FSS (Financial Software and Systems), a global payments technology company, announced that it would be expanding its footprint to the Kingdom of Saudi Arabia (KSA).
KSA is among the advanced digital payment economies in the Gulf Cooperation Council (GCC), with growth propelled by a combination of strategic investments in building digital infrastructure and enabling regulatory policy framework. A proactive proponent of electronic payments, KSA has set an ambitious target to achieve 70% non-cash transactions by 2030, opening promising revenue opportunities for established banks as well as fintech players.
The growth is also poised to bring in disruption from new market entrants, emergence of expanded value chains and increasing demand for frictionless, personalised payment experiences from consumers.
FSS, with its rich digital assets on the issuance and the acquiring side, aims to collaborate with tier one banks and processors in Saudi Arabia to accelerate digital transformation initiatives which is aligned around Vision 2030.
“To deepen digital payments in KSA, it is important for each payment ecosystem player to understand the potential and determine its unique winning approach. That is where FSS as a processor as well as an enterprise-grade payments technology company can make a monumental difference to KSA’s payment vision.
We are making significant investments to bring innovative digital payment solutions tailored to the needs of the KSA market as well as building a strong network of local partners to strengthen our delivery and support capabilities in the country,”
stated Krishnan Srinivasan, Global Chief Revenue Officer, FSS.
FSS has established a strong presence in the payment technology supplier market in the GCC, and its solutions are reportedly used by over 40 banks in the region.
In KSA, the company currently works with leading acquirers and has signed deals with in-country channel partners to strengthen its go-to market strategy.