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Mastercard and SiFi team to empower businesses in Saudi Arabia

By Delisha Fernandes

October 17, 2023

  • accounting
  • B2B Payments
  • B2C payment

Mastercard, One GlobalMastercard has signed an agreement with Alhulul Almobassatah Financial Company (SiFi) to empower small and medium-sized enterprises (SMEs) in Saudi Arabia with a range of innovative offerings.

The agreement brings Mastercard, a technology company in the global payments sector together with SiFi, a Saudi-based FinTech that simplifies how businesses manage spend to provide greater access to novel financial solutions: offerings designed to overcome challenges in controlling spend, managing expense reports, and accessing analytics to save money.

“Mastercard is a key partner for SiFi. As a reputable player in the payment technology field, Mastercard’s expertise and flexibility helps us adapt to our evolving needs and improve our service to customers. With their support, we can better understand and address our customers’ expectations,” said H.E. Ahmed Alhakbani, Founder and CEO of SiFi.

Mastercard’s agreement with SiFi marks the step taken by the technology company to empower the Kingdom’s burgeoning FinTech community and transform Saudi entrepreneurship. Utilizing Mastercard’s expertise, ecosystem, network, and resources, SiFi will have the ability to issue corporate cards with ease to SMEs and enterprises across the Kingdom, enabling them to meet the demands of a rapidly evolving global economy.

Adam Jones, Country General Manager, MENA Central, Mastercard, said, “As Saudi Arabia’s SME space continues to grow, it is our responsibility to effect more positive change, serving as the partner of choice to fuel that growth. At Mastercard, we are committed to working closely with partners to co-create solutions and offer access to our technology and expertise. Our agreement with SiFi is fully geared towards achieving this goal.”

The exclusive agreement will support more SMEs around the country, with SiFi issuing commercial cards to employees, providing real-time expense tracking capabilities, and automating accounting entries. By enabling more businesses to streamline operations, the partnership will help to save time and money, while improving compliance and visibility into spending.

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