Mastercard, Fintech Saudi Join Forces To Ramp Up Saudi's Fintech Industry

Mastercard Inc MA signed a memorandum of understanding with Fintech Saudi at the Seamless Saudi Arabia 2023 event in Riyadh (Sept. 4–5).

The event focused on the latest innovations in payments, fintech, retail, e-commerce, home delivery, and digital marketing.

The agreement comes after Microsoft Corp's MSFT partnership with Abu Dhabi-based artificial intelligence (AI) company G42 to accelerate UAE’s digital transformation.

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With the Mastercard agreement, the kingdom marks a step toward powering an inclusive digital economy and advancing entrepreneurship in Saudi Arabia. It will steer up the confidence of the already growing fintech space and push homegrown and Saudi-based entities to go to the market faster. Saudi Arabia’s Vision 2030 intends to develop a flourishing Small and Midsize Enterprise (SME) sector.

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“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,” Fintech Saudi’s managing director Nezar A. Alhaidar commented.

Fintech Saudi, a joint launch by Saudi Central Bank and the Capital Market Authority, is currently building on its work to support 525 fintech startups in the Kingdom by 2030. Its 21/22 Annual Report indicates 147 fintech’s currently active in Saudi Arabia, an increase of 79% from 2021 levels.

On Similar Lines: Mastercard also signed a memorandum with UAE’s Artificial Intelligence, Digital Economy, and Remote Work Applications Office to expand AI capabilities in the region.

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