Mastercard and Fintech Saudi have signed a memorandum of understanding (MoU) during Seamless Saudi Arabia 2023 to support the growth and development of the fintech industry in Saudi Arabia. This partnership aims to create an enabling environment for the flourishing fintech community in the country to realize its full potential.
Aligned with Saudi Arabia’s Vision 2030 objectives and its ongoing efforts to foster a thriving Small and Midsize Enterprise (SME) sector, the collaboration will provide fintechs across the country with Mastercard’s expertise, advice, and solutions to scale and expand their businesses, seizing new opportunities.
Ultimately, the goal of the partnership between Mastercard and Fintech Saudi is to facilitate collaboration and strengthen Saudi Arabia’s rapidly growing fintech space by accelerating its digital transformation and enabling local entities to enter the market more quickly.
According to Nezar A. Alhaidar, Managing Director of Fintech Saudi, the strategic cooperation with Mastercard reaffirms their commitment to promoting innovation and expansion in the fintech industry. Alhaidar believes that by leveraging Mastercard’s knowledge and network, fintech companies can develop innovative payment methods and digital services that enhance the rapidly growing sector in the Kingdom. This partnership is a significant milestone in recognizing the immense potential of Saudi Arabia’s fintech industry and will foster innovation, expertise, and resources needed for financial growth and economic prosperity.
Adam Jones, Country General Manager for MENA Central at Mastercard, highlights Saudi Arabia’s progress in building a vibrant fintech ecosystem and becoming a global hub for tech and SME innovation. He emphasizes that Mastercard, as a leading technology company in the payments industry, is committed to working closely with private and public sector partners to transform the fintech space in Saudi Arabia. This partnership with Fintech Saudi will allow Mastercard to better support startups by delivering secure, innovative, and diverse payment solutions and digital services, in line with the vision and values of the company.
The MoU reinforces Fintech Saudi’s dedication to serving as a catalyst for the development of the fintech industry in the Kingdom. With the support of Mastercard, Fintech Saudi aims to further enhance its efforts in supporting 525 fintech startups in Saudi Arabia by 2030.
According to the Fintech Saudi 21/22 Annual Report, there are currently 147 active fintechs in Saudi Arabia, a 79% increase from the previous year. With the partnership with Mastercard, Fintech Saudi aims to create more financial growth and economic prosperity by empowering the development and long-term success of additional Saudi startups.
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