UAE-based award-winning B2B Fintech solutions provider, FOO is expanding its operations in Saudi Arabia in order to offer FinTech solutions.
FOO intends to enable companies to embrace digital transformation by creating intellectual property and enhancing digital know-how to ultimately help them shape and improve user experiences. Its goal is to support the country’s growing digital ecosystem.
Digital transformation in Saudi Arabia has been accelerated by the Kingdom’s Vision 2030, a national strategy to enhance digital offerings across governmental and private sectors. Major targets include the creation of 25,000 jobs in the ICT sector and increasing the market size of IT and emerging technology industries by 50 percent.
“Saudi Arabia has an extremely high market opportunity for financial disruption with 51 percent of the population under the age of 25. As digital transformation rapidly becomes a national priority, there is a great opportunity for Fintech companies to deliver embedded finance and transform the end-user experience across sectors. The key is understanding how businesses can integrate financial services within the fabric of their digital experience. At FOO, we are well placed to support businesses achieve this goal with agile and personalized digital solutions.”
FOO will further expand operations into Saudi Arabia by setting up offices in Riyadh as a foreign investment company.
“The company will focus on providing solutions for the digital bank, central bank digital currency based on blockchain, virtual card issuance and tokenization and merchant acceptance platforms, all enabled using the electronic know-your-customer (EKYC) solutions,” according to the statement.
This targets a variety of sectors such as financial, telecommunications and retail. FOO also plans to recruit a pool of local talent to create job opportunities in the Kingdom in addition to forming strategic local partnerships that support mutual growth.