Partnership established between Mastercard and HyperPay for the deployment of commercial cards in Saudi Arabia.
In the heart of the Middle East, Saudi Arabia is leading the charge towards a digital economy. Government-backed initiatives, such as the rollout of faster payment systems and the promotion of FinTech startups, have fueled consumer readiness for new payment technologies.
One such FinTech startup is HyperPay, launched by Muhannad Ebwini in 2014. HyperPay offers payment processing services, invoicing, risk and fraud management, and other services to support small businesses. The company's commitment to digital innovation has been evident since its inception, and it has been collaborating on the region's digital transformation since 2022.
In 2022, Mastercard led a funding round in which HyperPay raised $36.7 million. This partnership has been instrumental in driving the company's growth and extending its services.
Mastercard's involvement in the Saudi Arabian market doesn't stop there. In September 2024, they collaborated with Saudi financial services startup barq. The collaboration aims to serve small and medium-sized businesses (SMBs), a sector that is crucial for the region's economic growth.
The collaboration between HyperPay and Mastercard, along with other unspecified companies, aims to streamline expense management, increase efficiency in financial operations, and deliver digital commercial experiences for SMBs. This is in line with Saudi Arabia's priorities under Saudi Vision 2030, which emphasises digital innovation and financial inclusion.
The commercial cards, set to be launched in Saudi Arabia, UAE, and Qatar, are a testament to the region's commitment to building 'thriving digital economies,' as per a recent release. The Intelligence and TerraPay collaboration, titled 'Global Money Movement: Saudi Arabia Edition,' was also announced, further solidifying the region's position as a hub for digital transformation.
Mastercard's partnership with UAE-based supply chain financing FinTech Fundbot in November further cements their commitment to the region. Muhannad Ebwini, the Founder and CEO of HyperPay, continues to be at the forefront of this digital revolution, having established HyperPay in 2016.
With 93% of SMBs in Saudi Arabia confident about the year ahead and 99% already accepting digital payments, the future of the region's digital economy looks promising. Saudi Arabia serves as a potential blueprint for digital transformation across the Middle East and beyond.
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