FOO is an award-winning, B2B Fintech solutions provider in the MENA region, which has begun to expand operations into the Kingdom of Saudi Arabia to support digital transformation efforts sweeping across the nation.
Currently, the Kingdom of Saudi Arabia is avidly driving digital transformation across sectors to improve business models, reduce operational inefficiencies and enhance customer experience. One sector, in particular, that is quickly adopting means of digital transformation is the financial sector, with the Central Bank having recently licensed its third digital bank in KSA. Operating at the bleeding edge of innovation, FOO builds solutions in-house using a modular platform consisting of micro-services to provide super-personalized products that empower digital transformation.
As digitalisation grows more prominent across the nation’s business ecosystem, FOO is well placed to support companies in meeting this growing demand through its innovative and agile Fintech solutions. FOO works with banks, Fintech companies and retailers across the MENA region to provide digital products that enhance business models and customer experience. Key products include solutions for remittances, digital wallets, tokenized transactions, fully automated micro-lending and BNPL.
Digital transformation in Saudi Arabia has been accelerated by the Kingdom’s Vision 2030 – a national strategy to enhance digital offerings across governmental and private sectors. Major targets include the creation of 25,000 jobs in the ICT sector and increasing the market size of IT and emerging technology industries by 50%. FOO’s goal is to support the country’s growing digital ecosystem.
FOO will expand operations into KSA by setting up offices in Riyadh as a foreign investment company. FOO will focus on providing solutions for digital banks, central bank digital currency based on blockchain, virtual card issuance and tokenization and merchant acceptance platforms, all enabled using our EKYC solutions. These target a variety of sectors such as financial, telecommunications and retail. FOO also plans to recruit a pool of local talent to create job opportunities in the Kingdom in addition to forming strategic local partnerships that support mutual growth.
With its expansion into KSA, FOO aims to enable companies to embrace digital transformation by creating intellectual property and enhancing digital know-how to ultimately help them shape and improve user experiences.
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’s offices in Saudi Arabia are located in Riyadh and officially opened on the 2nd of April.