In order to promote financial inclusion in Saudi Arabia, Mastercard and Loop collaborate.

Mastercard and Loop, a well-known provider of digital payments technology approved by SAMA, have teamed up to give customers and companies in the Kingdom easier access to cutting-edge credit card options and creative payment solutions.

Madilyn Swift

March 01, 2024

1Min Read

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Payments

Through the cooperation, Loop will use Mastercard's technology and experience to strengthen its spectrum of products and services and extend its offering. Through the signing of an exclusive issuing agreement, Loop and Mastercard will collaborate to issue BIN ranges, providing cutting-edge payment solutions to customers, businesses, and fintech companies throughout the Kingdom.

"We think that the driving force behind social and economic change in Saudi Arabia is financial inclusion. Our mission is to lead the way in bringing about this beneficial transformation by developing innovative financial solutions that enable our clients to reach their objectives. Ali AlObaid, CEO of Loop, stated, "By partnering with Mastercard and utilizing the company's technology, we will be able to do that and more, contributing to the prosperity of the Kingdom."

"Today, innovation and technology are the cornerstones of long-term success, especially given the novel and unparalleled obstacles that businesses and financial institutions worldwide are facing. We strive to provide our partners and clients with the resources they need to reach their objectives. According to Adam Jones, Country General Manager, MENA Central, Mastercard, "We aim to enable Loop to do just that, catering to the needs of Saudi businesses and consumers with an innovative range of payment solutions."

The agreement, which is fully in line with Vision 2030's objectives, will promote increased fintech enablement throughout the nation and revolutionize the Saudi digital economy.

The agreement also emphasizes how committed both parties are to supporting the Saudi fintech industry. Together, they will present a range of innovative ideas to the Kingdom's expanding fintech and SMEs sector, empowering them to address the needs of a quickly changing global market.