- Alinma Bank has one of the most advanced banking infrastructures in Saudi Arabia
- Partnerships for the benefit of small and medium-sized enterprises and micro-enterprises in the Kingdom with settlement twice daily.
Riyadh, Saudi Arabia., Alinma Bank, one of Saudi Arabia’s largest financial institutions – one of the leaders in digital payments, has today announced that it has signed a strategic Fintech partnership with FOODICS, the leading cloud-based technology and payment platform for restaurants in the MENA region. The partnership, which combines Alinma’s groundbreaking Fintech offering and FOODICS ‘groundbreaking technological ecosystem, will specifically benefit small business owners (“SMEs”) and micro-enterprises in the Kingdom.
This announcement comes in direct support of Saudi Arabia’s goal of increasing the contribution of SMEs to the economy, and the launch of more accelerator programs. A key driver for economic development and diversification, SMB’s strength rests on their ability to stay lean and adapt to changing consumer behavior and market conditions.
Under this partnership, the two brands have come together to launch new products to enable small business owners to have full autonomy over their business decisions, so they can sell from anywhere anytime and accept payments on the go. This will allow them to maximize sales and productivity, while keeping track of sales figures, inventory and customers.
Regarding the agreement, Saleh Abdullah Alzumaie, Senior Vice President of Alinma Bank, said: “At Alinma Bank, we have always been committed to supporting the small and medium-sized enterprises sector, which mainly contributes to the national economy. Today, we are pleased to partner with Foodics, a leading payment and technology platform to enable business owners to accelerate their growth at various levels, depending on our advanced technical capabilities, our network of branches around the Kingdom, and several digital banking channels that offer our excellent and innovative services and products. We look forward to strengthening our leadership in supporting this vital sector, in partnership with the Foodics team to serve Alinma customers. ”
Ahmad Al Zaini, FOODICS ‘CEO and co-founder, commented: “We are proud to work with Alinma Bank, one of the largest financial institutions in the Kingdom, as well as the owner of one of the most advanced banking infrastructures in Saudi Arabia. This strategic alliance will strengthen SMB and micro business owners as well as the entire ecosystem, which will make both FOODICS and Alinma Bank SMB customers more flexible, by digitizing onboarding, giving them better prices and enabling daily settlement of customer payments twice a day, which will be a great benefit for SME owners, given the cash flow is so crucial to their growth and sustainability. ”
A number of new product launches are planned over the coming months to support small and medium-sized businesses anywhere, whether in store, outdoors, on a drive-thru or wherever else their business or brand may be located.
Abdullah AlKhalifa, CEO of Alinma Bank, added: “We have always tried to support the SME sector as it is a major contributor to the economy. Today we are pleased to join forces with the leading cloud-based technology and payment platform FOODICS for further enabling business owners to accelerate development on all fronts.Our technological capabilities, branch networks, external channels and product and service innovation are one of the most advanced, and we look forward to expanding this leadership further with the FOODICS team to benefit our customers and the industry in general. “
FOODICS is officially recognized by the Saudi Arabian Central Bank (“SAMA”) as a FinTech company. Since its inception in 2014, Foodics has processed over 6 billion orders through its platform. It also raised a record $ 170 million in its Series C funding round, increasing its ability to innovate to better serve business owners.
