A prominent enterprise payment processing and ledger provider, Episode Six, has recently revealed a partnership with Loop, a notable e-Money institution, to bolster Loop’s Fintech-as-a-Service offerings in the Kingdom of Saudi Arabia (KSA). This collaboration aims to enhance Loop’s card, wallet, and instant payment services, aligning with its mission to become a catalyst for digital financial services.
The digital payments landscape in Saudi Arabia is experiencing a surge, with market penetration now at 62%, edging closer to the 70% goal set for 2025. This spike is largely attributed to the country’s ambitious Vision 2030 initiative, which aims to position Saudi Arabia as a frontrunner in digital technology.
Thanks to Episode Six’s robust and contemporary platform, Loop is positioned to introduce cutting-edge and transformative digital payment options that are essential for realizing Vision 2030, ushering in new payment products tailored to consumer preferences.
“Saudi Arabia is rapidly progressing in digital payments and aspires to become a technological hub in this domain,” expressed Ali Alobaid, CEO of Loop. “Our joint efforts with Episode Six are crucial in actualizing our strategic objectives and mark a significant advancement in payment modernization within KSA. We are enthusiastic about continuing to evolve payments throughout the region with E6.”
As the exclusive technology provider, Episode Six’s TRITIUM® platform will be the backbone of Loop’s Fintech-as-a-Service offerings, allowing the firm to efficiently tailor and deploy products for its clientele, including Saudi entities. The advanced payment platform will streamline Loop’s payment technology stack, reducing costs and providing a flexible foundation to create any payment product in response to the rapidly changing Saudi marketplace.
Loop, which operates under the regulatory framework of the Saudi Central Bank (SAMA), specializes in seamless and integrated digital payment technologies and services for individuals and businesses across KSA.
“This partnership signifies a significant stride in the payment modernization process within KSA,” stated John Mitchell, CEO and Co-Founder of Episode Six. “By merging E6’s innovative solutions with Loop’s deep market insight and avant-garde approach, we intend to initiate a new chapter in payment systems, delivering exceptional value to both enterprises and consumers. We are thrilled to join hands with Loop to propel the payment industry forward in KSA.”