Riyadh – Mastercard has signed an exclusive agreement with Alhulul Almobassatah Financial Company (SiFi) to back small and medium-sized enterprises (SMEs) in Saudi Arabia, according to a press release.
The partnership aims to provide a range of enhanced offerings and novel financial solutions developed to overcome challenges in controlling spend, managing expense reports, and accessing analytics to save money.
SiFi will leverage Mastercard’s expertise, ecosystem, and resources to offer solutions that enable SMEs and enterprises across the Kingdom to meet the growing demands of the global economy.
Ahmed Alhakbani, Founder and CEO of SiFi, commented: “As a reputable player in the payment technology field, Mastercard's expertise and flexibility helps us adapt to our evolving needs and improve our service to customers. With their support, we can better understand and address our customers' expectations.”
Maria Medvedeva, Mastercard’s Country Manager in Saudi Arabia and Bahrain, said: ““Whether empowering entities to accept more payment cards and methods or simplifying controlling and tracking expenses, we equip SMEs with the tools to accomplish their business goals.”
The agreement aligns with Mastercard’s objectives to empower the Kingdom’s burgeoning fintech community and transform Saudi entrepreneurship. It also backs its commitment to bringing one billion people, 50 million micro and small businesses, and 25 million women entrepreneurs into the digital economy by 2025.
This comes as a part of the Kingdom Vision 2030, which aims to enlarge the SME sector’s contribution to the Saudi economy to 35% by 2030 and raising SME lending to 20% of funding by the end of the decade.
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