12 June 2024: PayerMax, a leading global payment solutions provider, is proud to announce its decision to expand into the Kingdom of Saudi Arabia (KSA) and its noteworthy commitment to the KSA by establishing its regional headquarters in Riyadh. PayerMax participated in the Regional Headquarters Program (RHQ) established by the Ministry of Investment and obtained an RHQ licence this month.
PayerMax held an event to celebrate its acquisition of the RHQ licence and the inauguration of its regional headquarters in Riyadh on 11th June at MISA office. This milestone marks a major step in PayerMax’s strategic plan to strengthen its presence in the region and contribute to KSA’s economic and technological development.
The RHQ program, a joint initiative by the Ministry of Investment and the Royal Commission for Riyadh City, is designed to enable and facilitate the ambitious growth plans of participating organizations in the region. PayerMax’s selection as one of the first companies in the National Technology Development Program (NTDP) launched by the Ministry of Communications and Information Technology (MCIT) further underscores the company’s technical expertise and commitment to innovation.
In attendance at the inauguration event celebrating PayerMax’s RHQ licence acquisition and the launch of its regional headquarters in Riyadh, was Alhassan Hamideldin, RHQ General Supervisor, handling expansion of multinationals through the RHQ Program into KSA, symbolizing the strategic importance of this event.
In his speech, Alhassan Hamdedeldin indicated that MISA is particularly honored to see PayerMax expanding their footprint in the Kingdom by establishing their Regional Headquarters here, and that PayerMax is the very first Asian fintech company to do so. The Saudi government is fully committed to supporting the financial services sector, having undergone serious financial sector reforms, which have unlocked exponential growth potential in fintech, of which PayerMax is a prime example.
“We are deeply honored to have the esteemed MISA host our RHQ inauguration ceremony, which demonstrates the government’s commitment to fostering a conducive business environment for innovative companies like PayerMax,” said Wang Hu, Co-founder at PayerMax.
PayerMax’s commitment to the KSA and the broader region is a testament to its dedication to supporting economic and technological development through innovative financial solutions. With its comprehensive global payment solution, PayerMax plans to accelerate digital payment adoption, providing convenient, safe, and faster ways to pay, catering to the evolving payment habits of users in the region. The company looks forward to playing a key role in shaping the future of the fintech sector in the KSA and in further developing its operations through its RHQ in Riyadh.
“We are thrilled to establish our RHQ in Saudi Arabia, which signifies a strategic move to strengthen our presence in the region and demonstrates our long-term dedication to Saudi Arabia and the surrounding region,” said Wang. “Our expansion into KSA, accompanied by an enhanced payment infrastructure, will continue to attract prominent global companies, particularly Asia-originated digital players in the gaming, e-commerce, social media sectors and more. This collective effort will further save our clients considerable cross-border transaction fees by providing them with one simple, safe, high-trust, and transparent payment interface.”
PayerMax’s vision aligns with Saudi Vision 2030, promoting financial inclusion, supporting economic diversification, and enhancing user experiences through digital payments. The company aims to contribute to the country’s goals related to financial inclusion, economic diversification, and job creation.
The recent popularity of Esports tournaments, such as Gamers8, highlights the increasing demand for innovative financial solutions in the KSA. PayerMax is optimistic about the future of the Saudi fintech sector, forecasting significant growth in the market. The company’s entry into the KSA and MENA region aims to support the rapidly growing digital market in MENA and Africa, unlocking borderless growth opportunities.
