MasterCard, The US-based global technology company in the payments industry, and Fintech Saudi signed a Memorandum of Understanding (MoU) during Seamless Saudi Arabia 2023 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.
In line with Saudi Arabia’s Vision 2030 objectives and ongoing efforts to create a thriving Small and Midsize Enterprise (SME) sector, the partnership has been launched to create an enabling environment for the Kingdom’s burgeoning fintech community to grow and fulfil its potential.
Utilising MasterCard’s expertise, advisory and solutions, fintechs across the country will be supported to scale and grow their businesses, taking advantage of new opportunities.
Ultimately, the MasterCard and Fintech Saudi partnership 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.
Innovation Gets Fillip
Nezar A. Alhaidar, Managing Director, Fintech Saudi, said that their strategic cooperation with Mastercard reiterates Fintech Saudi’s commitment to foster innovation and expansion in the fintech industry.
“We can help fintech companies to develop innovative payment methods and digital services that enhance the rapidly expanding sector in the Kingdom by utilizing Mastercard’s knowledge and network,” he said.
He continued: “In line with the Kingdom’s Vision 2030, 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.”
Adam Jones, Country General Manager, MENA Central, MasterCard, said that Saudi Arabia was fast becoming a global hub of tech and SME innovation, and successfully building a vibrant fintech ecosystem, with Vision 2030 and the Kingdom’s commitment to developing a cashless economy serving as the foundation of this success.
“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,” he said.
In keeping with MasterCard’s mission, vision and values, the technology company’s partnership with Fintech Saudi extends efforts to connect and power an inclusive, digital economy that benefits everyone, everywhere.
Crucially, 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 (SAMA) and the Capital Market Authority — aims to build on its work to support 525 fintech start-ups in the Kingdom by 2030.
According to the Fintech Saudi 21/22 Annual Report, there are currently 147 active fintechs in Saudi Arabia — up from active 82 fintechs (a 79% increase) in 2021. Together with MasterCard, Fintech Saudi will work to create even more financial growth and economic prosperity by empowering the development and lasting success of further Saudi startups.