Visa and Fintech Saudi sign MoU at Financial Sector Conference 2023 to bolster fintech growth and accelerate Saudi Vision 2030

The MoU seeks to equip Saudi fintechs and payment innovators with digital capabilities and business skills, supporting innovation and economic development in the Kingdom

Riyadh, KSA March 16, 2023 – Visa (NYSE: V), the world’s leader in digital payments, today signed a Memorandum of Understanding (MoU) with Fintech Saudi, aimed at fostering an entrepreneurial ecosystem for fintechs and payment innovators, enabling inclusive economic growth and 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 KSA, Bahrain, and Oman, and Nezar AlHaidar, Director of Fintech Saudi, in the presence of Dr. Saeeda Jaffar, Visa’s SVP and Group Country Manager for GCC, Andrew Torre, Visa’s Regional President for Central and Eastern Europe, Middle East and Africa, and Ziad Alyousef, Deputy Governor for Development and Technology at SAMA. The signing was held in Riyadh at the Financial Sector Conference 2023, a platform for dialogue between the financial industry’s decision-makers and senior executives, organized by the Saudi Financial Sector Development Program partners including Ministry of Finance, Saudi Central Bank, and Capital Market Authority.

“At Visa, we’re supporting companies that are improving money movement for consumers and businesses. Fintechs and payment innovators, in particular, are changing the way we make and receive payments, and providing easier access to money when it's needed the most,” said Ali Bailoun, Visa’s Regional General Manager for KSA, Bahrain, and Oman. “That is why we are delighted to partner with Fintech Saudi to empower local fintechs with the skills and resources they need to thrive in a digital-first world. The MOU highlights our joint role in driving an inclusive digital economy in line with the Saudi government's cashless agenda.”

Nezar AlHaidar, Director of Fintech Saudi, said: “We are thrilled to be embarking on this journey for the fintech ecosystem in KSA alongside Visa. With our collective vision, determination to achieve common goals, and knowledge sharing of best practices, we aim to expand fintech, encourage innovation, and promote inclusive economic growth through digital adoption. We look forward to enabling the Kingdom to set a benchmark for accelerated economic output driven by wide-spread adoption of digital capabilities.”

The partnership between Visa and Fintech Saudi is focused on promoting digital payments and economic diversity in Saudi Arabia through long-term cooperation.