Alinma Bank, one of Saudi Arabia’s largest financial institutions, one of the leaders in digital payments, has signed a strategic Fintech partnership with FOODICS, the leading cloud-based technology and payments platform for restaurants in the MENA region.
The partnership, combining Alinma’s cutting-edge Fintech offering and FOODICS’ pioneering tech ecosystem, is set to specifically benefit Small Business Owners (SMBs) and Micro-Businesses in the Kingdom.
This announcement comes in direct support of Saudi Arabia’s goal to raise the contribution of SMBs to the economy, and its launch of several accelerator programs. A key driver of economic development and diversification, SMBs’ strength rests on their ability to stay lean, and adapt to changing consumer behavior and market conditions.
Under this partnership, the two brands will launch new products to enable small business owners to have full autonomy over their business decisions, allowing them to sell from anywhere at any time and accept payments on the go. This will allow them to maximize their sales and their productivity, while keeping track of their sales figures, inventory and customers.
“We are pleased to cooperate with FOODICS, a leading platform in the field of payments and technology to enable business owners to accelerate their growth at various levels, relying on our advanced technical capabilities, our network of branches around the Kingdom, and multiple digital banking channels that offer our distinguished and innovative services and products. We look forward to strengthening our leadership in supporting this vital sector, in cooperation with the FOODICS team to serve Alinma customers.”
Mr. Ahmad Al Zaini, FOODICS’ CEO and co-founder commented that “We are proud to be partnering with Alinma Bank, one of the largest financial institutions in the Kingdom, as well as holder of one of the most advanced banking infrastructures in Saudi Arabia. This strategic alliance will empower SMB and Micro-Business owners as well as the entire ecosystem. It will enable both FOODICS and Alinma Bank SMB customers to be more agile, by digitizing onboarding, giving them better rates as well as enabling daily settlements of customer payments twice a day, which will be a huge advantage to SMB owners, given that cash flow is so critical for their growth and sustainability.”