Mastercard & Fintech Saudi partner to accelerate digital transformation

By Delisha Fernandes

Mastercard and Fintech Saudi have signed a memorandum of understanding during Seamless Saudi Arabia 2023 to advance the growth and development of the Saudi Arabia FinTech industry.

In line with Saudi Arabia’s Vision 2030 objectives and ongoing efforts to create a thriving Small and Midsize Enterprise (SME) sector, the partnership has been launched to create an enabling environment for the Kingdom’s burgeoning FinTech community to grow and fulfil its potential.

“Our strategic cooperation with Mastercard reiterates our commitment to fostering innovation and expansion in the FinTech industry. We can help FinTech companies to develop innovative payment methods and digital services that enhance the rapidly expanding sector in the Kingdom by utilizing Mastercard’s knowledge and network. In line with the Kingdom’s Vision 2030, our partnership with Mastercard is another milestone that recognizes the immense potential of Saudi Arabia’s FinTech industry.” said Nezar A. Alhaidar – Managing Director, Fintech Saudi

Utilizing Mastercard’s expertise, advisory and solutions, FinTechs across the country will be supported to scale and grow their businesses, taking advantage of new opportunities. Ultimately, the Mastercard and Fintech Saudi partnership aims to facilitate meaningful collaboration and bolster the Kingdom’s rapidly growing FinTech space by accelerating its digital transformation and empowering homegrown and Saudi-based entities to go to market faster.

“Fast becoming a global hub of tech and SME innovation, Saudi Arabia is successfully building a vibrant Fintech ecosystem, with Vision 2030 and the Kingdom’s commitment to developing a cashless economy serving as the foundation of this success. Our partnership with Fintech Saudi aligns with this goal and will enable us to better support new and established startups by delivering secure, innovative, and diverse payment solutions and digital services,” said Adam Jones, Country General Manager, MENA Central, Mastercard