India’s FSS to expand market footprint in Saudi Arabia

By Edil Corneille

Today, India’s FSS (Financial Software and Systems), a global payments technology company, announced its commitment to support the strengthening of banks’ digital payment capabilities in the Kingdom of Saudi Arabia (KSA). KSA has set a target to achieve 70 per cent non-cash transactions by 2030, thereby opening promising revenue opportunities for established banks as well as FinTech players.

FSS, with its digital assets on the issuance and the acquiring side, has mentioned that it is committed to helping tier 1 banks and processors in Saudi Arabia to accelerate digital transformation initiatives aligned around Vision 2030.

“To deepen digital payments in KSA, it is important for each payment ecosystem player to understand the potential and determine its unique winning approach. That is where FSS as a processor as well as an enterprise-grade payments technology company can make a monumental difference to KSA’s payment vision. We are making significant investments to bring innovative digital payment solutions tailored to the needs of the KSA market as well as building a strong network of local partners to strengthen our delivery and support capabilities in the country,” stated Krishnan Srinivasan, Global Chief Revenue Officer, FSS.

FSS is said to have established a strong presence in the payment technology supplier market in the GCC, and its solutions are used by over 40 banks in the region. In KSA, the company currently works with acquirers and has signed deals with in-country channel partners to strengthen its go-to-market strategy.

FSS is ready to support the shift from siloed product-centric banking to omni-channel, API-driven banking models, thereby enabling banks to deepen customer engagement and curate new value pools by collaborating with FinTechs. The company will offer merchants a unified platform for processing e-commerce and in-store transactions.

The rise of real-time transaction rails and modernisation of existing platforms and systems as ‘in-flight’ changes are made to accommodate the need for speed will be supported by FSS. The Chennai-based company will help leverage big data with a focus on best-practice analytics to manage risk and cost and support enhanced business performance. The increased need for a frictionless payment experience whilst meeting increased pressure for risk-free, fully secure transactions between multiple and diverse parties will also be undertaken by FSS.