Mastercard and Fintech Saudi have signed a memorandum of understanding (MoU) with an aim to foster the growth and development of the fintech industry in Saudi Arabia.
Through the partnership, the parties will try to expedite the digital transformation of the Saudi Arabian fintech sector.
The partnership has been established in line with Saudi Arabia’s Vision 2030 objectives and continuing efforts to create a thriving small and midsize enterprise (SME) sector.
It will create an enabling environment for the country’s fintech community to grow and reach its full potential.
Mastercard MENA central country general manager Adam Jones said: “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.”
By expediting digital transformation and facilitating homegrown and Saudi-based entities to go to market faster, Mastercard and Fintech Saudi intend to facilitate meaningful collaboration and strengthen the country’s rapidly expanding fintech space.
The partnership will leverage Mastercard’s expertise, advisory, and solutions to enable fintechs across the country to scale and expand their businesses.
Launched by the Saudi Central Bank and the Capital Market Authority, Fintech Saudi plans to build on its work to support 525 fintech startups in the country by 2030 through the collaboration with Mastercard.
Fintech Saudi managing director Nezar Alhaidar said: “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.”
