The new office comes as Saudi’s financial regulator, SAMA, incentivises foreign fintechs to expand operations in the kingdom through new license distribution.
Dutch Engagement Banking platform Backbase has reaffirmed its commitment to Saudi Arabia by establishing a new regional office fully-equipped with the appointment of a new senior leadership team in the kingdom’s capital Riyadh.
The expansion comes as the kingdom’s financial regulator, the Saudi Arabian Monetary Authority (SAMA), offers and distributes licenses to drive local market demand. SAMA has also been facilitating innovation by inviting foreign fintechs to make digital investments through its new Payment Services Provider Regulations (PSPR).
Backbase’s new office will enable the bank to maintain existing client relationships and fortify new partnerships more effectively with the advantage of geographical proximity. Many of its existing partnerships are now expanding into Saudi’s banking sector, including the National Bank of Bahrain, adding incentives for on-ground presence.
“The launch of our new regional centre and the first appointment to our senior leadership team in the kingdom highlight Backbase’s commitment to Saudi Arabia,” stated Matthijs Eijpe, Regional Vice President for Europe, the Middle East, and Africa (EMEA) at Backbase.
“This expansion is a recognition of the importance of the Saudi market to Backbase and the rapid growth the country is undergoing as part of Vision 2030.”
“We have seen positive demand for the Backbase platform in KSA and by expanding our presence in the country we will be better placed to develop new partnerships,” he added.