09 August 2017
JEDDAH — The Visa Everywhere Initiative is a worldwide program that aims to encourage innovation within the Fintech space and identify the next big idea in payments, Karl Tlais, Senior Director, Innovation & Strategic Partnerships, CEMEA, Visa said in an interview.
He explained that startups from Saudi Arabia and the rest of the region were invited to submit their business solutions to address one of three payments related challenges. The deadline expired on Aug. 4, 2017.
The challenges include “Acceptance Challenge”, which explores how to encourage smaller merchants to rely on eCommerce and digital payments over cash; “Airport Transit Challenge”, which looks at transforming the travel experience into one that is efficient and relies on smart services; and “Loyalty Challenge”, on how startups can become more responsive and intuitive to cardholders’ needs and retain customer loyalty.
Once our submission deadline closes, we will be shortlisting finalists across the three challenges and inviting them to the Visa Innovation Center in Dubai to pitch their solution. In total three submissions will receive funding and will have access to Visa’s technology and payments experts to create their prototype. One of these final three will also receive additional funding and the opportunity to partner with Visa or one of our clients.
Excerpts of the interview follow:
What is the state of Fintech in Saudi Arabia? How will VEI impact fintech in the country?
Saudi Aabia, like the rest of the region, is focused on diversifying its economy to create high skill employment for its residents, and fintech as a digital commerce enabler is playing a major role in this strategic growth. Already a core component of Vision 2030, the government also announced that fintech will be at the center of Riyadh’s rapidly developing King Abdullah Financial District.
VEI seeks to leverage on these developments, combining the technological strength of Visa and the creativity of Saudi’s Fintech startup community to truly drive innovation in the country. The ultimate goal of VEI, as with all our initiatives, is to enable cashless societies and further financial inclusion. With the region’s Fintech industry rapidly expanding each day, we believe it is the perfect opportunity to incentivize its brightest minds into working on the future of payments technology.
What would be your advice to startup tech entrepreneurs?
While undoubtedly, great fintech companies can be formed by a singular vision, nurtured almost in isolation, the surest path to success in this industry is collaboration. Aspiring entrepreneurs should look for opportunities such as the VEI program. Fintech companies often struggle with lack of awareness and a customer base, and partnering with global firms such as Visa helps shorten mainstream market entry. Collaboration being a firm fixture within Visa’s business model, we are committed to encouraging the entrepreneurial spirit within Saudi and across the region, by offering our own knowledge and expertise to bring these ideas to life, everywhere.
JEDDAH — The Visa Everywhere Initiative is a worldwide program that aims to encourage innovation within the Fintech space and identify the next big idea in payments, Karl Tlais, Senior Director, Innovation & Strategic Partnerships, CEMEA, Visa said in an interview.
He explained that startups from Saudi Arabia and the rest of the region were invited to submit their business solutions to address one of three payments related challenges. The deadline expired on Aug. 4, 2017.
The challenges include “Acceptance Challenge”, which explores how to encourage smaller merchants to rely on eCommerce and digital payments over cash; “Airport Transit Challenge”, which looks at transforming the travel experience into one that is efficient and relies on smart services; and “Loyalty Challenge”, on how startups can become more responsive and intuitive to cardholders’ needs and retain customer loyalty.
Once our submission deadline closes, we will be shortlisting finalists across the three challenges and inviting them to the Visa Innovation Center in Dubai to pitch their solution. In total three submissions will receive funding and will have access to Visa’s technology and payments experts to create their prototype. One of these final three will also receive additional funding and the opportunity to partner with Visa or one of our clients.
Excerpts of the interview follow:
What is the state of Fintech in Saudi Arabia? How will VEI impact fintech in the country?
Saudi Aabia, like the rest of the region, is focused on diversifying its economy to create high skill employment for its residents, and fintech as a digital commerce enabler is playing a major role in this strategic growth. Already a core component of Vision 2030, the government also announced that fintech will be at the center of Riyadh’s rapidly developing King Abdullah Financial District.
VEI seeks to leverage on these developments, combining the technological strength of Visa and the creativity of Saudi’s Fintech startup community to truly drive innovation in the country. The ultimate goal of VEI, as with all our initiatives, is to enable cashless societies and further financial inclusion. With the region’s Fintech industry rapidly expanding each day, we believe it is the perfect opportunity to incentivize its brightest minds into working on the future of payments technology.
What would be your advice to startup tech entrepreneurs?
While undoubtedly, great fintech companies can be formed by a singular vision, nurtured almost in isolation, the surest path to success in this industry is collaboration. Aspiring entrepreneurs should look for opportunities such as the VEI program. Fintech companies often struggle with lack of awareness and a customer base, and partnering with global firms such as Visa helps shorten mainstream market entry. Collaboration being a firm fixture within Visa’s business model, we are committed to encouraging the entrepreneurial spirit within Saudi and across the region, by offering our own knowledge and expertise to bring these ideas to life, everywhere.
© The Saudi Gazette 2017
