Chinese fintech giant Ant International has expanded into Saudi Arabia.
Under a newly-signed Memorandum of Understanding (MoU) with the Ministry of Investment of Saudi Arabia (MISA) it will establish a new entity in the region, enabling it to more effectively meet local needs and work with local partners.
The partnership is aiming to further encourage digital innovation in the country. As part of the deal, MISA will also offer Ant assistance when acquiring licences and certificates to enhance its service offerings.
Mr. Eng Saleh Khabti, Deputy Minister for Investment at MISA said “We have worked closely with Ant International on its expansion into the Kingdom which will not only benefit thousands of merchants across the country but potentially hundreds of thousands of businesses right across the Middle East. We are seeing tremendous growth in digital payments in Saudi Arabia and we expect this trend to continue with Ant International’s expansion which will further boost the financial services sector in the Kingdom.”
Douglas Feagin, President of Ant International, added: “We see an enormous opportunity for expansion in the Middle East and in particular Saudi Arabia, which has been supportive of technological innovations and digitalisation, empowering its businesses to thrive. Through our agreement with MISA, Ant International enters an exciting new chapter of opportunity within Saudi Arabia.”
Ant International’s strategy is comprised of four services for global merchants: Alipay+ cross-border mobile payment and digitalization technology solutions, Antom merchant payment services, WorldFirst digital payment and financial services for cross-border trade, and ANEXT Bank, a digital wholesale bank regulated by the Monetary Authority of Singapore, and other embedded financial services.
