Mastercard & Fintech Saudi to develop Kingdom’s fintech industry

By Shilpa Annie Joseph, Official Reporter
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Mastercard-Fintech Saudi partnership
Officials during the signing ceremony.

Mastercard and Fintech Saudi have signed a memorandum of understanding (MoU) in order to advance the growth and development of the Saudi Arabia fintech industry.

The announcement marks another step towards powering an inclusive digital economy and advancing entrepreneurship in Saudi Arabia. This move is in line with Saudi Arabia’s Vision 2030 objectives and ongoing efforts to create a thriving Small and Midsize Enterprise (SME) sector.

The MoU underlines Fintech Saudi’s dedication to serving as a catalyst for the development of the Kingdom’s fintech industry. By partnering with Mastercard, Fintech Saudi, launched by the Saudi Central Bank and the Capital Market Authority, aims to build on its work to support 525 fintech startups in the Kingdom by 2030.

Mr. Nezar A. Alhaidar, Managing Director of Fintech Saudi, said that, “Our strategic cooperation with Mastercard reiterates our commitment to fostering innovation and expansion in the fintech industry. our partnership with Mastercard is another milestone that recognizes 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.”

Further, the partnership intends to create an enabling environment for the Kingdom’s burgeoning fintech community to grow and fulfill its potential and it aims to facilitate meaningful collaboration and bolster the Kingdom’s rapidly growing fintech space by accelerating its digital transformation and empowering homegrown and Saudi-based entities to go to market faster.

“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,” said Mr. Adam Jones, Country General Manager, MENA Central, Mastercard.

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