Mastercard and Fintech Saudi have announced that they have signed a Memorandum of Understanding (MoU) to advance the growth and development of the Saudi Arabian FinTech industry.
The revelation marks another marks another step towards powering an inclusive digital economy and advancing entrepreneurship in the Saudi Arabia, in line with the Kingdom’s Vision 2030 objectives.
Utilising Mastercard’s expertise, advisory and solutions, FinTechs across the country will be supported to scale and grow their businesses, taking advantage of new opportunities.
Adam Jones, Country General Manager, MENA Central, Mastercard, said: “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.
“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.
“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.”
It I believed that the partnership will go along way to support the rapidly growing market across the country. This was on full display last year, as FinTech deal activity in Saudi Arabia disregarded global trends, increasing 19% YoY.
Nezar A. Alhaidar, Managing Director Fintech Saudi, said: “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 utilising Mastercard’s knowledge and network.
“In line with the Kingdom’s Vision 2030, our partnership with Mastercard is another milestone that recognises the immense potential of Saudi Arabia’s FinTech industry.
“Together, we will foster innovation, expertise and resources needed to foster financial growth and economic prosperity.”
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