Mastercard has entered into a strategic partnership with Loop, a prominent digital payments technology company licensed by SAMA (Saudi Arabian Monetary Authority). The collaboration aims to empower businesses and consumers across Saudi Arabia by providing enhanced access to advanced credit card offerings and innovative payment solutions.

Under the partnership, Loop will expand its product portfolio and improve its range of services by leveraging Mastercard’s technology and expertise. The exclusive issuing agreement between Loop and Mastercard will enable the issuance of BIN ranges, facilitating the introduction of innovative payment solutions for consumers, merchants, and fintech entities across Saudi Arabia.

Ali AlObaid, CEO of Loop, expressed the importance of financial inclusion in driving social and economic reform in Saudi Arabia, stating, “Our goal is to play a leading role in effecting this positive change by pioneering financial solutions that empower our customers to accomplish their goals. Partnering with Mastercard and leveraging the company’s technology will enable us to do that and more, contributing to the Kingdom’s prosperity.”

Adam Jones, Country General Manager, MENA Central, Mastercard, emphasized the role of technology and innovation in achieving sustained success, saying, “We work to empower our clients and partners with the tools to meet their targets and accomplish their goals. We aim to enable Loop to do just that, catering to the needs of Saudi businesses and consumers with an innovative range of payment solutions.”

Aligned with the goals of Vision 2030, the strategic partnership between Mastercard and Loop aims to drive greater fintech enablement in Saudi Arabia, playing a pivotal role in transforming the country’s digital economy. The collaboration underscores the commitment of both entities to strengthen the Saudi fintech ecosystem.

The partnership will introduce a range of novel propositions to Saudi Arabia’s growing community of SMEs and fintech entities, enabling them to meet the demands of a rapidly evolving global economy. This initiative is expected to contribute to the Kingdom’s economic growth by fostering financial inclusion, promoting digital payments, and supporting the aspirations outlined in Vision 2030.