Ant International, a leading digital innovation and fintech company from China, is aiming to expand its footprint in Saudi Arabia, with a vision to bolster the digital payment landscape across the region. In pursuit of this goal, the company has recently inked a Memorandum of Understanding (MoU) with the Ministry of Investment of Saudi Arabia (MISA), signaling its commitment to advancing its operations within the Kingdom.
The agreement entails full-fledged support from MISA in facilitating Ant International’s expansion endeavors, including the establishment of a dedicated entity in Saudi Arabia. Additionally, the ministry will extend assistance in obtaining necessary licenses and certifications to augment and diversify Ant International’s service portfolio within the region.
Ant International’s strategic move into Saudi Arabia is part of its broader initiative to penetrate the Middle East market and extend the reach of its cutting-edge payment and financial services. With a robust suite of offerings tailored for global merchants, including cross-border mobile payment solutions, merchant payment services, and digital financial services for cross-border trade, the company aims to cater to the evolving needs of businesses in the region.
Eng. Saleh Khabti, Deputy Minister for Investment at MISA, expressed optimism about the collaboration, he said: “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, said: “We’re delighted to build upon our progress in the Middle East to support merchants’ 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.