Mastercard Empowers Businesses in KSA through Partnering with SiFi
Through an exclusive agreement with Alhulul Almobassatah Financial Company (SiFi), Mastercard aims to provide small and medium-sized enterprises (SMEs) with a range of cutting-edge offerings to overcome spend management challenges, expense reporting, and access to analytics.
Empowering SMEs with Innovative Financial Solutions
Mastercard, a leading technology company in the global payments sector, has partnered with SiFi, a Saudi-based fintech that simplifies business spend management.
By leveraging Mastercard’s expertise, ecosystem, network, and resources, SiFi will be able to offer solutions seamlessly to SMEs and enterprises across the Kingdom. This collaboration aims to enable businesses to meet the demands of a rapidly evolving global economy.
Ahmed Alhakbani, founder and CEO of SiFi, expressed his enthusiasm for the partnership, stating, “Mastercard is a key partner for SiFi. As a reputable player in the payment technology field, Mastercard’s expertise and flexibility help us adapt to our evolving needs and improve our service to customers. With their support, we can better understand and address our customers’ expectations.”
Adam Jones, country general manager, MENA Central, Mastercard, emphasized the company’s commitment to fueling the growth of the SME space in Saudi Arabia.
He stated, “At Mastercard, we are committed to working closely with partners to co-create solutions and offer access to our technology and expertise. Our agreement with SiFi is fully geared toward achieving this goal.”
Simplifying Expense Management and Tracking
One of the key benefits of this partnership is the ability to simplify expense management and tracking for SMEs and enterprises. Mastercard’s agreement with SiFi enables the issuance of corporate cards with ease, providing businesses with the necessary tools to control and track expenses effectively. This feature is especially crucial in a time when SMEs are playing a significant role in powering the economy.
Maria Medvedeva, country manager, Saudi Arabia and Bahrain, Mastercard, highlighted the importance of offering responsive solutions that enable businesses and fintechs to grow.
She stated, “Whether empowering entities to accept more payment cards and methods or simplifying controlling and tracking expenses, we equip SMEs with the tools to accomplish their business goals.”
Fahad Alfozan, business development manager at SiFi, emphasized their commitment to empowering companies to take greater control of their expenses.
He stated, “By partnering with equally innovative entities, such as Mastercard, we aim to curate an advanced suite of offerings that resolve our customers’ financial management challenges.”
Transforming Saudi Entrepreneurship
Mastercard’s partnership with SiFi is a testament to its commitment to transform Saudi entrepreneurship and empower the burgeoning fintech community in the Kingdom.
This collaboration not only aligns with Mastercard’s goal of bringing 1 billion people, 50 million micro and small businesses, and 25 million female entrepreneurs into the digital economy by 2025 but also supports the Vision 2030 goals of Saudi Arabia.
Saudi Arabia’s Vision 2030 aims to increase the SME sector’s contribution to the economy to 35 percent by 2030 and raise SME lending to 20 percent of funding by the end of the decade.
Mastercard’s partnership with SiFi plays a crucial role in achieving these goals and fostering economic growth in the Kingdom.
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