Riyadh - Sharikat Mubasher: Singaporean fintech platform Ryalize plans to expand its presence in Saudi Arabia to provide affordable and agile solutions for banks and financial institutions in the Kingdom, Founder and Managing Director Khalid Al-Shakrani revealed.

The main goal of Ryalize is to provide individuals with enhanced access to liquidity, eliminating the need for “predatory lending” practices, Al-Shakrani said in an interview with Arab News.

He added that the company signed a memorandum of understanding (MoU) with Menaitech, a provider of human resources management system solutions, to accelerate the adoption and integration of Ryalize’s Earned Wage Access solution.

The Earned Wage Access solution allows individuals seamless access to their earned wages before payday.

“Numerous individuals across diverse communities lack the resources and tools for a financially secure future. While financial services are prevalent, banks often fall short in delivering micro or short-term lending solutions, which we believe are essential,” Al-Shakrani said.

 Al-Shakrani further noted that the company plans to explore more opportunities to cooperate with the Saudi government.

“The current fintech market in Saudi Arabia is highly attractive, characterized by substantial growth opportunities. Ryalize aims to position itself uniquely within this dynamic landscape by offering a groundbreaking financial wellness solution that stands unparalleled in the Saudi market,” the official added.

Ryalize, founded in 2019, partners with banks and other financial institutions to cater to the needs of corporate and retail customers by providing cost-effective financial solutions.