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.”
Latest News
-
Government plans new tools to help FinTechs navigate complex regulation
-
Paxos launches dollar stablecoin in the EU
-
MiniPay and Noah launch global-to-local stablecoin payments
-
Chesnara acquires HSBC Life UK for £260m
-
Santander to acquire TSB for £2.65bn in strategic UK expansion
-
Bitget Wallet and Mastercard to launch zero-fee crypto card
Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.
Beyond compliance: Transforming document management into a strategic advantage for financial institutions
In this exclusive fireside chat, John Rockliffe, Pre-Sales Manager at d.velop, discusses the findings of Adapting to a Digital-Native World: Financial Services Document Management Beyond 2025 and explores how FSIs can turn document workflows into a competitive advantage.
Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.
Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories