Redefining digital financial services in Saudi Arabia

April 1, 2024 | Saudi Arabia | By Adam Jones
Saudi Arabia is one of the most dynamic financial services markets in the MENA region. In line with its pioneering Vision 2030, the country is driving innovation and embracing cutting-edge technologies to achieve its digital transformation ambitions, including increasing the growth rate of digital payments to 70% by the end of the decade.

And the Saudi population is on board, as evidenced by the findings of Mastercard’s Borderless Payments Report 2023. The study has revealed that 44% of respondents based in Saudi Arabia highlighted the need for a website or an app that facilitates cross-border payments anytime, anywhere, with speed, affordability and 24/7 service as the key drivers of this preference. Notably, 88% of SMEs in the Kingdom said they use an app to make cross-border payments — the second-highest percentage across the markets surveyed.

At Mastercard, we are committed to building a robust and secure payments ecosystem in Saudi Arabia. In this context, we have signed an exclusive issuing partnership agreement for prepaid cards with tiqmo, a leading digital wallet app licensed by the Saudi Central Bank (SAMA). tiqmo aims to revolutionize the way people interact with their finances, and provide them with holistic digital lifestyle services.

The collaboration has enabled tiqmo to leverage our diverse range of solutions, including Mastercard Cross-Border Services and tokenization, to offer its users access to a comprehensive suite of innovative payment services that cater to their evolving needs. Together, we are pioneering added-value propositions that deliver greater convenience, peace of mind and quality to consumers and businesses in Saudi Arabia and empower them to take charge of their financial future. This way, we are playing a key role in redefining the Kingdom’s payments landscape.

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Adam Jones, Country General Manager, MENA Central, Mastercard