S P E C I A L I S T I N S I G H T
S P E C I A L I S T I N S I G H T
Network International is making bold strides into Saudi Arabia with aims to redefine the payments landscape in the Kingdom . Driven by ambitious goals and a vision for the future , in this exclusive insight , Al-Dahmash , Managing Director for KSA at Network International , reveals the company ’ s dynamic strategy , unique market positioning and how it perfectly aligns with Saudi Arabia ’ s transformative Vision 2030 .
What sets Network International apart from its competitors in Saudi Arabia ?
Network International KSA provides digital payment services to two categories of clients : financial institutions such as banks , finance companies and FinTechs ; and retail stores and government entities . Network International is ideally positioned to assist financial institutions looking to modernise their infrastructure and benefit from the range of services we offer . Given the rapidly growing payment sector , Network International , with its extensive expertise and high-efficiency technologies , can contribute to high levels of growth and swift execution while enhancing operational efficiency and delivering innovative services .
Why did Network International decide to expand into the Saudi market ?
Network International has always been a leader in providing innovative , seamless and secure payment systems . We have a significant presence spanning over three decades across more than 50 countries , serving over 250 financial institutions . Our primary focus is on helping economies and businesses grow by simplifying payments and commerce . We view Saudi Arabia as a strategically important market , especially considering its exceptional growth and development . According to International Monetary Fund ’ s positive report on the country in 2023 , Saudi Arabia is one of the fastest-growing economies in the world and the least affected by inflation . The country is undergoing structural and comprehensive reform in accordance with the ambitious and well-defined Vision 2030 that targets transformation , growth and prosperity in the future .
Given these factors , we believe this is the right time to enter the Saudi market . Our strategic objectives include expanding capabilities to offer a comprehensive suite of payment acceptance solutions within the KSA market which is the largest market in the region . We expect to generate revenues of no less than US $ 50 million in the medium and long term . Therefore , we obtained a licence from the Saudi Central Bank ( SAMA ) to provide advanced digital payment solutions suitable for financial institutions and merchants and have begun investing in digital infrastructure . We have increased our customer base to 12 clients , including banks , financial institutions and FinTech companies .
Our company manages over 18 million bank cards , enabling us to serve medium and large banks in Saudi Arabia . Today , we serve over 250 financial institutions in the Middle East and Africa , and provide services to about 12 clients in Saudi Arabia , ranging from real-time fraud prevention solutions using the latest technologies such as Artificial Intelligence , through a managed service model ; to offering unique and innovative loyalty programmes ; to providing data services such as data enrichment and analysis , to consulting services that help banks and financial institutions reduce costs and improve operational efficiency .
For FinTechs , Network International KSA has strong qualifications to support its presence in the Kingdom . It has developed an infrastructure that supports the Software as a Service ( SaaS ) model , which eliminates the need for banks and FinTechs to establish their own operations and technical infrastructure from scratch , allowing them to focus on enhancing their competitive edge in various priorities such as brand presence , distribution capabilities , designing value propositions and improving customer experience .
After obtaining a licence from the SAMA , we are currently working on providing unique payment services while introducing additional services to meet the needs of sectors such as entertainment , tourism and travel .
What are the company ’ s ambitions for this year ?
In 2024 , Network International KSA has focused on enhancing its customer base among financial institutions and expanding its value-added services , including the most advanced and best-in-class fraud programmes ; loyalty programmes ; and data-related services and analysis . www . intelligentfin . tech
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