The fintech landscape in Saudi Arabia is garnering global interest, propelled by the country’s strategic initiatives aimed at becoming a leading force in the fintech space.
With aspirations to transform into a key fintech hub in the region, Saudi Arabia has set a target to bring 525 financial services firms into the fold by 2030, as per its Financial Sector Development Strategy.
Ryalize, a fintech firm based in Singapore, is homing in on the Kingdom’s rapidly evolving sector, endeavoring to provide banks and financial institutions with agile and cost-effective services.
Khalid Al-Shakrani, the founder and managing director of Ryalize, shared insights on the strategic intentions of the company and how it intends to influence the financial sector in Saudi Arabia.
Al-Shakrani highlighted the lucrative opportunities within the Saudi fintech market, stating that Ryalize is poised to distinguish itself by introducing a unique financial wellness solution, unprecedented in the Saudi marketplace.
Unleashing Potential
Established in 2019, Ryalize’s objective is to tackle financial difficulties often neglected by conventional banking systems. They recognize the prevalence of minor financial crises that can be alleviated not by loans but through immediate access to modest cash sums.
The company’s notable service, Earned Wage Access, allows users to obtain their earned income instantly, prior to the payday, thus resolving common financial predicaments.
Al-Shakrani detailed that their collaboration with banks enables them to deliver this solution to corporate clients, concurrently attracting new customers and helping banks grow their user base.
Ryalize measures its success through two lenses: the contribution to financial inclusion and the practical uptake of their services. Al-Shakrani points out that their success is not only in business growth but also in their role as an agent of societal advancement.
The active use and benefits of their products by employees is considered a testament to their impact, showcasing how their solutions meet real financial needs and enhance personal financial health.
Moreover, amidst economic challenges such as high inflation, Ryalize sees potential for their Earned Wage Access feature to offer flexible financial solutions, particularly during times of economic uncertainty.
Aligning with Saudi Strategies
Al-Shakrani emphasizes Ryalize’s commitment to delivering value in Saudi Arabia through the Earned Wage Access service, aiming to provide an immediate solution for individuals managing their finances.
The goal of the company is to offer improved liquidity access, thereby eliminating the need for exploitative lending practices. Ryalize’s services are especially pertinent as traditional banks often do not offer micro or short-term lending solutions deemed crucial by the company.
Additionally, Ryalize’s initiatives are in line with the United Nations’ Sustainable Development Goals, reflecting their broader dedication to societal welfare.
Ryalize has already begun its strategic expansion in Saudi Arabia, recently signing a memorandum of understanding with Menaitech, a provider of human resources management systems. This partnership will facilitate the integration of Ryalize’s Earned Wage Access service and has the potential to impact over 2 million employees in the MENA region.
The collaboration with Menaitech is described by Al-Shakrani as a strategic accelerator in the Saudi market, providing Ryalize with access to a vast network of corporations using Menaitech’s platform. This integration simplifies the process for employees to access their earned wages effortlessly.
Ryalize is also open to further partnerships and collaborative ventures with the Saudi government.
Regulatory Navigation
In dealing with Saudi Arabia’s complex regulatory framework, Ryalize adopts a collaborative strategy by working alongside banks to leverage their infrastructure and ensure regulatory compliance.
Al-Shakrani points out that this partnership allows Ryalize to adeptly manage the intricate financial regulations that are subject to frequent changes.
Expansion Aspirations
Intent on broadening its market presence, Ryalize is targeting expansion throughout the Gulf Cooperation Council region, focusing on countries like Saudi Arabia, Oman, and the UAE, as well as exploring opportunities in non-GCC states including Palestine, Egypt, and Iraq.
Saudi Arabia remains a primary focus for Ryalize due to its market potential and the significant impact the company can have in providing universal financing access. Al-Shakrani notes that with 28 percent of the Saudi population unbanked, bridging this gap presents not only a business opportunity but a societal obligation.