Mastercard, Fintech Saudi partner to accelerate digitalisation

Thursday 7 September 2023 12:16 CET | News

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


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 fintech community to grow and fulfil its potential.

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

Fostering fintech innovation

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 enabling homegrown and Saudi-based entities to go to market faster.

Officials from Fintech Saudi said the cooperation with Mastercard reiterates their commitment to fostering innovation and expansion in the fintech industry. They can help fintech companies to develop innovative payment methods and digital services that enhance the rapidly expanding sector in the Kingdom by utilising Mastercard's knowledge and network. In line with the Kingdom's Vision 2030, this partnership is another milestone that recognises the potential of Saudi Arabia's fintech industry. Together, they will foster innovation, expertise, and resources needed to foster financial growth and economic prosperity.

Mastercard’s representatives highlighted Saudi Arabia's rapid emergence as a global hub for tech and SME innovation, fuelled by Vision 2030 and the drive toward a cashless economy. They also emphasised their commitment to collaborating with public and private partners to transform the fintech sector in the country. Their partnership with Fintech Saudi aims to provide secure, innovative payment solutions and digital services to support startups, aligning with the country's fintech ecosystem growth.

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 and the Capital Market Authority — aims to build on its work to support 525 fintech startups 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.

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Keywords: fintech, digitalisation, SMEs, startup, partnership
Categories: Banking & Fintech
Companies: Fintech Saudi, Mastercard
Countries: Saudi Arabia
This article is part of category

Banking & Fintech

Fintech Saudi



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