Mastercard (NYSE: MA) has partnered with Loop, a digital payments technology company licensed by SAMA, to empower businesses and consumers across the Kingdom with greater access to advanced credit card offerings and innovative payment solutions.
The partnership will see Loop “expand its portfolio, enhance its suite of products and services through leveraging Mastercard technology and expertise.”
Having signed an issuing agreement, Loop and Mastercard will partner “to issue BIN ranges, enabling consumers, merchants and fintech’s across the Kingdom to benefit from innovative payment solutions.”
Ali AlObaid CEO, Loop said:
“We believe financial inclusion is vital to powering social and economic reform in Saudi Arabia. Our goal is to play a leading role in effecting this positive change by pioneering financial solutions that empower our customers to accomplish their goals. Partnering with Mastercard and leveraging the company’s technology will enable us to do that and more, contributing to the Kingdom’s prosperity.”
Adam Jones, Country General Manager, MENA Central, Mastercard, said:
“Today, technology and innovation are the bedrocks of sustained success; particularly with businesses and financial institutions around the world being confronted with new and unprecedented challenges. We work to empower our clients and partners with the tools to meet their targets and accomplish their goals. We aim to enable Loop to do just that, catering to the needs of Saudi businesses and consumers with an innovative range of payment solutions.”
Fully aligned with the goals of Vision 2030, the partnership “will drive greater fintech enablement across the country, transforming the Saudi digital economy.”
The agreement also underlines “both entities’ commitment to bolstering the Saudi fintech ecosystem.”
Together, they will introduce “a selection of novel propositions to the Kingdom’s growing community of SMEs and fintech’s, enabling them to meet the demands of a rapidly evolving global economy.”
