Fintech solution provider FOO expands operations into Saudi Arabia

FOO, a B2B fintech solutions provider in the MENA region, has expanded operations into Saudi Arabia to support digital transformation efforts sweeping across the nation.

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, tokenised transactions, fully automated micro-lending and BNPL.

By setting up offices in Riyadh as a foreign investment company, the company will focus on providing solutions for the digital bank, central bank digital currency based on blockchain, virtual card issuance and tokenisation and merchant acceptance platforms, all enabled using its EKYC solutions.

The fintech solution provider also plans to recruit a local talent pool to create job opportunities in the kingdom and form local strategic partnerships that support mutual growth.

Furthermore, with this expansion, FOO aims to enable companies to embrace digital transformation by creating intellectual property and enhancing digital know-how to help them shape and improve user experiences.

Ghady Rayess, managing director at FOO, commented: “Saudi Arabia has an extremely high market opportunity for financial disruption with 51 per cent 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 personalised digital solutions.”

Meanwhile, 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 creating 25,000 jobs in the ICT sector and increasing the market size of IT and emerging technology industries by 50 per cent.

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