PayFort, an Amazon company, has registered a new wholly owned company in Saudi Arabia.
The new foreign business license is the first of its kind to be registered to a payment service company.
“PayFort’s new company registration as a foreign investor in the Kingdom of Saudi Arabia is a sign of our long-term commitment to the market and comes as a result of our efforts to support the rapid growth in the country’s online sectors,” said Omar Soudodi, managing director of Payfort.
“Recent initiatives to further diversify the Saudi economy and grow hitherto undeveloped economic sectors, such as entertainment and tourism, are likely to help accelerate an already fast growing digital payments market.”
According to PayFort State of Payments 2017 report, Saudi Arabia and the UAE are the fastest growing countries in the region for online payments. Saudi Arabia was estimated $8.3 billion in payment transactions online and a 27 percent year-on-year payment increase. Online payments in the Kingdom are expected to double in the next four years and reach $22 billion.
“More than 40 per cent appetite for new financial companies and services among Saudis, this is particularly significant for PayFort and attests the importance of investing in the country,” said Srinivas Rao, Amazon Payments expansion, Seattle. “The time could not have been any better to fully own our operations in Saudi and we are looking forward to a long and prosperous business growth with our existing and new partners.”
Additionally, Saudi was also the fastest growing country in the GCC in the airlines and travel sector in 2016, with a 21 percent growth in airline payment volume and 36 percent growth in travel and tourism. Although the Kingdom was not the fastest growing in the events and entertainment sector, there is huge potential for growth in 2018-2020, especially with the lift of the cinema ban.