Mastercard & Tiqmo Propel Saudi Digital Payments & Inclusion

The Kingdom of Saudi Arabia is undergoing a profound digital transformation as part of its ambitious Vision 2030 agenda, aiming to diversify its economy and enhance digital services. A pivotal force in this evolution is the strategic partnership between global payments giant Mastercard and agile local fintech Tiqmo. This collaboration signifies a deliberate shift in Mastercard's regional strategy, moving beyond its traditional focus on established banks to actively engage with innovative fintechs, thereby accelerating financial inclusion and bolstering the digital payment ecosystem across the Kingdom.

During the recent Money20/20 Middle East conference in Riyadh, Mohammed Nana, Senior Vice President of Digital Partnerships for Eastern Europe, Middle East and Africa (EEMEA) at Mastercard, articulated the intrinsic alignment of Mastercard’s mission with Vision 2030’s core tenets of innovation, digital transformation, and economic diversification. Nana emphasized that Mastercard’s fundamental objective is to empower individuals and, crucially, to propel economies forward. This mission is underpinned by leveraging its five decades of experience in maintaining a secure and highly scalable payment network.

Mastercard's Evolving Strategy for Digital Inclusion

Mastercard’s commitment to Saudi Arabia’s digital future is evident in its substantial investment in local infrastructure, including the Mastercard Gateway within the Kingdom. This on-soil placement ensures strict adherence to the regulatory frameworks set forth by the Saudi Arabian Monetary Authority (SAMA) for all domestic transactions, underscoring a dedication to localized compliance and data sovereignty. This strategic localization forms a critical pillar of its broader, global digital transformation initiatives.

Globally, Mastercard has been a leading advocate for expanding financial access. In 2020, the company initiated a bold pledge to integrate one billion previously unbanked or underserved individuals into the digital and financial ecosystem within five years. Remarkable progress has been made towards this ambitious goal, with Nana reporting that approximately 980 million new consumers have already gained access to formal financial services. This demonstrates Mastercard's significant impact on global financial inclusion, extending opportunities to populations previously excluded from mainstream financial systems.

Tiqmo: An Agile Force in Saudi's Fintech Landscape

Complementing Mastercard’s extensive network and global vision is Tiqmo, a non-bank, non-telco-led digital wallet that has experienced extraordinary growth since its inception in 2024. Rinat Ablet, Chief Revenue Officer at Tiqmo, highlighted the company's rapid ascent and its successful development of a comprehensive financial super-app ecosystem. This platform is meticulously designed to serve Saudi Arabia’s diverse consumer base, which encompasses both local citizens and a significant expatriate population, offering tailored financial solutions.

Currently boasting approximately 2.5 million users, Tiqmo attributes much of its operational excellence and swift expansion to the robust regulatory foundation provided by Saudi authorities. Ablet explained that as a licensed entity, Tiqmo benefits from a strong regulatory environment that ensures stringent standards for cybersecurity, compliance, risk management, and anti-money laundering (AML) protocols. This solid regulatory bedrock enables Tiqmo to focus intensely on innovation and enhancing the customer experience, knowing that critical foundational elements are securely managed.

Synergies Driving Digital Payments and Financial Access

The strategic alliance between Mastercard and Tiqmo is a testament to Mastercard's foresight several years ago to transform its business model from a monoline entity primarily serving banks into a multi-segmented organization. This pivotal strategic shift opened pathways for collaboration with dynamic players like Tiqmo. Mohammed Nana articulated this philosophy by stating, "We firmly believe that financial services, the reach in terms of getting financial inclusion and financial independence, goes beyond banks. It's players like fintechs, it's players like telcos who have that reach that can give us access to the end consumer."

This symbiotic partnership thrives on mutual vision and complementary strengths. Mastercard brings its unparalleled global network, regulatory expertise, and advanced payment infrastructure, while Tiqmo offers localized market understanding, technological agility, and a direct connection to a rapidly growing digital-first consumer base. Rinat Ablet echoed this sentiment, affirming that the partnership is effective precisely because both entities share a common, growth-oriented vision for the future of the Kingdom's financial landscape.

Embracing Future Technologies: AI and Stablecoins

Looking towards the future, both Mastercard and Tiqmo executives anticipate that next-generation technologies will play an increasingly central role in payments. Nana clarified that while Mastercard is often perceived solely as a card company, its true identity is that of a sophisticated payment network and a global money mover. In line with this, Mastercard is actively focused on implementing advanced cybersecurity solutions specifically tailored for Saudi Arabia, contributing to the nation's cyber resilience program.

Artificial Intelligence in Payments

Mastercard has a long-standing history of leveraging cutting-edge technology. Nana highlighted that the company processes nearly 150 billion transactions annually, each routed through its sophisticated AI risk program. This program intelligently discerns legitimate transactions from fraudulent ones, a capability that has been integral to Mastercard’s operations for many years, ensuring the security and integrity of its network. For Tiqmo, the immediate and tangible impact of AI is evident in backend optimization. Ablet noted that AI is poised to play an immense role in streamlining critical operations such as fraud detection and AML compliance, while simultaneously enhancing customer support capabilities, leading to more efficient and secure services.

The Role of Stablecoins

Regarding the emerging landscape of stablecoins, Rinat Ablet offered a pragmatic outlook. Tiqmo manages substantial volumes of cross-border remittances, particularly for the large expatriate population in Saudi Arabia. While end-users may not yet be actively demanding stablecoins for their personal daily transactions, Ablet underscored the significant efficiency gains that this asset class could provide for the underlying settlement processes between organizations. He remarked, "The demand is for us as an organisation to do the settlement to our partners down the line. That efficiency is definitely required, but the infrastructure has to be established first." This perspective aligns with a broader industry consensus that stablecoins’ initial and most impactful utility lies in revolutionizing international settlement mechanisms.

Opportunities for Aspiring Fintechs in Saudi Arabia

For other fintech companies aspiring to enter the Saudi Arabian market and forge collaborations with Mastercard, both executives offered valuable encouragement and strategic advice. Ablet advised non-financial technology providers to meticulously assess and define their unique value proposition before seeking engagement. Nana, in turn, reiterated Mastercard's unwavering commitment to fostering collaborative partnerships across the fintech ecosystem.

Underscoring the ambitious targets of Vision 2030, Nana stated, "Vision 2030 would like 70 per cent of transactions in the kingdom to be done digitally. From a Mastercard perspective, by 2030, we want to ensure that all our transactions are tokenised. We’re looking for partners to help us get to that shared vision." This declaration clearly signals a vast landscape of opportunities for fintech innovators to contribute to the Kingdom's digital future.

Fintechs seeking to connect with Mastercard have multiple avenues. They can leverage the Mastercard Developers platform, an API-first platform providing instant access to essential tools. Additionally, programs such as Start Path, Fintech Express, and Mastercard Engage offer structured pathways for collaboration, mentorship, and integration into Mastercard’s extensive network. These initiatives are designed to foster innovation and facilitate the growth of promising fintech ventures, aligning with the shared objective of a digitally empowered Saudi Arabia.