Qashio has entered an exclusive partnership with Alinma Bank, one of the youngest and fast-growing banks in KSA, to launch its operations in the Kingdom. This is one of the first times that a KSA bank has joined hands with a FinTech company to provide solutions to its corporate banking customers – a massive milestone for the country’s tech space.
With this partnership, Qashio can rollout both its SME and enterprise-grade spend management platforms to its customers in the country. The FinTech’s solutions are also available to Alinma Bank’s vast number of corporate customers, benefiting both the bank’s and Qashio’s KSA customers. Businesses can now issue KSA corporate cards to be used for their employees in KSA without running the risk of suspension and withholding tax Bahrain-issued SAR cards. These integrated corporations will come with advanced control/limits, accounting integrations and enterprise-grade workflows.
This falls in line with KSA’s Financial Sector Development Program Under Vision 2030, which is aimed at developing a sustainable and thriving cashless society, increasing the share of non-cash transactions from 36% in 2019 to 70% in 2025. The primary method to achieve this is through uplifting FinTechs present in the country. In fact, Mastercard’s report, The Future of Fintech, revealed that KSA funding increased by 1294% in 2021 from 2020, amounting to US$91 million.
