FOO, a B2B Fintech solutions provider in the MENA region, has begun to expand operations into the Kingdom of Saudi Arabia to support the country’s digital transformation efforts.
Currently, the Kingdom of Saudi Arabia is aggressively driving digital transformation across sectors in order to improve business models, reduce operational inefficiencies, and improve customer experience. The financial sector, in particular, is quickly adopting digital transformation methods, with the Central Bank recently licensing KSA’s third digital bank. FOO builds solutions in-house using a modular platform comprised of micro-services to provide super-personalized products that enable digital transformation.
As digitalisation becomes more prevalent in the nation’s business ecosystem, FOO is well positioned to assist companies in meeting this growing demand with its innovative and agile Fintech solutions. FOO collaborates with banks, Fintech firms, and retailers across the MENA region to provide digital products that improve business models and customer experiences. Remittance solutions, digital wallets, tokenized transactions, fully automated micro-lending, and BNPL are among the key products.
Ghady Rayess, Managing Director at FOO, comments: “Saudi Arabia has an extremely high market opportunity for financial disruption with 51% of the population under the age of 25. As digital transformation rapidly becomes a national priority, there is a great opportunity for Fintech companies to deliver embedded finance and transform the end-user experience across sectors. The key is understanding how businesses can integrate financial services within the fabric of their digital experience. At FOO, we are well placed to support businesses achieve this goal with agile and personalized digital solutions.”
FOO will expand its operations into Saudi Arabia by establishing a foreign investment company in Riyadh. FOO will concentrate on providing blockchain-based solutions for digital banks, central bank digital currency, virtual card issuance and tokenization, and merchant acceptance platforms, all of which will be enabled by our EKYC solutions. These are aimed at a variety of industries, including finance, telecommunications, and retail. In addition to forming strategic local partnerships that support mutual growth, FOO intends to recruit a pool of local talent to create job opportunities in the Kingdom.
FOO’s expansion into KSA aims to help businesses embrace digital transformation by creating intellectual property and enhancing digital know-how, ultimately assisting them in shaping and improving user experiences.
FOO’s offices in Saudi Arabia are located in Riyadh and has officially open on the 2nd of April
