Ant Int'l inks MOU to ramp up Saudi Arabia expansion

The Ministry of Investment of Saudi Arabia formally expressed support for Ant’s plans.

China’s Ant International has inked a memorandum of understanding (MOU) with the Ministry of Investment of Saudi Arabia (MISA) to facilitate Ant’s business expansion in the market, according to a press release. 

Through this partnership, MISA formally welcomed and expressed its support of Ant International’s expansion plan to establish an entity in Saudi Arabia, enabling assistance when acquiring licences and certificates.
  
Ant International said that it plans to use Saudi Arabia as a key gateway into the Middle East to further expand the reach of its payment and financial services. 

Ant International president Douglas Feagin met with Eng Saleh Khabti, deputy minister of Investment of Saudi Arabia in a signing ceremony held in Riyadh to welcome the new partnership and sign the agreement.

ALSO READ: Why tech is not the focal point of banks’ digital transformations

Feagin said that he and Ant International see “an enormous opportunity for expansion in the Middle East and in particular Saudi Arabia, which has been supportive of technological innovations and digitalization, empowering its businesses to thrive.”

“Through our agreement with MISA, Ant International enters an exciting new chapter of opportunity within Saudi Arabia. We’re delighted to build upon our progress in the Middle East to support merchants’ access to our world class payment solutions and inclusive financial services, providing Saudi businesses with various tools to grow and benefit from international travel and trade,” Feagin added.