Saudi fintech firms mobilize economic change in the Kingdom

Saudi fintech firms mobilize economic change in the Kingdom

RIYADH: With the pandemic abating, a new crop of fintech companies is heralding the winds of change in the way businesses are run in Saudi Arabia. From facilitating cashless payments to offering financial data analytics to providing loans, these firms are coming out with simpler and customized alternatives to traditional banking. “The GDP in Saudi Arabia is just impressive. You have much bigger potential for what you do in Saudi Arabia. You have 10 times the potential in Egypt and at least five times the potential in the UAE,” Ahmad Coucha, co-founder and CEO of FlapKap, told Arab News. FlapKap, an Egypt-based company, provides AI-based insights and financial data analytics and is planning to set shop in the Kingdom. The company offers e-commerce firms cutting-edge insights to optimize their advertising spending and maximize profits. It also provides these businesses with flexible payment terms on advertising spending to ensure sustainable growth without cash constraints. Another innovative fintech company making its presence felt in the Kingdom is HyperPay, a Jordan-based online payment company. The company recently obtained a technical permit from Saudi Payments, a wholly owned subsidiary of the Saudi Central Bank, or SAMA. The technical permit allows e-payment service providers to