Alinma Bank signs FinTech partnership with FOODICS

By Leandra Monteiro

Alinma Bank, one of Saudi Arabia’s largest financial institutions for digital payments, has announced that it has signed a strategic FinTech partnership with FOODICS, a cloud-based technology and payments platform for restaurants in the MENA region.

The partnership, combining Alinma’s FinTech offering and FOODICS’ tech ecosystem, is set to specifically benefit Small Business Owners and Micro-Businesses in the Kingdom.

This announcement comes in direct support of Saudi Arabia’s goal to raise the contribution of SMBs to the economy, and its launch of several accelerator programs. A key driver of economic development and diversification, SMB’s strength rests on their ability to stay lean, and to adapt to changing consumer behavior and market conditions.

Abdullah AlKhalifa, Alinma Bank CEO said, “We have always strived to support the SMB sector as it is a major contributor to the economy. Today, we are delighted to be joining forces with the leading cloud-based technology and payments platform FOODICS to further enable business owners to accelerate their development on all fronts. Our technological capabilities, branch network, remote channels, and product and service innovation are one of the most advanced, and we look forward to further expanding this leadership together with the FOODICS team for the benefits of our customers and the sector at large.”

Under this partnership, the two brands have come together to launch new products to enable small business owners to have full autonomy over their business decisions, allowing them to sell from anywhere at any time and accept payments on the go. This will allow them to maximize their sales and their productivity, while keeping track of their sales figures, inventory and customers

Ahmad Al Zaini, FOODICS’ CEO and co-founder said, “We are proud to be partnering with Alinma Bank, one of the largest financial institutions in the Kingdom, as well as holder of one of the most advanced banking infrastructures in Saudi Arabia. This strategic alliance will empower SMB and Micro-Business owners as well as the entire ecosystem. It will enable both FOODICS and Alinma Bank SMB customers to be more agile, by digitizing onboarding, giving them better rates as well as enabling daily settlements of customer payments twice a day, which will be a huge advantage to SMB owners, given that cash flow is so critical for their growth and sustainability.”