Saudi Arabia’s leading telecom group Etihad Etisalat (Mobily) has selected Swedish multinational networking and telecom company Ericsson in order to launch a financial services arm and provide solutions to its customers.
According to the statement, Mobily’s new effort supports the Financial Sector Development Program, which is part of Saudi Arabia’s Vision 2030. The Financial Sector Development Program intends to raise cashless payments to 70 percent by 2030.
“Mobile financial services are a key driver in enabling digital transformation in today’s world. Together with Mobily, we aim to make financial services as intelligent and intuitive as possible so Saudi consumers can access and perform secure, financial transactions anytime, anywhere. Our mobile financial solutions will help Mobily extend its trusted brand into financial services and lay the foundation for growing revenues in adjacent markets.”
Mr. Ayman A Aleissa, Chief Executive Officer at Etihad Fintech Company said, “Mobily strives to enhance customer experience with a first-of-its-kind, next-generation financial services platform that enables secure and convenient journey for consumers.”
“With the right technology partner like Ericsson, our ambitions to roll out new services that provide added benefits and features to propel financial inclusion and achieve the goals of the Saudi Vision 2030,” Mr. Aleissa added.
Ericsson’s mobile financial services are secure, functional, and easy to use, resulting in increased customer and partner growth across the mobile ecosystem. “Deployed globally, Ericsson’s pioneering offerings empower service providers to reduce related costs, attract new customers, drive customer loyalty while accessing new revenue streams, a win-win strategy which drives financial inclusion,” according to the statement.