Chennai based payments technology company, Financial Software and Systems (FSS) is expanding its footprint in Saudi Arabia. Kingdom of Saudi Arabia (KSA) is one of the best digital payment economies in the Gulf Cooperation Council (GCC). Kingdom of Saudi Arabia (KAS), powered with growth fuelled strategic communication of investments in building digital infrastructure and enabling regulatory policy framework, has accelerated themselves towards advanced digital payment economies.
KSA has decided to open promising revenue opportunities for established banks and FinTech players by setting up an ambitious target to achieve 70% non-cash transactions by the year 2030. Utilizing this opportunity FSS plans to help tier one banks and processors in Saudi Arabia by accelerating digital transformation initiative.
FSS stated that being an ecosystem player it is very important to understand the potential for each payment ecosystem player for determining the winning approach. They plan to take advantage of Vision 2030 of KSA by issuing and acquiring digital assets.
Global Chief revenue officer of FSS Mr. Krishnan Srinivasan said that it is necessary to understand the payment ecosystem player to accelerate digital payments in KSA. Thus as a processor and enterprise-grade payments technology company, FSS focuses on creating a monumental difference for KSA’s payment vision. FSS makes a significant investment to bring innovative digital payment solutions personalized to the needs of the KSA market. They are building a strong network of local partners for strengthening their delivery and support capabilities in the country.
FSS works as a strategic partner providing comprehensive payment services to banks. They navigate through a complex and evolving landscape by leveraging technology. Their expansion will aim at strengthening the digital payment capabilities of FSS.
They have established a strong base in the market for payment technology suppliers in the Gulf Cooperation Council (GCC). Their solutions are used by more than 40 banks in the country. In KSA, the company has signed deals with in-country channel partners, with this move they aim at strengthening its market strategy. FSS is currently working with leading acquires in the Kingdom of Saudi Arabia (KSA).