Xpence, Neoleap partnership signals new era for Saudi businesses

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Updated 28 June 2024
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Xpence, Neoleap partnership signals new era for Saudi businesses

A new corporate Visa card launch in Saudi Arabia marks a key milestone in supporting the SMEs and corporate landscape in the region.

The partnership between Xpence, a B2B payments platform with integrated Visa payment cards, and Neoleap, a global financial digital solutions company, makes the Kingdom the third market for Xpence.

The launch event, held at Neoleap headquarters in Riyadh, celebrated the first local transaction in Saudi Riyals using the new Xpence corporate Visa cards, signalling the start of a new era for Saudi businesses.

As the first fintech in the region to offer a cutting-edge expense management platform embedded with smart Visa corporate cards, Xpence enables businesses to effectively manage petty cash and day-to-day business expenses.

Saudi companies operating in Bahrain and the UAE can now open accounts in each country and manage their expenses seamlessly as a team from a single platform across borders. This collaboration will enhance financial management capabilities and streamline business operations across the Kingdom.

Xpence launched its first corporate Visa card in Bahrain in 2020 and later in the UAE. Since then, SMEs and corporates have conducted hundreds of thousands of transactions using Xpence Visa cards, entrusting Xpence with millions of dollars.

Zain Ansari, cofounder and chief commercial officer of Xpence, said: “We are grateful for the support of our Saudi investors, and we are excited to onboard the hundreds of Saudi companies that have already signed up.

“This launch aligns with our commitment to Vision 2030, as we strive to empower businesses with cutting-edge financial tools during this exciting boom period in Saudi Arabia.”

CEO of Neoleap Abdullah Al-Ibrahim said: “Partnering with Xpence aligns with our vision to support Saudi Arabia’s ambitious Vision 2030 goals. Together, we aim to provide seamless and efficient financial solutions that cater to the evolving needs of SMEs and corporates, driving economic growth and innovation in the region.”

Xpence is the region's first spend management platform through which businesses can issue virtual and physical Visa cards accepted globally and set individual spend controls and limits for each one.

Neoleap, licensed by the Saudi Central Bank, offers a range of payment services including digital wallets, point of sale, e-commerce, and payment gateways.


Hajj 2024: Najm ensures pilgrim safety on the road

Updated 29 June 2024
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Hajj 2024: Najm ensures pilgrim safety on the road

CEO of Najm for Insurance Services Mohammed Yahya Al-Shehri expressed his gratitude and congratulations to King Salman and Crown Prince Mohammed bin Salman, on the occasion of the conclusion of a successful Hajj season this year.

He also announced the success of Najm’s operational plan for Hajj, which involved deploying dedicated human and technical logistical capabilities as well as vehicles and other transportation means to enhance traffic safety, promptly address traffic accidents in the holy sites, and ensure the safety and security of pilgrims according to the highest standards.

“At Najm, we are honored to have been part of the Hajj’s success by efficiently implementing our operational plan. Najm succeeded in providing support for traffic plans on the roads leading to the holy sites and within the central region, ensuring the safety of pilgrims and enhancing the efforts of all relevant parties, including the General Traffic Department and the Special Forces for Road Security,” said Al-Shehri.

Najm’s operational plan for this year’s Hajj season, complements the Kingdom’s efforts in caring for the pilgrims, providing the best services, and creating conditions that allow them to perform the Hajj rituals with ease and tranquility. Najm’s plan relied on interactive maps, advanced digital tools to respond to traffic accident reports, and the enhanced capabilities of its operations room equipped with a network of technical systems that contributed to faster response times and handling of accident reports. Smart applications and systems were also deployed to serve pilgrims and to reach traffic accident sites in the shortest possible time.

Najm participated in this year’s Hajj mission with a field operations team consisting of approximately 120 members, including liability determination specialists and supervisors overseeing the mission. It also allocated a fleet of more than 80 motor vehicles and motorcycles. Technical and support teams from the Command and Control Center and the IT sector also contributed, with Najm’s teams assisting in easing traffic congestion and surveying traffic accidents in the holy sites of Makkah, Madinah, Mina, Arafat, and Muzdalifah. Najm’s teams also provided insurance services to pilgrims coming through all border crossings.

Najm is a closed and unlisted Saudi joint stock company established in 2007, to promote the vehicle insurance sector in the Kingdom. It provides an integrated system of insurance solutions and services to citizens, residents, and visitors in 44 Saudi cities through a skilled Saudi workforce.


Emirates NBD inks deal with Jarir Bookstore

Updated 29 June 2024
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Emirates NBD inks deal with Jarir Bookstore

Emirates NBD Bank, a leading banking group in the Middle East, North Africa and Turkiye region, has signed a cooperation agreement with Jarir Bookstore, to enhance the customer experience by offering exclusive services and benefits to their clients.

This significant step embodies the vision of both companies to foster innovation and expand the range of services offered to customers, in alignment with market needs and customer aspirations.

Marwan Hadi, group head of retail banking and wealth management at Emirates NBD, said: “We are delighted with our partnership with Jarir Bookstore, the leading retail company in the region. This partnership reflects our joint commitment to providing the best services to our customers in the Kingdom of Saudi Arabia and to enhancing the status of both Jarir and Emirates NBD Bank as leaders in their fields.”

Meanwhile, Abdulkarim Al-Aqeel, CEO of Jarir Bookstore, emphasized the importance of the partnership, saying: “We are pleased to collaborate with Emirates NBD Bank, one of the largest financial institutions in the region, to provide greater value to our customers. This strategic partnership allows us to offer distinctive benefits and enhances the shopping experience in our branches, aligning with our commitment to providing the best services to our customers.”

The signing of the cooperation memorandum took place in the presence of key executives from both organizations. Attendees from Emirates NBD included Hadi; Naser Yousef, CEO of Emirates NBD Saudi Arabia; and Ghassan Najmeddin, head of retail banking and wealth management — Emirates NBD Saudi Arabia. Representing Jarir Bookstore were Al-Aqeel, and Safi Alsafi, COO.


Strategic expansion: Budget Saudi acquires AutoWorld

Updated 29 June 2024
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Strategic expansion: Budget Saudi acquires AutoWorld

United International Transportation Company, or Budget Saudi, a comprehensive mobility solutions provider in the Kingdom, has announced the acquisition of Al-Jazira Equipment Company, known as AutoWorld, a SEDCO Holding owned vehicle leasing company.

Budget Saudi’s shareholders voted in favor of the acquisition at the Extraordinary General Assembly held on June 24. This landmark decision marks a significant milestone in Budget Saudi’s history and paves the way for strategic expansion in a dynamic market poised for healthy growth.

Following the approval of the shareholders at the EGM, 7 million ordinary shares paid in full will be issued by Budget Saudi to SEDCO Holding and are expected to start trading on the Saudi Exchange upon completion of the necessary procedures with the exchange and Securities Depository Center Company. The new shares represent 8.96 percent of Budget Saudi’s share capital after the capital increase. Once the new shares are issued in favor of SEDCO Holding, a Saudi Shariah institutional investor with deep experience and a strong track record of investing in national champions, it will directly and indirectly own 8.96 percent of Budget Saudi. AutoWorld’s shares will be transferred from SEDCO Holding to Aljozoor Alrasekha, a Budget Saudi wholly owned subsidiary.

Fawaz Danish, president and group CEO, Budget Saudi, said: “The strategic acquisition of AutoWorld provides a robust platform for future growth opportunities, bolstered by the strong Saudi real economy, structural changes in the transportation sector, and the flourishing tourism industry. This deal, the first-of-its-kind in Budget Saudi’s history, enables us to lay the groundwork for strategic initiatives that drive sustainable growth, enhance competitiveness, and create shareholder value.”

With this acquisition, Budget Saudi will solidify its position as a market leader in the long-term vehicle rental and leasing market in the Kingdom. According to a credible third-party market report, the acquisition will increase the company’s market share from 12 to 18 percent approximately. AutoWorld’s fleet size of 14,000 vehicles brings Budget Saudi’s total car leasing fleet to 49,300 (based on FY 2023 figures), representing a strategic move to consolidate Saudi Arabia’s auto leasing market and enhance service quality in the evolving transportation sector.


Almarai, SDB to empower food entrepreneurs

Updated 26 June 2024
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Almarai, SDB to empower food entrepreneurs

Almarai Company has signed a cooperation agreement with the Social Development Bank to launch a program to empower owners of very small cooking projects in the Riyadh region. The initiative — the “Almarai Chefs Program” — is part of the company’s support and encouragement for entrepreneurs.

The agreement was signed by CEO of Almarai Company Abdullah bin Nasser Al-Bader and CEO of the Social Development Bank Sultan bin Abdulaziz Al-Humaidi.

The agreement includes several areas of cooperation between the two parties. It stipulates that Almarai will commit to financing cooking training projects and contributing to the identification of targeted activities for financing and training, providing food products, equipment, and tools for projects participating in the program. Meanwhile, the Social Development Bank — represented by the Dulani Business Center — will provide solutions and services to qualify the targeted group through empowerment and development programs, in addition to nominating productive family projects to join the program.

Almarai CEO Al-Bader said the company’s partnership with the Social Development Bank to launch the Almarai Chefs Program will contribute significantly to empowering emerging entrepreneurs in the food sector. “The program will have a positive impact on owners of very small cooking projects, by supporting them continuously and enhancing their contribution to the development of this vital sector.”

Al-Humaidi added: “The cooperation agreement with Almarai Company targets owners of very small projects in the cooking and productive families sector in the Riyadh region, in an effort to develop small businesses and contribute to their transformation into sustainable projects, and achieve a tangible economic return for the participating projects, as we focus permanently on supporting innovators to launch qualitative projects that we are proud of in the Saudi food sector.”


PayerMax sets up new regional HQ in Riyadh

Updated 26 June 2024
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PayerMax sets up new regional HQ in Riyadh

PayerMax, a global payment solutions provider, has expanded into the Kingdom by establishing its regional headquarters in Riyadh. The company participated in the Regional Headquarters Program established by the Ministry of Investment and obtained an RHQ license this month.

PayerMax held an event to celebrate its acquisition of the RHQ license and the inauguration of its regional headquarters in Riyadh on June 11 at the MISA office. This milestone marks a major step in PayerMax’s strategic plan to strengthen its presence in the region and contribute to the Kingdom’s economic and technological development.

The RHQ program, a joint initiative by the MISA and Royal Commission for Riyadh City, is designed to enable and facilitate the ambitious growth plans of participating organizations in the region. PayerMax’s selection as one of the first companies in the National Technology Development Program launched by the Ministry of Communications and Information Technology further underscores the company’s technical expertise and commitment to innovation.

In attendance at the inauguration event was Alhassan Hamideldin, RHQ general supervisor, handling expansion of multinationals through the RHQ Program into the Kingdom.

In his speech, Hamideldin said that MISA is particularly honored to see PayerMax expanding their footprint in the Kingdom by establishing their regional headquarters here. “PayerMax is the very first Asian fintech company to do so. The Saudi government is fully committed to supporting the financial services sector, having undergone serious financial sector reforms, which have unlocked exponential growth potential in fintech, of which PayerMax is a prime example,” he said.

“We are deeply honored to have the esteemed MISA host our RHQ inauguration ceremony, which demonstrates the government’s commitment to fostering a conducive business environment for innovative companies like PayerMax,” said Wang Hu, co-founder at PayerMax.

PayerMax’s commitment to the Kingdom and the broader region is a testament to its dedication to supporting economic and technological development through innovative financial solutions. With its comprehensive global payment solution, PayerMax plans to accelerate digital payment adoption, providing convenient, safe, and faster ways to pay, catering to the evolving payment habits of users in the region.

“We are thrilled to establish our RHQ in Saudi Arabia, which signifies a strategic move to strengthen our presence in the region and demonstrates our long-term dedication to Saudi Arabia and the surrounding region,” said Hu. “Our expansion into the Kingdom, accompanied by an enhanced payment infrastructure, will continue to attract prominent global companies, particularly Asia-originated digital players in the gaming, e-commerce, social media sectors and more. This collective effort will further save our clients considerable cross-border transaction fees by providing them with one simple, safe, high-trust, and transparent payment interface.”

PayerMax’s vision aligns with Saudi Vision 2030, promoting financial inclusion, supporting economic diversification, and enhancing user experiences through digital payments.

The recent popularity of esports tournaments, such as Gamers8, highlights the increasing demand for innovative financial solutions in the Kingdom.