Shariah compliant Alinma Bank has partnered with cards-as-a-service platform SimpliFi to enhance the digital payment ecosystem in Saudi Arabia by supporting businesses to issue scheme-enabled prepaid cards, thereby significantly reducing costs and time to market associated with the launch of such card programs, a press release read.
With the partnership, the two organizations will work closely to enable fintechs and other technology companies to issue cards to support a variety of use cases involving consumer and B2B payments, thereby digitizing the payment ecosystem and vision set forth by the Saudi Central Bank.