The Saudi Arabian Ministry of Investment (MISA) has recently established a partnership with Ant International, as evidenced by their Memorandum of Understanding (MoU). This collaboration is intended to streamline Ant International’s business growth within the kingdom.
During a ceremony in Riyadh, Douglas Feagin, President of Ant International, and Mr. Eng Saleh Khabti, Deputy Minister of Investment of Saudi Arabia, came together to formalize their partnership. The MoU outlines mutual objectives focused on spurring technological innovation and creating economic growth opportunities in Saudi Arabia.
Ant International aims to foster its expansion by setting up operations in Saudi Arabia, with MISA offering support in acquiring the necessary licenses and certifications. This move will bolster the company’s service offerings within the region.
The company plans to leverage Saudi Arabia as a central hub for extending its financial and payment services across the Middle East. This expansion is anticipated to empower local merchants of varying sizes to capitalize on digitalization for enhanced growth.
Mr. Eng Saleh Khabti, Deputy Minister for Investment at MISA, expressed enthusiasm about the collaboration with Ant International, highlighting its potential benefits for an extensive network of merchants throughout Saudi Arabia and the broader Middle East. He anticipates continued growth in digital payments, which will be amplified by Ant International’s presence, thereby enhancing the financial services sector in the kingdom.
“Saudi Arabia presents a significant opportunity for growth, especially with its supportive stance towards technological advancements and digitalization,” said Douglas Feagin, President of Ant International. He is excited about entering this new chapter in Saudi Arabia, where Ant International plans to amplify merchant success with their state-of-the-art payment solutions and comprehensive financial services.
Ant International’s strategy encompasses four key services for global commerce: Alipay+ cross-border mobile payment technologies, Antom merchant payment services, WorldFirst digital financial services for cross-border commerce, and ANEXT Bank—a digital wholesale bank regulated by the Monetary Authority of Singapore, along with various other embedded financial services.
About Ant International
With its headquarters in Singapore, Ant International champions the advancement of global commerce through digital innovations. The company collaborates closely with partners worldwide, aiding merchants to achieve their growth goals with a broad spectrum of tech-led digital payment and financial services solutions.
About the Ministry of Investment of Saudi Arabia (MISA)
Saudi Arabia’s economy is experiencing a rapid transformation and diversification, aligned with the Vision 2030 plan, which is paving the way for an influx of foreign direct investment (FDI) opportunities. MISA is at the forefront of this economic evolution, enhancing access to these opportunities by fostering a dynamic investment ecosystem that spans multiple government sectors.
MISA’s role includes coordinating with Saudi government entities to establish a competitive investment climate that provides certainty and stability for investors. This involves driving policy and regulatory reforms, devising investment incentives, facilitating investment data, identifying diverse sector investment prospects, and helping Saudi companies to forge partnerships and attract foreign investments.
The ministry is also tasked with the implementation of Saudi Arabia’s ambitious National Investment Strategy (NIS), launched in October 2021. The NIS is designed to triple investments, amplify FDI, and increase investment as a percentage of GDP to 30% by the year 2030, positioning private sector investors as key players in the nation’s developmental journey.
