The Visa Everywhere Initiative (VEI) is a global innovation program that gives local fintechs the opportunity to pitch their ideas for solving real commerce challenges. The recent winners from the Saudi Arabia, Bahrain, and Oman edition of VEI have showcased exceptional innovation, promising to bring digital payments to more consumers and businesses in the region. MoneyLoop, a digital rotating savings and credit association from Saudi Arabia, aims to revolutionize fintech in the Middle East with their innovative Jamaih digitization and AI-powered credit scoring solutions. By integrating Visa’s secure payment infrastructure into their e-wallet, MoneyLoop hopes to drive financial inclusion and provide enhanced convenience and rewards to their 90,000 users.
CNPSecure, the winner from Bahrain, offers turnkey solutions for issuers to adopt dynamic CVV and virtual cards. Their ultimate goal is to create a more secure and seamless online transaction environment, reducing fraud and enhancing user trust. CNPSecure’s unique selling point lies in its turnkey nature and seamless integration with existing systems, making it easy for card issuers to enhance security measures quickly. Winning VEI has helped CNPSecure gain recognition and resources to accelerate their mission of revolutionizing online payment security.
HAL Capital, the winner from Oman, is a Sharia-compliant embedded direct financing FinTech platform that aims to provide financial inclusion and economic empowerment to underbanked MSMEs and individuals. By offering innovative financing solutions and seamless access to finance, HAL Capital bridges the financial gap for underbanked businesses and individuals. Their integration within partner ecosystems enhances customer experience, co-creates value, and ensures efficient and scalable growth. By leveraging Visa’s ecosystem and developer platform APIs, HAL Capital can enhance their solutions and deliver superior financial services to their customers.
The VEI winners represent the power of innovation in the digital payments industry and are poised to extend the benefits of digital payments to more consumers, businesses, and economies in the region. Ali Bailoun, Visa’s Regional General Manager for Saudi Arabia, Bahrain, and Oman, acknowledges the potential of fintechs in driving digital payments forward and contributing to the wider economy. Through programs like VEI, Visa is offering fintechs the support, infrastructure, and resources they need to grow and succeed. Visa is proud to support these innovators as they lead the charge in transforming the digital payments landscape in Saudi Arabia, Bahrain, and Oman.
Overall, the future of digital payments in these regions looks promising, thanks to the groundbreaking solutions and innovative ideas presented by the VEI winners. By leveraging Visa’s extensive knowledge and technology, these fintechs are well-positioned to drive financial inclusion, empowerment, and economic growth in the region. With programs like VEI, Visa is paving the way for a world where everyone, everywhere can benefit from the digital economy. The collaboration between Visa and these innovative fintechs is set to transform the payments landscape and bring positive changes to the digital economy in Saudi Arabia, Bahrain, and Oman.
