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Singapore’s PayerMax to establish regional HQ in Saudi Arabia

Singapore’s PayerMax to establish regional HQ in Saudi Arabia
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Riyadh – Mubasher: PayerMax, a global payment solutions provider headquartered in Singapore, decided to expand its regional presence through Saudi Arabia and took part in the Regional Headquarters Program (RHQ) established by the Ministry of Investment.

The company has obtained the Saudi RHQ licence in June 2024 and will be establishing its regional HQ in Riyadh, according to a press release.

Co-Founder of PayerMax, Wang Hu, said: "We are thrilled to establish our RHQ in Saudi Arabia, which signifies a strategic move to strengthen our presence in the region and demonstrates our long-term dedication to Saudi Arabia and the surrounding region."

PayerMax is already present in the region with offices in the UAE and Bahrain. The Asian company also operates in Mexico and Brazil, as well as China, Thailand, Indonesia, Philippines, and Malaysia.

The Co-Founder noted: "Our expansion into KSA, accompanied by an enhanced payment infrastructure, will continue to attract prominent global companies, particularly Asia-originated digital players in the gaming, e-commerce, social media sectors and more. This collective effort will further save our clients considerable cross-border transaction fees by providing them with one simple, safe, high-trust, and transparent payment interface."

The latest expansion step by the company comes in line with the Saudi Vision 2030 as it promotes financial inclusion, supports economic diversification, and enhances user experiences through digital payments.

PayerMax noted that it plans to contribute to Saudi Arabia’s goals that are related to financial inclusion, economic diversification, and job creation.

The General Supervisor of RHQ, Alhassan Hamideldin, indicated that PayerMax is the very first Asian fintech company to expand its footprint in the Saudi Arabia by establishing the regional HQ in the Kingdom.

The RHQ programme is a joint initiative by the Ministry of Investment and the Royal Commission for Riyadh City, with an objective of enabling and facilitating the ambitious growth plans of participating organisations in the region.

PayerMax concluded that it plans to play a key role in shaping the future of the Saudi fintech sector while developing its operations through its RHQ in Riyadh. Meanwhile, the company's entry into Saudi Arabia and the MENA region would support the rapidly growing digital market in MENA and entire Africa, and therefore, it will unlock borderless growth opportunities.

It is worth noting that several regional and international companies from different sectors have chosen Saudi Arabia to establish their regional head offices, including the global leader in digital transformation and energy management and energy efficiency Schneider Electric as well as multinational digital communications technology conglomerate corporation Cisco. This is in addition to the leading provider of global hybrid cloud, AI, and consulting expertise IBM and Aramex, the logistics and transportation solution provider.