Alinma Bank and FOODICS Sign Strategic FinTech Partnership to Empower SMBs and Micro-Businesses in the Kingdom
- Alinma Bank has one of the most advanced banking infrastructures in Saudi Arabia
- Partnership to benefit SMBs and Micro-Businesses in the Kingdom with twice daily settlements.
18 July 2022, Riyadh, Saudi Arabia., Alinma Bank, one of Saudi Arabia’s largest financial institutions – one of leaders in digital payments, has announced today that it has signed a strategic Fintech partnership with FOODICS, the leading cloud-based technology and payments platform for restaurants in the MENA region. The partnership, combining Alinma’s cutting edge Fintech offering and FOODICS’ pioneering tech ecosystem, is set to specifically benefit Small Business Owners (“SMBs”) and Micro-Businesses in the Kingdom.
This announcement comes in direct support of Saudi Arabia’s goal to raise the contribution of SMBs to the economy, and its launch of several accelerator programs. A key driver of economic development and diversification, SMB’s strength rests on their ability to stay lean, and to adapt to changing consumer behavior and market conditions.
Under this partnership, the two brands have come together to launch new products to enable small business owners to have full autonomy over their business decisions, allowing them to sell from anywhere at any time and accept payments on the go. This will allow them to maximize their sales and their productivity, while keeping track of their sales figures, inventory and customers.
About the agreement, Saleh Abdullah Alzumaie, Senior Vice President of Alinma Bank said: “At Alinma Bank, we have always been keen to support the small and medium-sized companies sector, which contributes mainly to the national economy. Today, we are pleased to cooperate with Foodics, a leading platform in the field of payments and technology to enable business owners to accelerate their growth at various levels, relying on our advanced technical capabilities, our network of branches around the Kingdom, and multiple digital banking channels that offer our distinguished and innovative services and products. We look forward to strengthening our leadership in supporting this vital sector, in cooperation with the Foodics team to serve Alinma customers.”
Ahmad Al Zaini, FOODICS’ CEO and co-founder commented, “We are proud to be partnering with Alinma Bank, one of the largest financial institutions in the Kingdom, as well as holder of one of the most advanced banking infrastructures in Saudi Arabia. This strategic alliance will empower SMB and Micro-Business owners as well as the entire ecosystem. It will enable both FOODICS and Alinma Bank SMB customers to be more agile, by digitizing onboarding, giving them better rates as well as enabling daily settlements of customer payments twice a day, which will be a huge advantage to SMB owners, given that cash flow is so critical for their growth and sustainability.”
A series of new product launches is planned in the coming months to support SMBs anywhere, be that in-store, outdoors, at a drive-thru, or wherever else their business or brand may be located.
Abdullah AlKhalifa, Alinma Bank CEO, added, “We have always strived to support the SMB sector as it is a major contributor to the economy. Today, we are delighted to be joining forces with the leading cloud-based technology and payments platform FOODICS to further enable business owners to accelerate their development on all fronts. Our technological capabilities, branch network, remote channels, and product and service innovation are one of the most advanced, and we look forward to further expanding this leadership together with the FOODICS team for the benefits of our customers and the sector at large.”
FOODICS is officially recognized by the Saudi Central Bank (“SAMA”) as a FinTech company. Since its inception in 2014, Foodics has successfully processed over 6 billion orders through its platform. It also raised a record US$170 million in its series C funding round, boosting its innovation capabilities to better serve business owners.
