FAS Labs, valU partner to offer digital consumer finance services in Saudi Arabia

FAS Labs, valU partner to offer digital consumer finance services in Saudi Arabia

The partnership agreement will also result in FAS Finance being owned by FAS Labs (65%) and valU (35%).

FAS Labs was recently established to lead the joint digital initiatives of Alhokair and ACC, offering Saudi customers a range of accessible and customisable digital consumer finance solutions, to build and scale a fully integrated shopping platform that engages consumers throughout the entire purchase journey, from pre-purchase to post-purchase.

ValU will expedite FAS Finance’s ability to develop and scale a fully integrated shopping platform leveraging accessible digital financing solutions. In Saudi Arabia, the solutions will be available across Alhokair’s retail network of more than 1,000 stores, as well as online on Vogacloset and the monobrand websites, including 14 in Saudi Arabia. It will also extend to other vendors, retail networks, and merchants to include and cover the entire Saudi market.

Mohamad Mourad, MD of ACC and interim CEO of Alhokair, said: “Arabian Centres and Alhokair share a pioneering history and a strong team with longstanding partnerships contributing to a robust retail footprint in Saudi Arabia. The launch of FAS Finance and the strategic partnership with valU are perfectly aligned with our commitment to drive a robust omnichannel experience. Through the integration of innovative payment solutions,