At this year’s Seamless in the Kingdom of Saudi Arabia (KSA), London-based fintech-as-a-service platform, Manigo, and Saudi-based payments solution provider SurePay, have officially announced their partnership to launch embedded finance solutions for businesses and consumers across the Kingdom.
Manigo’s advanced fintech platform and eWallet engine will be integrated with SurePay’s digital payment solutions. As a result, both parties plan to create useful, seamless financial products and services that cater to the evolving needs of the Saudi market.
In recent years, the appetite for digital card solutions across the Kingdom and its neighbouring countries has catapulted with the fintech market continuing to aggressively scale to meet demand for payments solutions including e-wallets, remittances and Buy Now, Pay Later (BNPL) services. In 2022, Mastercard’s New Payments Index found that 89% of people in Saudi Arabia have used at least one emerging payment method in the last year. These numbers include 42% who have used a tappable smartphone wallet.
The announcement follows Manigo’s recent launch of its tech platform into the UK market after remaining in stealth mode earlier this year. This marks Manigo’s first partnership outside of Europe and the Americas, and it’s SurePay’s first commitment to working with a fintech-as-a-service partner outside of the Kingdom.
Stevan Bajic, CEO and co-founder of Manigo stated: “Having worked with the wider SurePay team behind the scenes to get, what I am certain will be a fruitful and prosperous partnership off the ground, I am confident that this collaborative force will contribute to the fast-paced and impactful drive of the fintech community out here in KSA and to its neighbouring countries in the MENA region. Our focus is, first and foremost, to work to the advantage of the end-customers. The Kingdom’s Vision 2030 emphasises the importance of the community working together to achieve this, and we are thrilled to have a hand in creating this into a fully realised reality over the coming months and years.”
Ehab Al-Bakri, the executive board member of SurePay commented on the partnership with Manigo: “This partnership will be the seed of the collaborative model between all financial solutions’ providers to serve the end user which will definitely contribute effectively to achieve the financial inclusion in KSA. Furthermore building such a strategic model will encourage other fintech companies to change their mindset to be integrators rather than competitors to achieve Vision 2030 within the financial sector.”
About Manigo
Manigo, a leading fintech infrastructure platform, enables any business – with or without a financial licence – within any industry to launch cards, accounts and payments services under their brand.
This can be done through Manigo’s all-in-one fintech platform, API suite and fully-managed offering, including white label solutions, if needed – for companies who require a regulatory umbrella. Manigo also provides a proprietary core banking and infrastructure platform as an out-of-the-box software solution, for those who already have their own licence but lack the tech, or for large corporates who want to pick and choose the underlying vendors.
In a matter of weeks, anyone can build financial offerings that will delight and retain customers, boost revenues and increase brand loyalty. From backend card and payment processing, to middleware integrations and frontend applications, we continue to be the only global, digital banking enabler in the region that covers the entire value chain.
You can find out more information about Manigo on www.manigo.com
About SurePay
SurePay specializes in financial payment system solutions and have been providing their expertise in software development since 2005 through Sure Global Technology, which has, over the past years, completed hundreds of technical projects to the satisfaction of its customers.
SurePay offers a variety of payment system solutions to suit different financial needs for its clients. In addition to payment solutions, SurePay offers a set of software solutions for payment device management, automated settlement reports, integration of payment devices and applications, as well as financial systems monitoring.
You can find out more about SurePay on www.surepay.sa