Dubai, UAE: Spend management fintech Qashio has entered into an exclusive partnership with Alinma Bank, the youngest and fastest growing bank in KSA, to start its operations in the Kingdom. This is the first time a KSA bank has partnered with a fintech company to offer solutions to its corporate banking customers, a huge milestone for the country’s tech space.
With this partnership, Qashio can roll out both its SME and Enterprise-grade spend management platforms to its customers in the country. The fintech solutions are also available to Alinma Bank’s large number of corporate customers, and benefit both the bank’s and Qashio’s KSA customers. Companies can now issue KSA Business Cards to be used by their employees in KSA without risking suspension and deducting tax from Bahrain issued SAR cards. These integrated companies come with advanced controls/limits, accounting integrations and enterprise-class workflows.
This is in line with KSA’s Financial Sector Development Program under Vision 2030, which aims to develop a sustainable and thriving cashless society, increasing the share of non-cash transactions from 36% in 2019 to 70% in 2025. The primary method of achieving this is through uplifting fintechs present in the country. In fact, Mastercard’s report on ‘The Future of Fintech’ revealed that KSA funding increased by 1,294% in 2021 from 2020, amounting to $91 million.
Alinma Bank has been at the forefront of digital financial services in Saudi Arabia, and Qashio has enabled digital payments for businesses in MENA. This association between two industry leaders highlights the shared vision of both parties to introduce market-leading products to support businesses and contribute to the digital payments vision set forth by the Saudi Central Bank (SAMA).
Commenting on the partnership, Abdullah Khalid Alsalloom, Deputy General Manager – Cards, Alinma Bank said: “This partnership brings together Qashio’s leading cost management platform with deep technology and domain experience together with Alinma Bank’s expertise in digital banking and local market knowledge of the wider banking ecosystem.”
Armin Moradi, CEO and co-founder of Qashio commented: “This partnership with Alinma Bank is a move to align with Saudi Arabia’s efforts to adopt fintech-friendly approaches and increase the presence of fintech firms in the market, in line with Vision 2030 initiative. Qashio is dedicated to helping businesses eliminate manual finance processes, offering a solution that is safe, secure and ready to use for both large enterprises and small and medium-sized enterprises.”
Qashio has signed well-known brands and clients across KSA and UAE and continues to sign up clients. These include famous brands such as Nana, Swiss International, Alabbar Enterprises, Kitopi, Maids.cc, Yaa Foods, Al Shiha Group, Tasoru Holding, Instashop, Saif Belhasa, EFS Facilities Management Services Group, Papa Johns, Bulldozer Group, etc. .
Qashio’s international investors are excited about the foray into Saudi, including Rocketship VC, a well-known Silicon Valley fund. Other backers include Iliad Partners, 500 Sanabil MENA, Nuwa Capital, National Dimensions Investment KSA, Phoenix Investments and strategic family offices and angels.
According to VISA, total business-to-business spending in 2022 was $750 billion in KSA. The Global Business Travel Association (GBTA) revealed that on average 1 in 5 reports are in error. Businesses process around 51,000 expense reports each year, meaning that businesses worldwide spend an average of approximately half a million dollars and nearly 3,000 hours correcting errors in expense reports annually, highlighting the need for integrated expense management software.
Qashio’s virtual and physical cards combined with the software enable businesses to manage their expenses more automatically and transparently, saving hundreds of man hours and reducing the leakage of petty cash in the process. Finance and HR departments benefit from better expense reporting, better visibility, control over cash flow and a skilled workforce.
For more information about Qashio or additional advice on best practice cost management solutions, visit www.qashio.com.
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About Qashio:
Qashio is a comprehensive cost management platform and financial control center for MENA businesses that provides transparency into corporate spending and payments with software-enabled cards and all-inclusive accounts payable automation. With Qashio’s comprehensive software suite and end-to-end support, brands can control their finances, reduce expenses and identify areas of cash overspending.
About Alinma:
Alinma Bank is the region’s epicenter for dynamic, innovative, Shariah-compliant banking and financial services, delivered with the speed and convenience customers demand in their busy modern lives. Founded in 2006 by Royal Decree, Alinma Bank has a strong track record of supporting the national economy and helping individuals and businesses pursue their goals and ambitions. As a full-service financial institution, the bank serves both individuals, businesses and SMEs, with comprehensive products and services, including car, home and personal financing, individual and corporate current accounts, savings accounts, card services, corporate financing, car leasing and much more.
