Riyadh – Mubasher: Fintech Saudi has collaborated with Mastercard through the signing of a memorandum of understanding (MoU) to accelerate the growth and development of the fintech industry in Saudi Arabia.
The announcement, which was made during the two-day event Seamless Saudi Arabia 2023, signals an additional path towards powering the Kingdom’s inclusive digital economy as well as advancing entrepreneurship, according to a press release.
Managing Director at Fintech Saudi Nezar Alhaidar, said: “Our strategic cooperation with Mastercard reiterates our commitment to fostering innovation and expansion in the fintech industry.”
Alhaidar elaborated: “We can help fintech companies to develop innovative payment methods and digital services that enhance the rapidly expanding sector in the Kingdom by utilising Mastercard's knowledge and network.”
Fintech Saudi’s official concluded that teaming up with Mastercard will enable fostering the innovation, expertise, and resources needed to cater for financial growth and economic prosperity in Saudi Arabia.
The partnership with Fintech Saudi, which was launched by the Saudi Central Bank (SAMA) and the Capital Market Authority (CMA), will allow the entity to build on its work to support 525 fintech startups across the Kingdom by 2030.
Mastercard’s Country General Manager, MENA Central, Adam Jones, said: “Fast becoming a global hub of tech and SME innovation, Saudi Arabia is successfully building a vibrant fintech ecosystem, with Vision 2030 and the Kingdom’s commitment to developing a cashless economy serving as the foundation of this success.”
Jones added: “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.”
He confirmed that the 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.”
Ahead of the exhibition that was held in Riyadh during 4-5 September, Fintech Saudi penned MoU with Seamless Saudi Arabia to forge and endorse a strategic partnership to enhance the event. It is worth noting that Mubasher was a media partner at Seamless Saudi Arabia this year.
