Global payments company Mastercard and Fintech Saudi have joined forces to enhance the fintech landscape in the Kingdom of Saudi Arabia. This collaboration represents a significant step forward in the evolution of Saudi fintech, combining expertise and resources to foster innovation and growth within the industry.
Fintech Saudi launched by the Saudi Central Bank (SAMA) and the Capital Market Authority (CMA) in 2018 with the primary objective to promote and support the growth of the fintech industry in the Kingdom,
Mastercard and Fintech Saudi signed a memorandum of understanding during Seamless Saudi Arabia 2023 to advance the growth and development of the Saudi Arabia fintech industry.
At its core, the partnership aspires to foster a culture of collaboration within Saudi Arabia’s rapidly expanding fintech landscape. By expediting the digital transformation process, this strategic alliance also empowers both local and Saudi-based entities to expedite their market entry, thereby contributing to the accelerated development of the fintech sector.
In line with the strategic goals outlined in Saudi Arabia’s Vision 2030 as well as the nation’s ongoing commitment to fostering a thriving SME sector, the duo aim to create an enabling ecosystem that will nurture the burgeoning fintech community in the Kingdom.
Drawing upon Mastercard’s wealth of expertise, advisory services as well as innovative solutions, fintech companies across the country will receive comprehensive support aimed at facilitating their growth and capitalising on emerging opportunities.
Nezar A. Alhaidar, managing director of Fintech Saudi, said: “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. Together, we will foster innovation, expertise and resources needed to foster financial growth and economic prosperity.”
While Adam Jones, country general manager, MENA Central, Mastercard, said the partnership with Fintech Saudi enables it “to better support new and established startups by delivering secure, innovative, and diverse payment solutions and digital services.”
According to the Fintech Saudi 21/22 Annual Report, there are currently 147 active fintechs in the Kingdom up from active 82 fintechs (a 79 per cent increase) in 2021. The partnership aims to build on its work to support 525 fintech startups in the Kingdom by 2030.