Financial technology firm Paymentology boosts its operations in Saudi Arabia, committed to advancing Vision 2030 and innovative payment solutions for the future.
Paymentology, a global issuer processor, has taken a significant step forward in its mission to serve the burgeoning fintech sector and digital payment market in Saudi Arabia. The company has registered commercially in Riyadh, establishing an on-the-ground presence to bring world-class card issuing and payment processing capabilities to the Kingdom.
The move comes as the Saudi Arabian fintech ecosystem rapidly embraces mobile-first experiences, instant payments, and embedded financial services at scale. The Saudi Central Bank (SAMA) has identified the rapid adoption of digital payments as a key objective of its Financial Sector Development Programme, and the number of fintech companies in the country has grown dramatically over the past few years. In 2024, there were over 200 fintech companies in Saudi Arabia, an increase of around 900% from 2018.
Paymentology has been active in Saudi Arabia since 2020, and its local presence allows the company to work closely with clients, understand the nuances of the market, and respond quickly to their needs. Fast-growing clients such as Tabby and D360 have already benefited significantly from Paymentology's technology and expertise. In 2024, major banks and fintech companies in Saudi Arabia, including STC Pay and Alinma Bank, also benefited from Paymentology's innovative solutions.
Jeff Parker, CEO of Paymentology, believes that success in Saudi Arabia depends on being present, listening closely, and building lasting relationships. "We are committed to being a trusted partner to our clients in Saudi Arabia," Parker said. "Our local team brings deep expertise and infrastructure that meets the highest standards, ensuring we help clients grow and innovate in a way that is truly built for Saudi Arabia."
Paymentology's cloud-first issuing platform has direct connections to leading platforms such as Oracle Cloud Infrastructure (OCI) and Amazon Web Services (AWS), designed for high-volume, high-speed payments environments. The company's approach to localization is grounded in action, adapting products, services, and support to the ways people and businesses operate in Saudi Arabia.
The surge in the Saudi Arabian fintech sector is mirrored in the rapid adoption of digital payments. In 2024, there were 12.6 billion "non-cash" transactions in Saudi Arabia, compared to 10.8 billion in 2023. Electronic payments accounted for 79% of total retail transactions in 2024, up from 70% in 2023.
Nauman Hassan, Regional Director for MENA at Paymentology, is confident that the local team will play a crucial role in driving the company's growth in Saudi Arabia. "Establishing an on-the-ground presence in Riyadh is the natural next step for Paymentology in Saudi Arabia," Hassan said. "By being closer to our clients, investing in the right talent, and responding with the speed, precision, and cultural understanding that the Saudi Arabian market demands, we are well-positioned to help our clients navigate the rapidly evolving fintech landscape in the Kingdom."
With its strong local team, world-class infrastructure, and commitment to localization, Paymentology is poised to make a significant impact in the Saudi Arabian fintech sector, helping clients grow and innovate in a way that is truly built for the Kingdom.
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