https://arab.news/ru5qn
Network International, an enabler of digital commerce across the Middle East and Africa region, has obtained the major payment institution license from the Saudi Central Bank or SAMA, which will strengthen its foothold in the Kingdom.
The procurement of the license is a milestone that aligns with Network’s strategic objectives, which include expanding capabilities to offer a comprehensive suite of payment acceptance solutions within the Saudi market — the largest market in the region. The license also enables Network to empower the expansion of their regional clients by offering an extensive range of payment solutions in this key business hub.
Network is positioned favorably to foster a dynamic and inclusive payments ecosystem in Saudi Arabia by building long-term collaborative partnerships with merchants, businesses including SMEs, payment networks, banks and fintechs across diverse sectors. Aligning with the Saudi Vision 2030 focus on travel, tourism, and entertainment, Network sees the immense potential in enabling new payment pathways as the Kingdom embarks on a transformative journey to become a major global hub for advanced technologies and attract talent and business by creating the right environment for investment with a differentiated lifestyle. Tourism and residential mega development projects such as The Red Sea and AMAALA as well as futuristic urban developments like NEOM are promising arenas for the deployment of innovative payment solutions by Network.
Abdulaziz Al-Dahmash, managing director — Saudi Arabia, Network International, said: “We express our deep gratitude to the Saudi Central Bank for their trust in providing Network International the opportunity to significantly contribute toward expanding the payments landscape in the Kingdom. Network’s robust acquiring solutions are designed to meet the unique needs of every business, from high-volume retailers to individual entrepreneurs and SMEs. Government support further helps to foster an environment that is conducive to innovation in the financial services sector. We are proud to obtain this license from the Saudi Central Bank and excited to provide merchants and businesses with the solutions and expertise they need to thrive in the evolving digital landscape of Saudi Arabia.”
Network is leveraging its vast expertise to contribute to accelerating the Kingdom’s digital transformation initiatives through several ambitious goals by 2030 via boosting innovation, reducing cash reliance by increasing digital transactions, and contributing to economic diversification and developing local talent.
Building on its significant regional experience, Network International will foster strategic financial inclusion objectives within Saudi Arabia by providing secure, robust payment solutions to merchants and businesses of all sizes.