https://arab.news/nubc2
- Over a dozen Saudi firms voiced investment interest at last week鈥檚 financial gathering in Riyadh
- Nearly 25 Pakistani fintechs showcased solutions, drawing interest in their platforms and services
ISLAMABAD: Interest in Pakistan鈥檚 fintech and crypto markets is rising, with more than a dozen Saudi companies signaling plans to invest after engaging Pakistani firms at a major financial technology gathering in Riyadh last week, according to the Pakistan Fintech Network (PFN) on Wednesday.
The Money20/20 Middle East conference, held in the Saudi capital from September 15 to 17, was aligned with the Kingdom鈥檚 Vision 2030, which seeks to foster innovation in financial services, strengthen collaboration between regulators, investors and startups and position Riyadh as a global fintech hub. The event brought together more than 450 brands, 600 investors and 350 speakers from over 40 countries.
According to PFN, more than 25 Pakistani fintech firms showcased their solutions at the forum, signing agreements and exploring opportunities in the Saudi market.
鈥淭hey are interested in crypto exchanges, loan-lending fintech companies and financial institutions to tap the Pakistani market,鈥� PFN CEO Fahad Sajjad told Arab News.
He said the 鈥渉ighly encouraging鈥� response reflected Saudi demand for innovation and added that investors were closely watching the development of Pakistan鈥檚 crypto framework.
鈥淭he Saudi market is hungry for innovation and offers vast potential that Pakistani fintech firms can tap into through collaborations,鈥� Sajjad said.
Among the announcements tied to the event, Pakistani fintech startup ABHI unveiled a partnership with TRAY, a Saudi cloud-based point-of-sale (POS) and business management platform.
The agreement introduces Earned Wage Access (EWA) services to 黑料社区鈥檚 fast-growing food and beverage sector.
EWA is a financial solution that enables employees to withdraw part of their earned salary at any time before payday, eliminating the need to wait until the end of the month. Under the deal, ABHI鈥檚 technology will be integrated into TRAY鈥檚 enterprise POS ecosystem, covering restaurants, caf茅s and cloud kitchens across the Kingdom.
鈥淭he response at Money20/20 was amazing,鈥� Omair Ansari, ABHI鈥檚 CEO and co-founder, said. 鈥淲e signed eight memorandums of understanding in total, and TRAY has already gone live with ABHI, with more big names to follow soon.鈥�
鈥淭his will empower employees with instant access to their salaries, helping reduce turnover and strengthen retention in one of the Kingdom鈥檚 most dynamic industries,鈥� he added.
Founded in 2021, ABHI offers EWA, payroll solutions and SME financing. It has already expanded into the UAE, 黑料社区 and Bangladesh while attracting major international investment.
The company entered the Saudi market last year through a partnership with Alraedah, a principal SME financing institution in the Kingdom.
鈥淪oon more names will be going live in the upcoming weeks or in the start of October,鈥� Ansari said.