Visa, a world leader in digital payments, is marking a significant milestone. It is celebrating 40 years of operation in Saudi Arabia by opening a state-of-the-art Innovation Center and a new office in the prestigious King Abdullah Financial District (KAFD).
Visa’s latest facilities are vital to the firm’s commitment to aiding Saudi Arabia’s Vision 2030, aiming to position the Kingdom as a global hub for fintech and digital commerce innovation.
According to Industry sources, the Riyadh Innovation Center – Visa’s fourth globally, will play a vital role in advancing next-generation payment solutions and strengthening partnerships with local fintechs, financial institutions, government entities, and businesses.
Accelerating Saudi Arabia’s Digital Future with Innovation
As part of Visa’s expansive global innovation network, this facility is designed to act as a hub for co-developing cutting-edge payment solutions tailored to the Kingdom’s needs. The center features payment solutions powered by advanced technologies like Artificial Intelligence (AI), virtual reality, biometrics, and the Internet of Things (IoT), with a focus on government solutions, e-sports/gaming industry, smart cities, retail and tourism.
“As one of Visa’s largest markets in the CEMEA region, the Kingdom of Saudi Arabia has rapidly emerged as an innovative leader in digital commerce propelled by the clear vision of the government and efforts of the local industry. Our latest Innovation Center in Riyadh has been designed to bring the next generation of payment technology and will serve as a collaborative platform to co-create the future of digital commerce,” stated Andrew Torre, Visa’s Regional President for CEMEA. “We are proud to build on our 40 years of supporting digital payments in Saudi Arabia with our expanded innovation capabilities that will further strengthen the Kingdom’s position as a global hub for digital commerce, transforming how payments are made across the world.”
Industry sources further added that the center’s capabilities will not only serve the local market but also allow Saudi-made innovations to be transferred globally, positioning the Kingdom as a driving force in the global digital economy. With Saudi Arabia projected to see double digital growth, the Innovation Center is poised to accelerate this growth, propelling the Kingdom toward its Vision 2030 goals.
Strategic Expansion with a New Office in King Abdullah Financial District
Industry sources further added that the latest Innovation Center is part of Visa’s new office in the King Abdullah Financial District, where Visa’s payment experts and business development teams for Saudi Arabia, Bahrain, and Oman will be based. This initiative to KAFD brings Visa closer to its key clients and partners, fostering deeper collaboration across sectors such as government, financial services, retail, and fintech.
“Over the past 40 years, Visa has played a pivotal role in building Saudi Arabia’s payments infrastructure, transforming it into a key digital payments market globally,” said Ali Bailoun, Visa’s Vice President and Regional General Manager for Saudi Arabia, Bahrain and Oman. “The relocation of our office to the King Abdullah Financial District is a significant investment that underscores our confidence in Saudi Arabia as a thriving payments market. It strengthens our ability to collaborate and innovate with our clients and partners while ensuring we continue to support the Kingdom’s ambitious digital transformation goals in line with Vision 2030.”
Sultan Alobaida, Chief Commercial Officer of the KAFD Development & Management Company, noted, “The Saudi banking sector continues to thrive within a remarkably supportive operational climate, underpinned by a resilient and thriving financial sector, achieving a robust growth of 9.3% in 2023 and an impressive 3.9% in just the first quarter of 2024. At KAFD, we are committed to collaborating with the financial industry and international partners such as payment technology leaders like Visa to shape the financial and payments ecosystem of the future, which is integral to Saudi Arabia’s economic development and sustainable growth and in alignment with Vision 2030.”
He added, “Our strong financial presence helps bolster Riyadh’s stature as a premier global financial center, drawing a distinguished array of fintechs, banks, and payment players, and we are delighted to welcome Visa to this esteemed portfolio. Their presence anchors our shared vision for the evolving financial and payments landscape in Saudi Arabia.”
Industry sources further added that wholly owned by the Public Investment Fund, KAFD is one of the most visionary and transformative mixed-use developments that merges the worlds of business and lifestyle in the Kingdom of Saudi Arabia. It spans 1.6 million square meters of modern and innovative Grade A office spaces, world-class facilities, and upscale residences designed to transform how urban communities live, work, and play. A green district, KAFD is the world’s largest LEED platinum-certified business and lifestyle destination.
Industry sources further confirmed that the modern workspace is designed to aid Visa’s growing team and expanding operations, with plans for significant headcount growth and senior talent acquisition across multiple departments, including technology, product development, and government engagement.
