Mastercard has partnered with Fintech Saudi in a bid to develop and grow the FinTech industry in Saudi Arabia.
Fintech Saudi was launched by the Saudi Central Bank in partnership with the Capital Market Authority in April 2018 to help boost development of financial services technology in the country.
The organisation says it aims to support 525 FinTech start-ups in the country by 2023.
The new partnership will enable FinTechs to scale and grow their businesses as well as take advantage of opportunities to collaborate with other companies, said Mastercard.
The payments processor added that the partnership will “speed up the country’s digital transformation” and help Saudi companies go to market faster.
According to a report by Fintech Saudi, there are currently 147 active FinTechs in Saudi Arabia, a 79 per cent increase from 2021.
“As a global technology company in the payments industry, we pride ourselves on working closely with our private and public sector partners to transform the FinTech space in Saudi Arabia,” said Adam Jones, country general manager, MENA central, Mastercard. “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.”
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