The Dubai-based FOO (www.foo.mobi) works with banks, fintech companies, and retailers across the Middle East and North Africa (MENA) region to offer digital products that enhance business models and customer experience. The company expanded its operations to Saudi Arabia to support digital transformation in this country. By establishing branches in Riyadh, the company will focus on providing solutions for the digital bank, the central bank’s digital currency based on blockchain, the issuance of virtual cards and tokenization, and the merchant acceptance platforms.
FOO works with banks, fintech companies, and retailers across the MENA region to offer digital products that enhance business models and customer experiences. Essential products include remittance solutions, digital wallets, tokenized transactions, fully automated microcredits, and BNPL.
Ghady Rayess, Managing Director of FOO, commented: “Saudi Arabia has an extremely high market potential for financial disruption with 51 percent of the population under 25. As digital transformation quickly becomes a national priority, there is a huge opportunity for fintech companies to offer embedded financial services and transform the experience of end-users across all sectors. The key is to understand how companies can integrate financial services into the structure of their digital experience. At FOO, we are well-positioned to help companies achieve this goal with agile and personalized digital solutions.”
Meanwhile, digital transformation in Saudi Arabia has been accelerated by the Kingdom’s Vision 2030 – a national strategy to improve digital delivery in the public and private sectors. Key goals include creating 25,000 jobs in the ICT sector and increasing the market size of IT and emerging technology industries by 50 percent.