RIYADH: Saudi Arabia is emerging as a key fintech hub in the Middle East, prompting the UK-based card issuing and payment processing firm Paymentology to formalize its operations in Riyadh.
The company plans to designate its Saudi office as its regional headquarters, CEO Jeff Parker said.
Speaking to Asharq at the Money20/20 Middle East conference in September, Parker said the move reflects Paymentology’s long-term commitment to the Kingdom. The company has obtained commercial registration in Riyadh to expand its on-the-ground presence.
Saudi Arabia has set ambitious fintech targets under its Vision 2030 agenda, aiming to increase the share of cashless transactions to 70 percent by 2025.
The Kingdom’s payments landscape is undergoing rapid transformation, with the Saudi Central Bank, also known as SAMA, reporting that electronic payments accounted for 79 percent of total retail transactions in 2024, up from 70 percent in 2023.
“We have been active in Saudi Arabia for about four years. But to cement and take advantage of the opportunity, we need a physical presence. So, very excited to say that we have registered now as a Saudi company,” Parker said.
He added that the Saudi market is evolving and clearly digitalizing rapidly. “The trend toward digitalization and financial inclusion is really going to continue,” he said, noting that the company considers Saudi Arabia its regional headquarters. He said the next step is to start building a team and that Paymentology wants to hire a leader for the region.
Parker also highlighted Paymentology’s confidence in its growth prospects in the Kingdom, citing the opportunities in the fintech sector and the country’s growing population.
During the event, Paymentology signed a memorandum of understanding with Saudi-based remittance and digital payments provider Enjaz.
“We signed a strategic partnership with Enjaaz. We think that is a great opportunity for us, very much aligned with Vision 2030 and providing financial inclusion for the region,” said Parker.
In a separate statement, Bassam AlEidy, CEO of Enjaz, said the collaboration represents “a major step in shaping the future of payments in Saudi Arabia, delivering innovation that is inclusive, dynamic, and tailored to the needs of our market.”
He added: “At Enjaz, our focus has always been on giving our customers speed, convenience, and security, whether they are transferring money abroad or making everyday payments. By collaborating with Paymentology, we can now extend our card services that expand choice and enhance financial freedom.”
Source: www.arabnews.com