Riyadh - Sharikat Mubasher: Fintech Saudi, the financial services provider, signed a memorandum of understanding (MoU) with the payment-processing corporation, Mastercard, to accelerate the digital transformation of Saudi fintech industry, Fintech Saudi announced in a press release.
The MoU was signed on the sidelines of Seamless Saudi Arabia 2023 that took place in Riyadh on 4 and 5 September.
The partnership aims at creating an enabling environment for the Kingdom’s fintech community to grow and fulfil its potential.
As per the deal, Mastercard will utilize its expertise, advisory, and solutions to support fintech companies across the Kingdom to grow their businesses, taking advantage of new opportunities.
The statement pointed out that the joint agreement comes in line with Saudi Arabia’s Vision 2030 goals to create a thriving small and medium-sized enterprises (SME) sector.
The Managing Director of Fintech Saudi, Nezar Alhaidar, said: “Our strategic cooperation with Mastercard reiterates our commitment to fostering innovation and expansion in the fintech industry. We can help fintech companies to develop innovative payment methods and digital services that enhance the rapidly expanding sector in the Kingdom by utilizing Mastercard's knowledge and network.”
“In line with the Kingdom's Vision 2030, our partnership with Mastercard is another milestone that recognizes the immense potential of Saudi Arabia's fintech industry. Together, we will foster innovation, expertise and resources needed to foster financial growth and economic prosperity,” Alhaidar added.
Meanwhile, Adam Jones, the Country General Manager for MENA Central at Mastercard, stated: “As a global technology company in the payments industry, we pride ourselves on working closely with our private and public sector partners to transform the fintech space in Saudi Arabia.”
Jones elaborated: “Our partnership with Fintech Saudi aligns with this goal and will enable us to better support new and established startups by delivering secure, innovative, and diverse payment solutions and digital services.”
