The Ministry of Investment of Saudi Arabia (MISA) Signs MoU with Ant International to Expand Business in Saudi Arabia, Supporting Regional Digital Innovation
In a significant move aimed at fostering technological innovation and economic growth opportunities in Saudi Arabia, the Ministry of Investment of Saudi Arabia (MISA) has inked a Memorandum of Understanding (MoU) with Ant International. The agreement, signed during a ceremony in Riyadh, outlines shared objectives for facilitating Ant International's business expansion into the Kingdom.
During the signing ceremony, Mr. Eng Saleh Khabti, Deputy Minister of Investment of Saudi Arabia, met with Douglas Feagin, President of Ant International, to welcome the new partnership. The collaboration seeks to support Ant International's plans to establish a presence in Saudi Arabia and enhance its service offerings by providing assistance in acquiring licenses and certificates.
Ant International aims to utilize Saudi Arabia as a strategic gateway into the Middle East, leveraging the Kingdom's supportive environment for technological innovations and digitalization. Through this expansion, local merchants of all scales stand to benefit from access to Ant International's payment and financial services, riding the wave of digitalization to achieve further growth.
Commenting on the partnership, Mr. Eng Saleh Khabti highlighted the potential impact of Ant International's expansion on businesses across Saudi Arabia and the broader Middle East region. He emphasized the Kingdom's commitment to fostering growth in the financial services sector, particularly in the realm of digital payments.
Douglas Feagin echoed these sentiments, expressing Ant International's enthusiasm for the opportunities presented by Saudi Arabia's supportive ecosystem for technological advancements. He emphasized the company's dedication to providing world-class payment solutions and inclusive financial services to Saudi businesses, empowering them to thrive in the global market.
Ant International's strategy encompasses a range of services tailored to global merchants, including cross-border mobile payment solutions, merchant payment services, digital payment and financial services for cross-border trade, and a digital wholesale bank regulated by the Monetary Authority of Singapore.
Headquartered in Singapore, Ant International is committed to driving global commerce through digital innovation, supporting merchants of all sizes worldwide with tech-driven payment and financial services solutions.
The Ministry of Investment of Saudi Arabia (MISA), on the other hand, is instrumental in unlocking foreign direct investment (FDI) opportunities in Saudi Arabia. Under the Vision 2030 plan, MISA facilitates a vibrant investment ecosystem by spearheading business-friendly policies, regulatory reforms, and investment incentives. The National Investment Strategy (NIS), launched in October 2021, aims to triple investment and increase FDI to SAR 338 billion by 2030, further solidifying Saudi Arabia's position as a key investment destination.
