Fintech
China’s Ant International seeks to expand into Saudi Arabia
Agreement to facilitate cross-border payments and mobile commerce and empower Saudi businesses
China’s Ant International, a leader in digital innovation and fintech, seeks to expand its operations in Saudi Arabia and grow the digital payments market across the region. Therefore, the company recently signed a Memorandum of Understanding (MoU) with the Ministry of Investment of Saudi Arabia (MISA) to facilitate its commercial expansion in the Kingdom.
Under the agreement, the ministry will support Ant International’s expansion plan to establish an entity in Saudi Arabia. It will also assist you in acquiring licenses and certificates to expand and enhance your service offerings.
Meanwhile, Ant International will establish its presence in Saudi Arabia and expand into the Middle East market to further support its plan to expand the reach of its financial and payment services.
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Services to support trade and business growth
Ant International offers multiple services for global merchants, including cross-border mobile payments, merchant payment services, digital payments and financial services for cross-border trade, and a wholesale digital bank under the regulation of the Monetary Authority of Singapore.
Commenting on the agreement, Eng. Saleh Khabti, deputy minister for investments at MISA, said: “We are seeing tremendous growth in digital payments in Saudi Arabia and we expect this trend to continue with the expansion of Ant International, which will further stimulate the services sector financial institutions in the Kingdom”.
Meanwhile, Douglas Feagin, president of Ant International, said: “We are pleased to leverage our progress in the Middle East to support merchant access to our world-class payment solutions and inclusive financial services.” Feagin also highlighted the importance of this collaboration in providing Saudi businesses with various tools to grow and benefit from international travel and trade.
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