Chennai-based payments firm to expand footprint in Saudi Arabia

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November 25, 2020 5:05 AM

Financial Software and Systems (FSS), a Chennai-based payments technology company, has announced that it is expanding its footprint to strengthen digital payment capabilities in Saudi Arabia.

The company said in a statement on Thursday that through this venture, it is looking to expand the scope of digital payments in India by taking it to a much larger user base than currently in existence.To bring more merchants under the umbrella for digital India, financial aid is of paramount importance; especially for MSMEs.

Financial Software and Systems (FSS), a Chennai-based payments technology company, has announced that it is expanding its footprint to strengthen digital payment capabilities in Saudi Arabia. Kingdom of Saudi Arabia (KSA) is among the advanced digital payment economies in the GCC, with growth fuelled by a combination of strategic investments in building digital infrastructure and enabling regulatory policy framework.

KSA has set an ambitious target to achieve 70% non-cash transactions by 2030, opening promising revenue opportunities for established banks as well as FinTech players. FSS, with its digital assets on the issuance and the acquiring side, plans to help tier one banks and processors in Saudi Arabia to accelerate digital transformation initiatives —aligned around Vision 2030, said a release by the company.

Krishnan Srinivasan, global chief revenue officer, FSS, said: “To deepen digital payments in KSA, it is important for each payment ecosystem player to understand the potential and determine its unique winning approach. That is where FSS as a processor as well as an enterprise-grade payments technology company can make a monumental difference to KSA’s payment vision. We are making significant investments to bring innovative digital payment solutions tailored to the needs of the KSA market as well as building a strong network of local partners to strengthen our delivery and support capabilities in the country.”

FSS has established a strong presence in the payment technology supplier market in the GCC, and its solutions are used by over 40 banks in the region. In KSA, the company currently works with leading acquirers and has signed deals with in-country channel partners to strengthen its go-to- market strategy.

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