Alinma Bank, an integrated financial services provider and one of the largest banks in the Kingdom of Saudi Arabia has signed with Network International (Network), the leading enabler of digital commerce across the Middle East and Africa (MEA) region, with the shared strategic goal of promoting financial inclusion and introducing innovative issuing products in the region.
Alinma Bank aims to enable innovative payment solutions for its retail and FinTech clients in the region, powered by Network’s cutting-edge Outsourced Payment Service infrastructure. The agreement will promote the bank’s vision to be one of the fastest and most convenient banks in the Kingdom.
The collaboration between Alinma and Network International will see the introduction of benchmark payment solutions and value-added services to the KSA market. Under the agreement, Alinma and Network will empower FinTechs seeking to upscale their digital offerings, allowing them to introduce card payments solutions supported by major providers, both locally and internationally.
The strategic agreement also aligns with the Kingdom’s vision to host over 500 FinTechs by 2030, enabling the sector to ultimately contribute USD 3.5 billion to the economy’s GDP.
Network International offers a full suite of technology-enabled payment solutions to merchants and financial institutions of all types and sizes. Network has worked closely with governments and financial institutions in the Middle East to promote financial inclusion, helping to drive digitisation through innovative products and collaborations such as this one.
Commenting on the partnership, Abdullah Khalid Alsalloom, Deputy General Manager – Cards at Alinma Bank said: “Our ambitious partnership aims to create waves of financial well-being across the KSA. With Network’s cutting-edge Outsourced Payment Service offering combined with Alinma Bank’s expertise in digital banking and keen insight into the financial needs of the local market and the wider banking ecosystem, this agreement takes us a major step towards fulfilling the bank’s vision of being the most customer-centric bank in the Kingdom.”
Abdulaziz Al-Dahmash, Managing Director – KSA at Network International, commented, “We are delighted to collaborate with Alinma, one of Saudi Arabia’s most prominent banks, to lend weight to Network’s ongoing commitment to promoting financial inclusion in emerging markets through greater digital payment penetration. This collaboration will drive innovation and support FinTechs in KSA, aligning with the Kingdom’s 2030 Vision. As a leading payments company with over two decades of expertise in card processing and value-added services, we look forward to supporting Alinma bank and its FinTech clients in enhancing KSA’s payments ecosystem.”
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