Riyadh – Mubasher: Network International plans to reach 13 clients in the financial sector and obtain a licence from the Saudi Central Bank (SAMA) to provide payment services.
Abdulaziz Al Dahmash, the Managing Director and CEO of Network International KSA, made the remarks during an interview with Mubasher on the sidelines of the Seamless Saudi Arabia 2023 conference.
During the activities of the two-day event, which was held in Riyadh on 4 September, Network partnered with J.P. Morgan Payments to enhance the bank’s acquiring offering.
Al Dahmash highlighted that the strategic partnership contributes to bolstering the payment services sector in the region, especially the Saudi market.
Network and J.P. Morgan will join forces to help stores and large companies provide new and advanced financial services that enable them to enter regional markets, particularly Saudi Arabia.
The payments and e-commerce sector recently witnessed a leap in the Saudi market, recording over 60% year-on-year (YoY) surge during fiscal year (FY) 2021/2022, Al Dahmash noted. With a value exceeding SAR 122 billion, the segment is considered one of the fastest-growing sectors in the region.
Moreover, the CEO indicated that Network secures risk management and anti-fraud services using the latest technologies, including artificial intelligence (AI), and developing Saudi human resources.
He elaborated that Network works with two main categories including banks and fintech firms, pointing out that the company currently has nine clients in the sector.
As for the second category, Al Dahmash stated that they target shops and government sectors, as the company provides them with suitable services, such as risk management, as well as developed solutions for accepting cards and processing cards automatically.
Finally, the Managing Director outlined Network’s objectives to upgrade the digital payments system in the Middle East and expand its reach across the region.