Visa, Monsha’at sign MoU at Biban 2023 to build SME capacity for digital economy in line with Saudi Vision 2030

Visa and Monsha’at sign agreement that aims to foster an environment that empowers Saudi SMEs with digital capabilities and business skills to drive economic growth in accordance with Saudi Vision 2030

Riyadh, KSA – March 10, 2023 – Visa (NYSE: V), the world’s leader in digital payments, today signed a Memorandum of Understanding (MoU) with the General Authority for Small and Medium Enterprises, Monsha’at, aimed at bolstering the entrepreneurial environment for small and medium-sized enterprises (SMEs), driving inclusive economic expansion, and enabling widespread adoption of digital capabilities in the Kingdom of Saudi Arabia (KSA).

The MoU was signed by Ali Bailoun, Visa’s Regional General Manager for Kingdom of Saudi Arabia, Bahrain, and Oman, and Saud Alsabhan, Vice Governor of Entrepreneurship at Monsha’at, at Biban 2023, KSA’s largest start-up, SME, and entrepreneurship conference.

Ali Bailoun, Visa’s Regional General Manager for Kingdom of Saudi Arabia, Bahrain, and Oman, said: “Local businesses want to accelerate their digital journeys. However, our research indicates they require additional support to strengthen their digital capabilities. Visa is therefore delighted to partner with Monsha’at to empower SMEs in Saudi with the skills and resources they need to thrive in a digital-first world. The MoU also underlines our joint role to help drive inclusive economic growth in line with the government’s 2030 vision to create a cashless economy.”

Mohammed Alamro, General Manager of Entrepreneurship Planning at Monsha’at, said: “We are excited to be embarking on such a crucial journey for the KSA economy alongside digital payments leader Visa. With our collective visions, knowledge sharing, best practices, and resources, we aim to drive the digitization of the SME community while diversifying Saudi’s economic output – an achievement that will enable the Kingdom to set a benchmark for accelerated economic output driven by wide-spread adoption of digital capabilities.”

Paving the way for long-term cooperation, the MoU between Visa and Monsha’at will develop and implement joint programs that will focus on digital transformation, enhancement of digital literacy with specific focus on SMEs, as well as on the economic empowerment of female entrepreneurs.