Saudi Arabia’s MISA Partners with Ant International to boost local and regional digital economy

The Ministry of Investment of Saudi Arabia (MISA) has signed a strategic Memorandum of Understanding (MoU) with Ant International, a major move to facilitate and accelerate the business expansion of Ant International into the Kingdom. This collaboration was marked by a formal signing ceremony in Riyadh, attended by Mr. Eng Saleh Khabti, Deputy Minister of Investment of Saudi Arabia, and Douglas Feagin, President of Ant International.

Expanding Digital and Financial Services in the Middle East:

Through this MoU, Ant International plans to establish a new entity within Saudi Arabia, acting as a key gateway for the company’s expansion into the Middle East. This setup will assist Ant International in acquiring the necessary licenses and certifications, enhancing its ability to offer a broader range of payment and financial services across the region.

Impact on Local Businesses:

The partnership promises significant benefits for local merchants by integrating them into the digital economy, thus fostering economic growth and technological innovation within Saudi Arabia. Mr. Eng Saleh Khabti emphasized the potential impact, stating, “We have worked closely with Ant International on its expansion into the Kingdom which will not only benefit thousands of merchants across the country but potentially hundreds of thousands of businesses right across the Middle East.”

MISA and Ant International is set to revolutionize Saudi Arabia’s digital and financial landscape, enhancing services for local and regional businesses. Photo courtesy of Business Wire.

Douglas Feagin on the Strategic Move:

Douglas Feagin expressed optimism about the opportunities in Saudi Arabia and the broader region, noting, “We see an enormous opportunity for expansion in the Middle East and in particular Saudi Arabia, which has been supportive of technological innovations and digitalization, empowering its businesses to thrive.”

Services Offered by Ant International:

Ant International plans to offer a suite of services including:

– Alipay+: Cross-border mobile payment and digitalization technology solutions.

– Antom: Merchant payment services.

– WorldFirst: Digital payment and financial services for cross-border trade.

– ANEXT Bank: A digital wholesale bank regulated by the Monetary Authority of Singapore, along with other embedded financial services.

Future Prospects and Goals:

This agreement not only aims to enhance Ant International’s service offerings in Saudi Arabia but also aligns with MISA’s goal to transform the Kingdom into a leading hub for digital and financial services in the Middle East. The collaboration is expected to leverage technological innovations to support the growing digital payments landscape in Saudi Arabia and further boost the financial services sector in the Kingdom.

This partnership between MISA and Ant International is a pivotal development in Saudi Arabia’s ongoing digital transformation efforts. By enabling easier market entry for international firms like Ant International, Saudi Arabia is positioning itself as a leader in the digital economy of the Middle East, fostering innovation and economic diversification.