Mastercard, a global leader in payment solutions, has joined forces with Loop, a pioneering digital payments technology firm licensed by the SAMA.
This collaboration aims to empower both businesses and consumers within the Kingdom of Saudi Arabia by providing advanced credit card offerings and innovative payment solutions.
The essence of this partnership lies in its commitment to drive financial inclusion across Saudi Arabia. Through leveraging Mastercard’s cutting-edge technology and expertise, Loop is set to expand its portfolio and enhance its suite of products and services. An exclusive issuing agreement has been signed between the two, enabling the issuance of BIN ranges. This move is anticipated to benefit consumers, merchants, and FinTech companies throughout the Kingdom by offering them access to groundbreaking payment solutions.
Mastercard is renowned for its extensive array of payment technologies and services that cater to a global audience, enhancing transactional efficiency and security. Meanwhile, Loop has established itself as a key player within the Saudi digital payments landscape, licensed and regulated by SAMA, focusing on creating accessible and user-friendly payment options.
This partnership aligns perfectly with Saudi Arabia’s Vision 2030, aiming to transform the country’s digital economy and promote FinTech enablement on a broader scale. Additionally, it underscores both companies’ dedication to strengthening the Saudi FinTech ecosystem. Together, they plan to roll out a series of innovative offerings targeted at the Kingdom’s burgeoning SME and FinTech sectors, addressing the needs of a globally competitive economy.
The collaboration has received commendations from leaders of both companies. “We believe financial inclusion is vital to powering social and economic reform in Saudi Arabia. Our goal is to play a leading role in effecting this positive change by pioneering financial solutions that empower our customers to accomplish their goals. Partnering with Mastercard and leveraging the company’s technology will enable us to do that and more, contributing to the Kingdom’s prosperity,” Ali AlObaid, CEO of Loop, remarked.
Adam Jones, Country General Manager, MENA Central at Mastercard, also shared his insights, “Today, technology and innovation are the bedrocks of sustained success; particularly with businesses and financial institutions around the world being confronted with new and unprecedented challenges. We work to empower our clients and partners with the tools to meet their targets and accomplish their goals. We aim to enable Loop to do just that, catering to the needs of Saudi businesses and consumers with an innovative range of payment solutions.”
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
