Ant International, a leading digital payment and FinTech company based in Singapore, has recently signed a Memorandum of Understanding (MoU) with the Ministry of Investment of Saudi Arabia (MISA) to extend its operations into the country.
The joint announcement made on Monday indicates that MISA endorses Ant International’s initiative to create a local presence in Saudi Arabia. This support includes assistance in obtaining necessary licenses and certifications to grow and improve their service range.
For Ant International, Saudi Arabia represents a crucial entry point into the Middle East, with plans to further disperse its payment and financial services throughout the region.
The collaboration promises to empower local merchants of varying sizes by leveraging digital advancements to fuel further development.
In a recent signing ceremony in Riyadh, Douglas Feagin, President of Ant International, and Eng Saleh Khabti, Deputy Minister of Investment of Saudi Arabia, celebrated the partnership and signed a document that delineates mutual aspirations for tech-driven innovation and economic prosperity within Saudi Arabia.
Eng Saleh Khabti expressed optimism about the collaboration, highlighting the surge in digital payment solutions in Saudi Arabia and projecting that Ant International’s expansion will significantly enhance the financial services sector of the Kingdom.
Douglas Feagin echoed this sentiment, emphasizing the immense expansion potential in the Middle East, especially in Saudi Arabia, where there is strong support for technological progress and digitalization. This environment fosters business growth and success.
Feagin also noted that the agreement with MISA marks a period of new opportunities for Ant International in Saudi Arabia. He expressed enthusiasm for furthering the company’s influence in the Middle East and aiding Saudi merchants with access to their premier payment solutions and comprehensive financial services, which will bolster Saudi businesses amidst increasing international travel and commerce.
Ant International’s strategy includes four key services aimed at global merchants: Alipay+ cross-border mobile payment and digital solutions; Antom merchant payment services; WorldFirst digital payments and financial services for cross-border trade; and ANEXT Bank, a digital wholesale bank authorized by the Monetary Authority of Singapore, among other integrated financial offerings.