FOO, a B2B Fintech solutions provider in the MENA region, has begun to expand operations into the Kingdom of Saudi Arabia (KSA) focusing on its digital transformation efforts sweeping across the nation.
Industry sources added that currently, KSA is avidly driving digital transformation across sectors to improve business models, curb operational inefficiencies and enhance customer experience. One sector, in particular, that is fastly adopting means of digital transformation is the financial sector, with the Central Bank having recently licensed its third digital bank in KSA.
Operating at the bleeding edge of innovation, FOO builds solutions in-house using a modular platform consisting of micro-services to provide super-personalized products that empower digital transformation.
FOO added that with the advancement in the digitalization arena the nation’s business ecosystem will be on a development spree, and the firm is well placed to aid the firms in meeting this growing demand through its innovative and agile Fintech solutions. FOO works with banks, Fintech companies, and retailers across the MENA region to provide digital products that enhance business models and customer experience. Key products include solutions for remittances, digital wallets, tokenized transactions, fully automated micro-lending, and BNPL.
Industry sources further added that the digital transformation in Saudi Arabia has been accelerated by the Kingdom’s Vision 2030 – a national strategy to enhance digital offerings across governmental and private sectors. Major targets include the creation of 25,000 jobs in the ICT sector and increasing the market size of IT and emerging technology industries by 50%. FOO’s goal is to support the country’s growing digital ecosystem.
FOO will expand operations into KSA by setting up offices in Riyadh as a foreign investment company. FOO will focus on providing solutions for digital banks, central bank digital currency based on blockchain, virtual card issuance and tokenization, and merchant acceptance platforms, all enabled using our EKYC solutions.
Ghady Rayess, Managing Director at FOO, comments: “Saudi Arabia has an extremely high market opportunity for financial disruption with 51% of the population under the age of 25. As digital transformation rapidly becomes a national priority, there is a great opportunity for Fintech companies to deliver embedded finance and transform the end-user experience across sectors. The key is understanding how businesses can integrate financial services within the fabric of their digital experience. At FOO, we are well placed to support businesses achieve this goal with agile and personalized digital solutions.”