March 22, 2023: SimpliFi, the leading Cards as a Service (CaaS) platform in MENA and Pakistan, and Alinma Bank, amongst the most innovative and pioneering award-winning Sharia-compliant banks in the region, have partnered to enhance the ever-growing digital payments ecosystem in KSA.
With the rapid global expansion and acceptance of digital payments, along with the shift towards cost-effective payment solutions, this partnership will support businesses to issue scheme-enabled prepaid cards, thereby significantly reducing costs and time to market associated with the launch of such card programs.
This partnership brings together SimpliFi’s leading card issuance platform, along with deep technology and domain experience together with Alinma Bank’s expertise in digital banking and local market knowledge of the wider banking ecosystem. The partners will work closely to enable fintech’s and other technology companies to issue cards to support a variety of use cases involving consumer and B2B payments, thereby digitizing the payments ecosystem and vision set forth by SAMA.
KSA, the biggest market has been at the forefront of innovation in technology and adoption of digital payments and fintech in the region, and this partnership – with its commitment to introducing market-leading digital payment solutions to startups and enterprises alike – will contribute to the continued development of the burgeoning payments ecosystem in the Kingdom.
“Alinma Bank has been a key contributor towards the digital footprint expansion in KSA, working closely with technology providers to bring ‘innovative and customer centric market first’ propositions. We are delighted to partner with a leading customer-focused financial institution to launch our distinct CaaS model,” said Ali Sattar, Founder and CEO of SimpliFi. “We are confident that our association with Alinma Bank will enable businesses (both local and multinationals) to provide market-leading and cost-effective payments solutions.”
“SimpliFi has been a pioneer and has rapidly expanded its innovative offerings across the MENA region, and we are excited to partner with them in our endeavor to enhance the overall digital payments vision of the Saudi Government. Our association is not only limited to leveraging the company’s expertise in technology but also includes its extensive network of relationships with companies in KSA as well as startups across MENA that are looking to enter the KSA market”, said Adel Omar Alrajhi, General Manager, Cards and Payment of Alinma Bank.
SimpliFi, a Cards as a Service (CaaS) platform for MENA and Pakistan, provides businesses with a one-stop solution to issue and manage their cards’ program, enabling them to streamline operations, drive new revenue streams, and increase loyalty.
SimpliFi provides a full-stack solution consisting of APIs, SDKs, a client portal, a white-label app, and end-to-end program management capabilities. The Company manages all ecosystem partners required to issue cards, including banks, card schemes, processors, identity verification, card fulfillment, and customer care to deliver a seamless experience across multiple markets. In addition to providing a purpose-built tech stack, SimpliFi manages day-to-day card operations and compliance so businesses can focus on their core strengths whilst leveraging the capabilities and scale of SimpliFi. For further details, please visit https://www.simplifipay.com.
About Alinma Bank:
Alinma Bank is the region’s epicenter for dynamic, innovative, Shariah-compliant banking and financial services, delivered with the speed and convenience customers require 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 aspirations. As a full-service financial institution, the bank serves individuals, corporates, and SMEs alike, with comprehensive products and services, including auto, home, and personal financing, individual and corporate current accounts, saving accounts, card services, corporate financing, auto leasing, and much more.