Saudi Arabia is quickly becoming a leading fintech hub in the Middle East. Paymentology, a UK-based card issuing and payment processing company, will establish its Saudi office as its regional headquarters. Saudi fintech expansion captures this major development.
CEO Jeff Parker said the move shows the company’s long-term commitment to the Kingdom. In addition, Paymentology has completed its commercial registration in Riyadh to strengthen its local presence. Furthermore, the company plans to hire a regional leader and build a full team to support growth.
Saudi Arabia is pursuing ambitious fintech goals under Vision 2030. The Kingdom aims to increase cashless transactions to 70 percent. In fact, the Saudi Central Bank reported that electronic payments already reached 79 percent of retail transactions. Consequently, the payments market is evolving rapidly, creating opportunities for innovative financial services.
Parker noted that Paymentology has operated in Saudi Arabia for several years. However, opening a physical office will allow the company to expand operations and take full advantage of local opportunities. He added that the market is digitalizing fast, and trends toward financial inclusion will continue to drive growth.
Paymentology also signed a memorandum of understanding with Enjaz, a Saudi remittance and digital payments provider. Parker described the partnership as strategic and aligned with Vision 2030, aiming to enhance financial inclusion in the region. Moreover, the collaboration allows both companies to offer more payment choices to customers.
Enjaz CEO Bassam AlEidy said the partnership will shape the future of payments in Saudi Arabia. He emphasized speed, convenience, and security for customers, whether sending money abroad or making everyday payments. By working with Paymentology, Enjaz can expand card services and improve financial freedom for users.
The Saudi fintech expansion reflects strong confidence in the Kingdom’s growth prospects. Paymentology expects increased demand due to a growing population and a rapidly evolving payments ecosystem. In addition, the company plans to use local insights to develop innovative solutions that meet consumer needs.
Overall, the Kingdom’s fintech sector is poised for significant growth. The Saudi fintech expansion demonstrates a clear commitment from international companies to support Vision 2030 goals. Furthermore, it strengthens financial inclusion, boosts digitalization, and encourages a dynamic payments landscape.
