Manigo and SurePay to launch embedded finance solutions in Saudi Arabia

By Delisha Fernandes

Manigo, a London-based FinTech-as-a-service platform, and Saudi-based payments solution provider SurePay, have announced their partnership to launch embedded finance solutions for businesses and consumers across the Kingdom.

Together, both parties endeavour to drive innovation, foster digital transformation, and contribute to the growth of the FinTech sector in the region, in-line with the Kingdom’s journey towards its Vision 2030.

Manigo’s advanced FinTech platform and eWallet engine will be integrated with SurePay’s digital payment solutions. As a result, both parties plan to create useful, seamless financial products and services that cater to the evolving needs of the Saudi market.

Stevan Bajic, CEO and co-founder of Manigo, said, “Having worked with the wider SurePay team behind the scenes to get, what I am certain will be a fruitful and prosperous partnership off the ground, I am confident that this collaborative force will contribute to the fast-paced and impactful drive of the fintech community out here in KSA and to its neighbouring countries in the MENA region. Our focus is, first and foremost, to work to the advantage of the end-customers.”

In 2022, Mastercard’s New Payments Index found that 89% of people in Saudi Arabia have used at least one emerging payment method in the last year. These numbers include 42% who have used a tappable smartphone wallet.

The announcement follows Manigo’s recent launch of its tech platform into the UK market after remaining in stealth mode earlier this year. This marks Manigo’s first partnership outside of Europe and the Americas.

Ehab Al-Bakri, the executive board member of SurePay said, “This partnership will be the seed of the collaborative model between all financial solutions’ providers to serve the end user which will contribute effectively to achieve the financial inclusion in KSA. Furthermore, building such a strategic model will encourage other fintech companies to change their mindset to be integrators rather than competitors to achieve Vision 2030 within the financial sector.”