Following this announcement, the new Major Payment Institution (Major PI) licence will provide a compelling opportunity for Network International to deliver its services and expertise in the process of optimising and modernising the payment landscape in KSA. At the same time, this licence is expected to strengthen the acquirer’s foothold in the Kingdom, while it continues to meet the needs, preferences, and demands of its users and remains compliant with the laws and requirements of the local industry.
In addition, the company is committed to supporting Saudi Arabia’s Vision 2023, Financial Sector Development Program, while also focusing on accelerating digital payments optimisation in the area.
According to the official press release, the procurement of the licence represents a milestone that aligns with the Network’s strategic objectives. These include the process of expanding capabilities to offer a comprehensive and secure suite of payment acceptance services within the KSA market, which represents the largest market in the region. At the same time, the licence will enable Network International to optimise and accelerate the expansion of their regional customers by providing them with access to an extensive range of payment tools in this key business area.
Network International is set to foster a dynamic and inclusive payment ecosystem in Saudi Arabia by developing long-term collaborative partnerships and collaboration with merchants. These businesses include small and medium-sized enterprises (SMEs), payment networks, banks, financial institutions, and fintechs across multiple sectors. In addition, Network International will enable new payment methods as the country focuses on its strategy to embark on a development plan to attract talent and business by designing the right environment for investment, with a differentiated and secure lifestyle.
The company will leverage its solutions and expertise in order to contribute to the acceleration of the Kingdom’s digital development initiatives through the use of several plans and goals by 2030. This is set to take place by boosting innovation, reducing cash reliance by increasing digital payments, as well as contributing to economic diversification and developing local talent.
In addition, Network International will foster strategic and secure financial inclusion objectives within the region of Saudi Arabia by delivering safe, efficient, and robust payment tools to merchants and businesses of all sizes and experience.
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