To welcome and support Ant International’s business expansion in the Kingdom of Saudi Arabia, the Ministry of Investment of Saudi Arabia (MISA) has signed a Memorandum of Understanding (MoU).
The deal makes it possible for Ant International to launch a new company in Saudi Arabia, collaborate more effectively with regional partners, and provide its full range of cutting-edge goods and services to local clients.
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During a signing ceremony in Riyadh, Ant International’s President, Douglas Feagin, met with Mr. Eng Saleh Khabti, Saudi Arabia’s Deputy Minister of Investment, to welcome the new partnership and sign an agreement including shared goals for technological innovation and opportunities for economic growth in Saudi Arabia.
By this agreement, MISA is able to support Ant International in obtaining licences and certificates in order to grow and improve its service offerings. MISA welcomes and supports Ant International’s expansion strategy to create an entity in Saudi Arabia.
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In order to increase the accessibility of its banking and payment services throughout the Middle East, Ant International plans to leverage Saudi Arabia as a major entry point. Local businesses of all kinds will gain from capitalising on the digitalization trend to achieve more expansion.
Mr. Eng Saleh Khabti, Deputy Minister for Investment at MISA said “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. We are seeing tremendous growth in digital payments in Saudi Arabia and we expect this trend to continue with Ant International’s expansion which will further boost the financial services sector in the Kingdom.”
Douglas Feagin, President of Ant International, said “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.”
About Ant International
With its headquarters in Singapore, Ant International uses digital innovation to power the future of global commerce and enable every individual and company to succeed. Through a wide range of tech-driven digital payment and financial services solutions, we work together with partners to enable merchants of all sizes globally in realising their growth objectives.
About the Ministry of Investment of Saudi Arabia (MISA)
The Vision 2030 plan of Saudi Arabia is bringing unprecedented opportunities for foreign direct investment (FDI) at a quick pace due to the country’s rapid economic expansion and diversification. Through the development of a vibrant cross-government investment ecosystem, the Ministry of Investment of Saudi Arabia (MISA) is making these opportunities more accessible.
