Aligned Vision: Ensure your partners believe in your product and share your goals for growth.

Credibility: Reputation matters, especially when securing investors or service providers. Conduct due diligence to assess their track record.

Mutual Value: A good partnership is a two-way street. Look for collaborators who can benefit as much as you from the relationship.

Tips for Forming Effective Seed-Stage Partnerships

Leverage Networks: Use incubators, accelerators, and personal connections to identify potential partners.

Communicate Clearly: Define roles, expectations, and outcomes at the outset to avoid conflicts.

Measure Progress: Establish metrics to evaluate the success of the partnership periodically.

To wrap things up, the seed stage is where dreams begin to materialize. Strategic alliances during this phase can provide the momentum your startup needs to break into the market and scale efficiently.

In the next installment, we’ll explore partnerships critical for scaling up and managing rapid growth. Stay tuned for insights into navigating the challenges of expansion!

Ghada Ismail

Starting a business is like planting a seed. The initial stages determine whether it will grow into a thriving tree or wither away. For startups, partnerships are the fertile soil that nourishes the idea, helping it germinate into something meaningful. In this series, we’ll explore how startups can make the right partnership decisions at every stage of their journey, from inception to maturity. In this first installment, let’s delve into the pre-launch phase and the strategic partnerships that can set the stage for success.

Laying the Foundation: Choosing Strategic Partners for Pre-Launch Success

Why Pre-Launch Partnerships Matter

Before a startup officially launches, it operates in a delicate stage where the focus is on refining the idea, building a prototype, and validating the concept. At this point, resources are scarce, and every decision carries significant weight. The right partnerships during this phase can provide the expertise, guidance, and resources a startup needs to move forward confidently.

Types of Strategic Partners for Pre-Launch Startups

Incubators and Accelerators

These organizations are often the first stop for pre-launch startups. Incubators provide long-term support, including workspace, mentorship, and networking opportunities. Accelerators, on the other hand, offer intensive short-term programs aimed at preparing startups for funding or market entry.

Why it matters: They connect startups with experienced mentors and potential investors while offering a structured approach to growth.

Mentors and Advisors

Individual mentors bring industry-specific expertise, a wealth of experience, and sometimes access to a wider network. Advisors often come on board with a vested interest in the startup’s success, offering insights into product development, market trends, and operational challenges.

Why it matters: They help avoid common pitfalls and guide strategic decision-making.

Co-Founders or Key Team Members

A strong founding team can be the most critical partnership of all. Whether it’s a technical co-founder, a marketing guru, or a financial strategist, finding the right person to share the startup’s vision is vital.

Why it matters: A complementary skill set within the founding team lays a solid groundwork for growth.

Early Adopters and Testers

While they may not be traditional partners, early adopters provide invaluable feedback that can shape your product before launch. Partnering with individuals or small groups willing to test your prototype ensures you’re building something the market truly needs.

Why it matters: Validates your product concept, reducing the risk of failure post-launch.

How to Choose the Right Partner

Define Your Needs: Start by identifying the gaps in your current capabilities. Do you lack technical expertise, market insights, or operational know-how?

Research Thoroughly: Evaluate potential partners’ track records, their alignment with your vision, and their ability to add tangible value.

Communicate Openly: Ensure clear communication about expectations, roles, and responsibilities from the outset.

Closing Thoughts

The pre-launch stage is all about setting the foundation for success, and partnerships play a critical role in this journey. Whether through incubators, mentors, or co-founders, the right alliances can transform your startup from a fledgling idea into a promising business.

In the next installment, we’ll explore how startups can build partnerships that fuel growth during the seed stage. Stay tuned!

Shaimaa Ibrahim

E-wallets have become one of the key financial innovations in today’s era of digital evolution. They transform the way individuals and businesses process their financial transactions easily and securely, promote financial inclusion, and enhance the quality of life. 

With the growing adoption of technology in all life aspects, e-wallets emerged as an innovative solution that meets the users’ needs. The usage of e-wallets is expected to rise within the upcoming period, triggered by the increase in the number of innovative fintech startups that are expected to contribute to innovating and developing new services to enhance users’ experience.

What is e-wallet?

An E-wallet is an application or platform that enables users to store their funds and make safe and secure financial transactions, including paying for goods and services and receiving money.

Types of e-wallets

• Closed wallet: allows users to store their funds and spend them only with the issuer of the wallet.
• Semi-closed wallet: allows users to easily make transactions at specific merchants and locations. It enables online purchases and allows users within the network to send funds to one another.
• Open wallet: allows users to conduct transactions from anywhere in the world. It can be used for any type of transaction, making it easy to transfer funds and make online and in-store payments.
• Mobile wallet: enables users to make payments through their smartphones.
• Online wallet: mainly used to make online financial processes.    
• Crypto wallet: enables users to store, send, or receive digital currencies like Ethereum and Bitcoin.

Common uses of e-wallets

• In-store payments
• Money transfers 
• Bill payments

Importance of e-wallets

E-wallets are not just a payment method. They play a pivotal role in:

• Promoting financial inclusion.
• Enhancing customers’ experience.
• Facilitating daily financial transactions.
• Raising safety and security.
• Reducing transaction costs.
• Streamlining e-commerce activities.

Finally, e-wallets play a fundamental role in driving the digital transformation of the global financial ecosystem as they enable users to manage funds and make daily transactions seamlessly and securely. This technology has promising opportunities to grow, backed by government support and continued innovations. E-wallets are expected to continue reshaping the payment landscape, enhancing the economy, and making financial transactions easier and more flexible. 

Translation: Noha Gad

Noha Gad

One of the key objectives of the Saudi Vision 2030 is to reduce the reliance on cash and promote a cashless society, transforming the way individuals manage their money and make transactions. Driven by this objective, e-wallets emerged as a revolutionary financial tool in Saudi Arabia that brought significant changes to consumer behavior.

E-wallets are rapidly becoming the preferred payment method as they offer users a seamless way to store funds, pay for goods and services, and transfer money, all through their smartphones.

Digital wallets, such as STC Pay, Mada Pay, Apple Pay, and Sadad Wallet, drive the Kingdom’s shift towards a cashless society thanks to their convenience, security, and flexibility.

The rapid increase in smartphone usage and internet penetration has been a key factor in accelerating the shift toward digital payments and e-wallets in Saudi Arabia. Additionally, the adoption of digital financial services surged as more citizens gained access to mobile devices and high-speed internet.

Impacts of e-wallet on consumer behavior in Saudi Arabia

The shift towards digital payments is not just a matter of convenience; it is fundamentally changing purchasing habits, financial management, and preferences for payment methods. 

E-wallets play a crucial role in increasing spending, driving the shift to online shopping, fueling the adoption of contactless payments, raising financial awareness and control, reducing cash dependency, and enhancing financial inclusion in Saudi Arabia.

Many e-wallet providers in Saudi Arabia offer loyalty programs, cashback, and rewards for using their services. This incentivized consumers to choose e-wallets over other payment methods, further embedding these digital tools in their daily routines.

Finally, e-wallets also impact consumer behavior by providing financial services to the unbanked or underbanked populations, contributing to achieving the Kingdom’s financial inclusion goals by enabling individuals who previously lacked access to traditional banking to participate in the digital economy, expand their financial capabilities, and improve their quality of life.

Kholoud Hussein 

Saudi Arabia is at the forefront of a digital banking revolution, driven by the rapid adoption of mobile wallets and an ambitious push toward a cashless economy. As part of Vision 2030, the Kingdom is accelerating its transition to digital payments, with mobile wallets playing a pivotal role in reshaping the financial ecosystem. With mobile wallets offering seamless payment solutions, enhanced convenience, and greater financial inclusion, Saudi Arabia is moving closer to its goal of becoming a cashless society by 2025. This article explores the rise of mobile wallets, their impact on the digital banking sector, and their future in transforming the financial landscape of Saudi Arabia.

Saudi Arabia’s Cashless Vision: The Role of Mobile Wallets

In recent years, Saudi Arabia has made significant strides in moving towards a cashless economy, a key pillar of the Vision 2030 strategy aimed at diversifying the Kingdom’s economy. The government, in partnership with financial institutions and fintech companies, has launched several initiatives to reduce reliance on cash and encourage the use of digital payment methods. One of the most significant developments in this journey has been the rise of mobile wallets, which offer consumers a convenient, secure, and efficient payment method.

According to the Saudi Central Bank (SAMA), the percentage of non-cash transactions reached 57% in 2024, up from 36% in 2019. The rapid growth of mobile wallets is a key driver behind this increase. Speaking at the 2024 Financial Sector Conference, SAMA Governor Ayman Al-Sayari highlighted the role of digital wallets, stating, “The adoption of mobile wallets is accelerating our journey towards a cashless economy, providing consumers with seamless access to financial services while enhancing financial inclusion.”

The success of mobile wallets in Saudi Arabia is also evident in the rising number of transactions made through digital platforms. A 2024 report by PwC noted that mobile wallet transactions in the Kingdom increased by 45% year-on-year, with more consumers opting for cashless solutions in their daily financial activities.

Top Mobile Wallets in Saudi Arabia: Leading the Digital Banking Revolution

Several mobile wallet apps spearhead Saudi Arabia’s transition to digital banking, offering a range of services catering to consumers and businesses. Here’s a closer look at some of the top mobile wallets in Saudi Arabia and how they are reshaping the financial landscape:

1. STC Pay: The mobile wallet app launched by Saudi Telecom Company (STC), is one of the most prominent players in Saudi Arabia’s digital banking ecosystem. Since its launch, STC Pay has grown rapidly, becoming the first Saudi fintech unicorn with over 8 million users as of 2024. The platform offers a wide range of services, including peer-to-peer transfers, bill payments, and online shopping, making it a comprehensive solution for digital payments.

In 2024, STC Pay announced a major expansion of its services, introducing international remittances in partnership with Western Union, allowing users to send money abroad seamlessly. Speaking about the company’s vision, Ahmed Al-Enizi, CEO of STC Pay, remarked, “We aim to provide a one-stop solution for all financial needs, from local payments to cross-border transfers. Our goal is to continue expanding our services and reach, making financial services more accessible to everyone.”

STC Pay’s success reflects the broader trend of consumers shifting towards mobile-first banking, where financial transactions can be completed with just a few taps on a smartphone. As more features are integrated into the platform, such as loyalty programs and savings tools, STC Pay is positioned to play a significant role in the future of digital banking in Saudi Arabia.

2. Apple Pay: The wallet has quickly become a popular payment method in Saudi Arabia, offering a secure and easy-to-use platform for making purchases. With its integration into Mada, Saudi Arabia’s national payment network, Apple Pay has gained widespread acceptance at retail outlets, restaurants, and online platforms across the Kingdom.

Apple Pay’s emphasis on security through its use of biometric authentication (Face ID and Touch ID) and tokenization has made it a trusted choice for consumers. A 2024 survey by YouGov revealed that 76% of Saudi users consider Apple Pay one of the most secure mobile payment options available. The ability to store multiple cards and use Apple Pay across various devices—iPhones, Apple Watches, and iPads—has contributed to its popularity.

In terms of expansion, Apple Pay is expected to introduce additional features such as Apple Card, a digital credit card service that could provide users with cashback incentives and better financial management tools. By offering a seamless user experience and integrating additional services, Apple Pay will likely continue to capture a significant share of the mobile wallet market in Saudi Arabia.

3. Mada Pay: The wallet, operated by Saudi Payments, is a homegrown mobile wallet solution that allows users to make contactless payments directly from their smartphones. It is fully integrated with Mada, the Kingdom’s domestic payment network, and supports payments across millions of point-of-sale (POS) terminals in Saudi Arabia.

Since its launch, Mada Pay has become an essential tool for small and medium-sized enterprises (SMEs) and retailers, facilitating quick and secure transactions without the need for physical cards. Fahad Al-Abdulkarim, CEO of Saudi Payments, spoke at Seamless KSA 2024, stating, “Mada Pay’s growth reflects the increasing demand for local, secure, and efficient payment solutions. We are committed to enhancing the platform’s functionality to support more advanced services like micro-loans and SME financing.”

Mada Pay is set to expand its services in the coming years, with plans to integrate financial management tools and budgeting features. This will allow users to track their spending, receive insights into their financial habits, and set savings goals—all within the app. By offering a comprehensive financial solution, Mada Pay aims to become a cornerstone of Saudi Arabia’s digital banking ecosystem.

4. Al Rajhi Wallet: It is one of the largest Islamic banks in the world, and has also made significant strides in digital banking through its Al Rajhi Wallet. The mobile app allows users to conduct a wide range of banking activities, including bill payments, peer-to-peer transfers, and e-commerce transactions.

In 2024, Al Rajhi Wallet introduced new features such as contactless payments through QR codes and e-vouchers, allowing customers to make payments with greater convenience. The wallet also supports Zakat and Sadaqah payments, enabling users to fulfill religious obligations seamlessly. Waleed Al-Mogbel, CEO of Al Rajhi Bank, noted, “Our focus is on providing customers with a comprehensive, Shariah-compliant digital banking experience that meets their financial needs and promotes financial inclusion.”

Looking ahead, Al Rajhi Wallet is expected to expand its offerings to include investment services and personal finance management tools, allowing users to manage their wealth directly from the app.

5. Tamara: While primarily known as a Buy Now, Pay Later (BNPL) platform, Tamara is evolving into a broader digital payments solution for e-commerce transactions. Launched in 2020, Tamara has quickly gained popularity by offering consumers the ability to split payments into interest-free installments, with over 4 million users as of 2024.

At Seamless KSA 2024, Tamara will announce its plans to integrate mobile wallet functionality into its platform, allowing users to store funds, make direct payments, and manage their finances more effectively. Abdulmajeed Alsukhan, CEO of Tamara, emphasized the company’s vision, stating, “We are committed to providing consumers with flexible and innovative payment solutions. Expanding into digital banking services will allow us to offer even greater value to our users, enhancing their shopping and financial experience.”

The Future of Mobile Wallets in Saudi Arabia

The future of mobile wallets in Saudi Arabia looks promising, with these platforms set to expand their offerings and play an even greater role in the Kingdom’s financial ecosystem. As mobile wallets continue to evolve, several trends are expected to shape their development:

1. Integration of Financial Services: Mobile wallets are expected to integrate a wider range of financial services, from loans and credit products to investment options and insurance. This will transform mobile wallets from simple payment tools into comprehensive financial management platforms, allowing users to handle all aspects of their financial lives in one place.

For instance, STC Pay has already begun offering micro-loans to users, and other platforms are expected to follow suit by introducing similar products. By providing access to credit, savings, and investment tools, mobile wallets will empower consumers with greater financial flexibility and security.

2. Expansion of Cross-Border Payments: As Saudi Arabia’s economy becomes more interconnected with the global market, mobile wallets are likely to expand their cross-border payment capabilities. Platforms like STC Pay and Tamara are already offering international remittance services, but the scope of cross-border payments is expected to grow further, providing users with faster, cheaper, and more secure ways to send money abroad.

3. Enhanced Security and Blockchain Integration: With cybersecurity being a growing concern, mobile wallet providers are expected to invest heavily in advanced security features such as blockchain technology, biometric authentication, and AI-driven fraud detection. These measures will enhance the trust and safety of mobile wallets, encouraging more users to adopt digital payment solutions.

Finally, the rise of mobile wallets in Saudi Arabia is not just transforming how people pay for goods and services; it is fundamentally reshaping the country’s entire financial ecosystem. As mobile wallets continue to expand their services, integrating financial products and offering seamless cross-border transactions, they will play an even more significant role in the digital banking landscape. With Vision 2030 as a guiding force, Saudi Arabia’s journey towards becoming a cashless society is well underway, and mobile wallets are at the heart of this transformation.

Kholoud Hussein 

FinTech is playing a transformative role in revolutionizing SME banking in Saudi Arabia, providing small and medium enterprises (SMEs) with innovative solutions that enhance their access to capital, streamline banking services, and promote financial inclusivity. 

As the Kingdom pushes forward with its Vision 2030 initiative to diversify the economy and reduce dependency on oil, fintech innovations are enabling SMEs to grow faster and access financial resources that were once difficult to obtain.

A report by Fintech Saudi in 2024 noted that SMEs account for over 99% of all businesses in Saudi Arabia and contribute significantly to employment and economic growth. However, many SMEs have historically faced challenges in accessing traditional banking services, such as loans and credit. Fintech companies are bridging this gap by providing digital financial solutions that cater specifically to the unique needs of SMEs.

One primary way fintech is transforming SME banking is through digital lending platforms. These platforms utilize AI and big data to assess creditworthiness, enabling SMEs to secure loans with minimal paperwork and faster approval times than traditional banks. Companies like Lendo and Funding Souq are leading the charge in offering invoice financing and peer-to-peer lending, making it easier for businesses to obtain the capital they need to grow.

In addition, payment gateways and digital wallets simplify SMEs' financial transactions. Platforms like STC Pay and HyperPay provide secure and efficient payment solutions, allowing businesses to accept digital payments seamlessly. This is especially important as Saudi Arabia moves closer to becoming a cashless society.

Government-backed initiatives, such as the Saudi Central Bank's (SAMA) Regulatory Sandbox, are also helping fintech companies develop innovative SME banking solutions in a controlled environment. 

In conclusion, fintech is empowering SMEs in Saudi Arabia by offering accessible, tech-driven financial services, positioning them as a key driver of the country’s economic diversification efforts under Vision 2030.

Noha Gad

The process of launching a new startup is energized by ambition, creativity, and passion, however, these alone are not enough to achieve long-term success. In an increasingly competitive and volatile economic landscape, market research is crucial to building a robust foundation for your startup. It’s not just a step in the process, it’s the cornerstone upon which every strategic decision should be based. 

Market research is the process of examining customer behavior and trends in the economy to help a startup develop and fine-tune its business idea and strategy. It evaluates the viability of a new service or product through research conducted directly with potential customers.

You have to conduct in-depth market research before launching your startup or introducing new products to determine their appeal to potential customers. 

Extensive market research helps you:

•   Understand market demand. Detailed market research provides critical data to confirm whether there is sufficient demand for your product or service. Understanding this demand helps prevent the common mistake of overestimating the market size, which can lead to overproduction, excess inventory, and wasted resources.
• Identify and learn from competitors. Market research enables startups to identify competitors and understand their strengths, weaknesses, pricing strategies, and market positioning. This could help you differentiate your product and determine your unique value proposition.
•  Determine target audience: By determining your target demographic, you ensure that your product resonates with the right audience. Knowing the demographic specifics of your potential customers, such as age, income level, location, and buying habits, allows you to design your messaging and marketing efforts for maximum impact.
• Mitigate risks. Effective market research can significantly mitigate the risks of launching your startup by providing actionable insights, identifying economic downturns, and understanding regulatory hurdles. Market research empowers startups to avoid or minimize losses by anticipating market shifts and consumer behavior.
• Maximize revenues. Carrying out pricing research, whether through surveys, focus groups, or competitor analysis, helps startups establish a price that meets both customer expectations and business profitability goals.
• Gain investors' confidence. Startups with a clear understanding of their market always attract investors. Market research demonstrates that you have a data-driven approach, and reduces perceived risk for potential investors. Market research provides evidence that there is a demand for your product, that you’ve identified your target audience, and that you have a competitive edge.
• Adapt to market changes. Startups that continue to invest in market research are better equipped to adapt, pivot, or scale when necessary. Consumer preferences shift, new competitors emerge, and technological advances can change the landscape overnight. Thus, ongoing market research is necessary to stay agile in a dynamic market.

Finally, market research is an essential component of strategic decision-making as it allows startups to allocate resources efficiently, minimize risks, and maximize revenues. Investing in market research before launching your startup helps you hit the ground running with a clear sense of purpose, direction, and competitive advantage.

Kholoud Hussein 

Saudi Arabia’s tech startup scene is experiencing rapid growth, driven by ambitious government initiatives, increasing venture capital investment, and a supportive entrepreneurial ecosystem. The Vision 2030 initiative, which seeks to diversify the Kingdom’s economy away from oil, has been a key catalyst in this transformation, positioning Saudi Arabia as a hub for artificial intelligence (AI), blockchain, and other cutting-edge technologies.

AI: Transforming Industries

AI is one of the most promising sectors within Saudi Arabia's tech startup ecosystem. With applications ranging from healthcare and financial services to retail and transportation, AI is revolutionizing how businesses operate and serve customers.

The Saudi Data and Artificial Intelligence Authority (SDAIA) was established to promote the development of AI in the Kingdom. This has led to increased government and private sector investment in AI startups, with a particular focus on machine learning, data analytics, and robotics. One standout is Mozn, a Saudi startup leveraging AI to provide data-driven solutions for sectors such as banking and cybersecurity. Mozn’s AI-powered tools help organizations automate decision-making processes, enhance efficiency, and reduce risk.

With AI increasingly integrated into both the public and private sectors, Saudi Arabia aims to be a global leader in AI by 2030. This commitment is reflected in the Global AI Summit held in Riyadh, which attracts international AI experts and investors, further solidifying Saudi Arabia’s growing influence in the AI space.

Blockchain: Enhancing Trust and Transparency

Blockchain technology is another area where Saudi startups are making strides. The Saudi Arabian Monetary Authority (SAMA) has been experimenting with blockchain for financial transactions, and several Saudi startups are exploring blockchain applications beyond finance, including supply chain management, real estate, and digital identity verification.

One notable startup in this space is Elevatus, which uses blockchain to secure digital credentials and facilitate talent recruitment. Blockchain’s inherent transparency and immutability are particularly useful for industries requiring high levels of trust and accuracy, and Saudi startups are tapping into this potential to create innovative solutions that can be scaled globally.

The Kingdom’s interest in blockchain is also evident in the National Blockchain Strategy, which aims to position Saudi Arabia as a leader in blockchain research, development, and deployment across various sectors.

Beyond: The Next Frontier for Saudi Startups

While AI and blockchain are leading the charge, other emerging technologies are also gaining traction in the Saudi startup ecosystem. FinTech, cloud computing, cybersecurity, and Internet of Things (IoT) are experiencing significant growth, with startups exploring innovative ways to address challenges in these areas.

Government-backed initiatives such as STC Pay and Tamara have set the stage for the rapid expansion of FinTech startups in the Kingdom. Meanwhile, cybersecurity is a critical concern as the nation digitizes its economy, and startups offering advanced security solutions are seeing increased demand.

In conclusion, Saudi Arabia’s tech startup scene is evolving rapidly, with AI, blockchain, and other advanced technologies at the forefront. Supported by government initiatives, increasing venture capital, and a growing pool of tech talent, Saudi startups are well-positioned to lead the region in innovation. As the Kingdom continues its journey toward economic diversification, its thriving tech ecosystem will play a pivotal role in shaping the future of the digital economy in the Middle East and beyond.

Kholoud Hussein 

Starting a business in Saudi Arabia offers vast opportunities, especially with the country’s rapid economic transformation under Vision 2030. As part of this plan, the Kingdom has made significant strides to encourage entrepreneurship, making it easier for startups to launch and grow. However, navigating the regulatory environment can still be challenging for startups, especially for those unfamiliar with local business practices and legal frameworks. Here’s what startups need to know about regulations in Saudi Arabia.

Business Registration and Legal Structures

The first step in launching a startup in Saudi Arabia is choosing the right legal structure. Options include a limited liability company (LLC), joint stock company (JSC), or a branch of a foreign company. LLCs are the most popular among startups, offering flexibility and limited liability to the shareholders.

The Ministry of Commerce and Investment (MCI) handles the registration process, and startups must ensure compliance with Saudi Arabia's Foreign Investment Law if they are foreign-owned. The Saudi Arabian General Investment Authority (SAGIA) oversees foreign investment and offers guidance to international startups on obtaining the necessary licenses and approvals.

Intellectual Property Protection

For startups focused on technology and innovation, intellectual property (IP) protection is crucial. Saudi Arabia has modernized its IP laws in recent years, and startups can register patents, trademarks, and copyrights with the Saudi Authority for Intellectual Property (SAIP). Having clear IP rights helps startups safeguard their innovations and avoid disputes.

Labor Laws and Saudization

Hiring employees in Saudi Arabia requires an understanding of local labor laws and regulations. The Kingdom has implemented the Nitaqat program, which mandates that companies employ a certain percentage of Saudi nationals, depending on the size and industry of the company. Compliance with Saudization is essential for startups to avoid penalties and remain eligible for certain government incentives.

Startups must also comply with Saudi Arabia’s Labor Law, which governs employee contracts, working hours, and benefits, ensuring that employees are treated fairly and their rights are protected.

Taxation and Zakat

Saudi Arabia has no personal income tax, but businesses, including startups, must pay corporate tax or Zakat, depending on ownership. Saudi-owned businesses are subject to Zakat, which is 2.5% of their assessable income. Foreign-owned businesses are subject to corporate income tax, which is set at 20%. Startups also need to account for Value Added Tax (VAT), currently set at 15%, applicable on most goods and services.

Compliance with Regulatory Authorities

Startups in sectors such as FinTech, e-commerce, or healthcare need to ensure they meet the specific requirements of their respective regulatory bodies. For instance, FinTech startups must comply with the Saudi Arabian Monetary Authority (SAMA) regulations, while e-commerce businesses need to follow E-commerce Law guidelines. It's important for startups to work closely with these regulatory bodies to stay compliant.

Finally, navigating Saudi Arabia’s regulatory environment may seem complex, but the Kingdom has made significant efforts to simplify business regulations and encourage entrepreneurship. By understanding the local legal structures, compliance requirements, and sector-specific regulations, startups can effectively launch and scale in one of the Middle East’s most promising markets. Whether you are a local entrepreneur or an international startup entering Saudi Arabia, staying informed about the regulatory environment is key to long-term success.