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CAIRO: Spearheading the Center East and North Africa’s monetary expertise sector, Saudi Arabia has been attracting the eye of worldwide gamers, considered one of which is the UK’s Paymentology.

Because the Kingdom’s fintech sector relaxes its rules and accelerates digitalization it’s paving the best way for huge alternatives for startups like Paymentology to enter the market and innovate.

A number one options supplier, Paymentology allows banks and fintechs to situation credit score and debit playing cards in addition to course of funds globally. To make sure clean operations in Saudi Arabia, the corporate has studied the native norms and accordingly labored on a selected technique to spice up the Kingdom’s fintech sector by facilitating cashless funds.

“To speed up the event of a cashless society in Saudi Arabia, Paymentology is actively contributing to digitizing the nation’s funds infrastructure and has partnered with well-established digital banks and fintechs while disrupting the market with its progressive tech stack,” Nauman Hassan, regional director at Paymentology, MENA, informed Arab Information.

He added: “Paymentology’s superior multi-cloud platform providing each shared and devoted processing cases, huge international presence and richer real-time knowledge, set it aside as a pacesetter in funds. Its funds consultants carry deep, native market data on the bottom in 60 international locations, throughout 14 time zones, guaranteeing 24-hour, seven days assist.” 

“We additionally work intently with telecom operators throughout mature and rising markets the place mixing pockets, digital playing cards and loyalty companies attraction to their giant base of shoppers,” he continued.

Hassan went on to talk about the corporate’s function in offering correct assist for banks and startups to flourish.

“The fee trade in Saudi Arabia is rising and presents alternatives for corporations like Paymentology that may provide progressive and dependable fee options,” Hassan acknowledged.

He added that the Kingdom has a excessive smartphone penetration price, a rising e-commerce market and a aggressive panorama that reinforces the sector’s development.

“Cellular fee options are in demand in Saudi Arabia because the smartphone penetration price within the Kingdom is excessive with a complete of 42.5 million mobile cell connections that had been lively in early 2023, which is equal to 116 p.c of the entire inhabitants,” he identified.

“The rising e-commerce market with predicted income of $11.9 billion by 2023, and the federal government assist for a cashless society creates alternatives for providing on-line fee options. As well as, the aggressive panorama permits for brand new fintechs to distinguish themselves by providing progressive options that handle native wants,” Hassan defined. 

The corporate is specializing in Saudi Arabia by offering startups and banks within the Kingdom with the correct options to bolster their enterprise in addition to supporting corporations with acquiring licenses from the Saudi Central Financial institution.

Paymentology targets conventional banks, digital banks, large-scale fintechs, and even telecommunication corporations and is at present serving all these segments within the Kingdom. One of many firm’s most up-to-date prospects is Tweeq, a Saudi-based fintech agency that gives tailored fee and monetary options to people and small and medium enterprises.

“Paymentology has supported Tweeq in being among the many first within the Kingdom to attain an e-money license from the Saudi Central Financial institution,” Hassan knowledgeable.

The corporate is at present supporting startups via digital transformation, tech stacks and Shariah-complaint options.

“The Saudi fintech market is an thrilling and quickly rising house, with important alternatives for each established gamers and new startups,” Hassan defined.

He additional stated that, consistent with Imaginative and prescient 2030 objectives to maneuver towards a cashless, digital society, Paymentology performs an “integral function” within the digitalization of the Kingdom’s fee infrastructure.

Paymentology’s superior multi-cloud platform providing each shared and devoted processing cases, huge international presence and richer real-time knowledge, set it aside as a pacesetter in funds.

Nauman Hassan, Regional director at Paymentology, MENA

“Paymentology is dedicated to serving to the Kingdom obtain 70 p.c non-cash transactions by 2025, with a deal with a digitally enabled inhabitants as a part of its Imaginative and prescient 2030 agenda. The price of money is excessive, and transferring to a cashless financial system is safer, quicker and extra environment friendly,” Hassan acknowledged.

“In Saudi Arabia, there’s additionally a requirement to localize assist. Paymentology is cloud-native and agnostic in its deployment. Our merchandise have been designed to make the deployment course of smoother and quicker for our shoppers, navigating on-soil or regional knowledge rules,” he added.

To navigate its operations easily, the corporate has made “understanding and respecting” the Kingdom’s cultural norms as a key aspect of its technique.

“Total, with the ability to navigate regulatory and cultural issues whereas offering dependable and progressive fee options is essential to succeeding in Saudi Arabia’s fee trade,” Hassan defined.

“One such instance of assembly the evolving wants of the market is the event of Murabaha product, a Shariah-compliant type of financing used instead of conventional loans, since moral choices attraction to prospects within the area,” he stated.

He added that the corporate has options which may drastically profit the Kingdom’s regulatory atmosphere like its Banking.Reside platform that gives knowledge compliant with the nation’s legal guidelines.

The corporate at present operates within the Center East, Latin America, Asia-Pacific, Africa and Europe however Hassan and his workforce are “extremely excited by the chance in Saudi Arabia” and are sparing no effort to money in on the growth within the fintech sector within the Kingdom.