SimpliFi, a Cards as a Service (CaaS) platform in MENA and Pakistan, has partnered with Alinma Bank, one of the most innovative Sharia compliant banks in the region, to strengthen the digital payments ecosystem in KSA.
The partnership aims to help businesses issue scheme-enabled prepaid cards, reducing costs and time to market associated with launching such card programs. Combining SimpliFi’s deep technology and domain experience with Alinma Bank’s digital banking expertise and local market knowledge of the wider banking ecosystem, they will work closely to enable FinTechs and technology companies to issue cards for consumer and B2B payments, digitizing the payments ecosystem and supporting SAMA’s vision.
Ali Sattar, Founder and CEO of SimpliFi, commented: “Alinma Bank has been a key contributor towards the digital footprint expansion in KSA, working closely with technology providers to bring ‘innovative and customer centric market first’ propositions. We are delighted to partner with a leading customer-focused financial institution to launch our distinct CaaS model.” He added, “We are confident that our association with Alinma Bank will enable businesses (both local and multinationals) to provide market-leading and cost-effective payments solutions.”
Adel Omar Alrajhi, General Manager, Cards and Payment of Alinma Bank, stated: “SimpliFi has been a pioneer and has rapidly expanded its innovative offerings across the MENA region, and we are excited to partner with them in our endeavor to enhance the overall digital payments vision of the Saudi Government. Our association is not only limited to leveraging the company’s expertise in technology but also includes its extensive network of relationships with companies in KSA as well as startups across MENA that are looking to enter the KSA market.”