Saudi Arabia’s Ministry of Investment (MISA) has inked an MoU with Ant International to support its business expansion in the Kingdom. This agreement enables Ant International to establish a new entity in Saudi Arabia, enhancing collaboration with local partners and serving customers with its innovative technologies
Saudi Arabia’s Ministry of Investment (MISA) has partnered with Ant International, signing a Memorandum of Understanding (MoU) to ease the company’s expansion into the Kingdom.
During a signing ceremony in Riyadh, Ant International’s President, Douglas Feagin, and Mr. Eng Saleh Khabti, Deputy Minister of Investment of Saudi Arabia, solidified the agreement, emphasizing shared goals for technological innovation and economic growth in Saudi Arabia.
Through this collaboration, MISA will support Ant International’s plan to establish a presence in Saudi Arabia, assisting with licensing and certification to enhance its service offerings.
Ant International aims to utilize Saudi Arabia as a strategic hub to extend its payment and financial services throughout the Middle East, benefiting local merchants and fostering digitalization-driven growth.
Mr. Eng Saleh Khabti expressed optimism about the expansion’s potential to bolster the Kingdom’s financial services sector and benefit businesses across the Middle East.
Douglas Feagin highlighted the significant opportunities in Saudi Arabia for technological innovation and digitalization, underlining the partnership’s role in supporting businesses to thrive.
Ant International’s strategy includes four key services for global merchants: Alipay+ cross-border mobile payment solutions, Antom merchant payment services, WorldFirst digital payment services for cross-border trade, and ANEXT Bank, a digital wholesale bank regulated by the Monetary Authority of Singapore, and other embedded financial services.
