KARACHI:
Pakistani fintech companies are increasingly turning their eyes towards the Kingdom of Saudi Arabia (KSA), lured by the vast opportunities offered under Riyadh’s Vision 2030 digital transformation agenda and catalysed by the latest Pak-Saudi defence pact.
Pakistan’s growing IT sector has immense potential to become part of the broader strategic and defence ties with the Kingdom of Saudi Arabia at the next level, said Shaza Fatima Khawaja, Federal Minister for IT and Telecommunication.
“Pakistan’s IT sector is strengthening itself on various fronts to evolve into a key regional player and a data transshipment hub for various countries, including China and Central Asia,” she said while speaking as the Chief Guest at the inaugural session of the 26th ITCN Asia on Tuesday.
Money 20/20, a global fintech event recently held in Riyadh as part of the Vision 2030 economic plan to attract foreign investors, saw 15 Pakistani companies showcase their services and solutions. These firms signed various business deals and joint ventures with businesses from different markets.
“Pakistani fintechs are capable of competing at a global level. The trade fair of the fintech world has proven to be a launchpad for these entities to secure partnerships, attract investors, expand into Gulf markets, and strengthen their credibility on a global level,” said Fahad Sajjad, CEO of Pakistan Fintech Network (PFN).
He said the aim of Pakistan’s fintech entities was to establish a presence in Saudi Arabia, particularly by engaging with service operators and manufacturing companies involved in the event.
Pakistan’s operators are not only showcasing their services and solutions but are also signing business deals and learning from the concepts and ideas of different fintech operators successfully operating worldwide, he added.
At Money 20/20, Pakistani-origin fintech ABHI, with operations in the MENA region, signed a partnership with TRAY, a leading cloud-based POS and business management platform in Saudi Arabia, to introduce Earned Wage Access services for the fast-growing F&B sector.
“Partnering with TRAY enables ABHI to bring Earned Wage Access directly into the heart of Saudi Arabia’s hospitality sector. By integrating our solution into TRAY’s platform, we provide SMEs with a tool to improve workforce retention while advancing financial inclusion across the Kingdom. This collaboration creates a strong foundation to scale innovative services in line with Vision 2030’s goals of sustainable growth and digital transformation,” said Omair Ansari, CEO and Co-founder of ABHI.
In recent months, Saudi Arabia has strengthened various bilateral strategic and defence ties with Pakistan at the state level. Both countries have also enhanced commercial ties on a preferential basis, including in the IT and fintech sectors.
Pakistan also became a member of the Digital Cooperation Organisation (DCO) in 2024, which operates its headquarters from Riyadh.
The Ministry of Investment of Saudi Arabia (MISA) has established a help desk to assist Pakistani companies in registering quickly and easily in Saudi Arabia. This initiative has streamlined the process, leading to the registration of more than 100 Pakistani tech entities in the KSA market.
Ibrahim Amin, a banking and financial analyst, said the participation of Pakistani companies at Money 20/20 is a commendable business strategy as Gulf countries are actively investing in fintech and digital transformation, including acquisitions, joint ventures, and collaborations, particularly in the UAE and Saudi Arabia.
“By participating, Pakistani fintechs demonstrated Pakistan’s growing fintech ecosystem, showcasing themselves on the same stage as global leaders like Mastercard, Visa, and Stripe,” he added.
CEO of Hexalyze, Saad Shah, said Saudi Arabia is an emerging market for various industries from different countries, and Pakistani IT companies with financial solutions could target different entities based in the KSA, particularly in the developing city of NEOM.
He pointed out that the Saudi market is comparatively easier for Pakistani IT and fintech companies to expand operations due to facilitation systems introduced for Pakistani entrepreneurs and professionals in recent years. The KSA market is feasible for business as professionals are eager to move to the Kingdom because of the holy sites, while qualified human resources, particularly Pakistani immigrants, are available to work for Pakistan-based companies establishing operations there, he further highlighted. In the last couple of years, several IT companies and fintech operators from Pakistan have established subsidiaries and offices in Saudi Arabia to explore new business opportunities.
