Al-Ahli Bank announced the signing of the Kingdom’s first-of-its-kind partnership in the field of financial technology (FinTech) with SumUp to launch a smart point-of-sale service targeting small and medium-sized enterprises (SMEs) in a more efficient and cost-effective manner. The agreement was signed at Al-Ahli Bank’s headquarters in Jeddah by Al-Ahli Bank’s CEO, Mr. Saeed Al-Ghamdi, and SumUp’s co-founder, Mr. Mark Alexander Krayst, in the presence of a group of senior executives from both sides.

Following the signing of the agreement, Mr. Saeed Al-Ghamdi, CEO of Al-Ahli Bank, stated: “This agreement represents a new qualitative leap in the field of financial technology in the Kingdom’s banking sector, keeping pace with the latest global technological developments. It is also part of the bank’s strategy to take the initiative in entering the field of financial technology (FinTech) in the region in line with Saudi Vision 2030 and the Saudi Arabian Monetary Authority’s strategy, by developing the financial sector and strengthening the role of small and medium-sized enterprises in the economy.

The bank emphasized that this step aligns with the Saudi Arabian Monetary Authority’s strategy and the national payment system “Mada,” which aims to encourage consumers to use electronic payment methods and reduce the use of cash.

Commenting on this agreement, Mr. Mark Alexander Kreist, co-founder of SumUp, expressed his delight at partnering with the National Commercial Bank, which is considered one of the largest financial institutions in the Kingdom and the region, noting that this agreement will support the company’s strategic plans for expansion into emerging and promising markets. He also emphasized SumUp’s strong commitment to leveraging the latest technology to serve small and medium-sized enterprises and support the Kingdom’s vision of reducing cash usage.

It is worth noting that this partnership marks the National Commercial Bank’s first step toward expansion in the field of financial technology (FinTech), as part of its efforts to provide exceptional service, reaffirming its commitment to meeting the requirements and needs of its customers, and reinforcing its strategy to be the best in digital services.