back Back

FOO to provide FinTech solutions in the Kingdom of Saudi Arabia

By Leandra Monteiro

May 25, 2022

  • Collaboration
  • Customer Experience
  • Digital Transformation
Share

FOOFOO is a B2B FinTech solutions provider in the MENA region, which has begun to expand operations into the Kingdom of Saudi Arabia to support digital transformation efforts sweeping across the nation.

Currently, the Kingdom of Saudi Arabia is avidly driving digital transformation across sectors to improve business models, reduce operational inefficiencies and enhance customer experience. One sector, in particular, that is quickly adopting means of digital transformation is the financial sector, with the Central Bank having recently licensed its third digital bank in KSA. FOO builds solutions in-house using a modular platform consisting of micro-services to provide personalised products that empower digital transformation.

FOO works with banks, FinTech companies, and retailers across the MENA region to provide digital products that enhance business models and customer experience. Key products include solutions for remittances, digital wallets, tokenized transactions, fully automated micro-lending and BNPL.

FOO will expand operations into KSA by setting up offices in Riyadh as a foreign investment company. FOO will focus on providing solutions for digital banks, central bank digital currency based on blockchain, virtual card issuance and tokenization and merchant acceptance platforms, all enabled using our EKYC solutions. This targets a variety of sectors such as financial, telecommunications and retail.

With its expansion into KSA, FOO aims to enable companies to embrace digital transformation by creating intellectual property and enhancing digital know-how to ultimately help them shape and improve user experiences.

Ghady Rayess, Managing Director at FOO, commented, “Saudi Arabia has an extremely high market opportunity for financial disruption with 51% of the population under the age of 25. As digital transformation rapidly becomes a national priority, there is a great opportunity for Fintech companies to deliver embedded finance and transform the end-user experience across sectors. The key is understanding how businesses can integrate financial services within the fabric of their digital experience. At FOO, we are well placed to support businesses achieve this goal with agile and personalized digital solutions.”

Previous Article

May 25, 2022

3 Brazilian FinTechs revolutionising the financial sector

Read More
Next Article

May 25, 2022

Verto launches B2B multi-currency Global Account solutions

Read More







Advertise with us



IBSi Daily News Analysis

financial organisation, Big data

July 05, 2022

Collaboration

Here’s why web scraping will become huge for FS next year

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 05, 2022

Powering next-generation BNPL through Installments-as-a-Service: Interview with Nandan Seth, CEO, Splitit

Read More

July 05, 2022

Revolut Business launches Revolut Reader, its first hardware device

Read More

July 05, 2022

ACLEDA Bank selects FSS to strengthen its merchant operations

Read More

Related Reports

Sales League Table Report 2022

£ 1,500.00 / year

Know More
Global Digital Banking Vendor and Landscape Report Q1 2022

£ 1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q1 2022

£ 1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q1 2022

£ 1,500.00 / year

Know More
Treasury and Capital Markets Systems Report 2021

£ 1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022