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SAUDI ARABIA - Finance

Abdulmohsen AlSudairy

CEO, Nami

Bio

Abdulmohsen AlSudairy is a seasoned business executive with over 15 years of experience across both private and public sectors, specializing in strategic planning, P&L management, and business transformation. He currently serves as the CEO and Board Member of Nami, where he leads the company in revolutionizing its strategy and aligning it with Saudi Arabia’s Vision 2030. Prior to this, he held senior positions in the Ministry of Municipal, Rural Affairs, and Housing, as well as in Saudi Civil Aviation Holding Co., where he played a pivotal role in privatization projects and strategic restructuring. Abdulmohsen holds an EMBA from King Saud University and a BA in Entrepreneurship from the American University of Paris. He has further honed his leadership and financial skills through prestigious programs at IMD, Harvard, and the London School of Economics. Fluent in Arabic, English, and French, he is a dynamic leader committed to driving growth and innovation.

"At Nami, we see ourselves not merely as a payment provider but as a technology enabler. Our goal has always been to redefine how financial services are delivered by leveraging our expertise in payments to empower our partners."

TBY talks to Abdulmohsen AlSudairy, CEO of Nami, about fintech, competition, and Vision 2030.

Since our last conversation, how has Nami evolved, and what milestones have you achieved?

Over the past year, Nami has made significant strides in contributing to the transformation of the financial services sector, particularly in Saudi Arabia. With the ongoing advancements under Vision 2030, our role has been more than just participation—we’ve been driving innovation in the market. The fintech market in Saudi Arabia is currently valued at $64 billion, and by Q2 2024, it is projected to reach $87 billion, with 224 fintech companies operating in the sector. We are proud to be part of this growth, especially as digital payments have surged to account for 62% of all transactions, inching closer to the 70% target set for 2025. Among the milestones we’re particularly proud of is our increasing collaboration with the Central Bank of Saudi Arabia (SAMA), which has been pivotal in fostering an ecosystem that promotes fintech innovation. SAMA’s approval of comprehensive regulations has established a strong foundation for regulated fintech activities, helping companies like Nami flourish in a robust regulatory environment.

What role does Nami play in driving the development of Saudi Arabia’s fintech sector?

At Nami, we see ourselves not merely as a payment provider but as a technology enabler. Our goal has always been to redefine how financial services are delivered by leveraging our expertise in payments to empower our partners. Through our end-to-end technology solutions, we provide seamless, scalable payment experiences, which are crucial in today’s fast-evolving financial landscape. Our infrastructure allows us to process payments for thousands of businesses across the region, driving the digital economy forward. We handle billions of transactions annually, delivering high-performance solutions that cater to diverse payment schemes and models. This approach enables our partners to improve customer satisfaction, streamline operations, and mitigate risks, including fraud, which is essential for the long-term success of financial institutions.

In the current market, what are the key opportunities and challenges for fintech companies, and how does Nami differentiate itself from competitors?

The fintech market in Saudi Arabia presents numerous opportunities, especially given the growing preference for cashless transactions and the government’s efforts to modernize the financial infrastructure under Vision 2030. One of the most significant opportunities is the exponential growth in the SME and freelancer segments. We’ve observed a remarkable increase in the adoption of digital payments in these areas, which aligns perfectly with our consumer-centric strategy. However, as the market expands, so do the challenges. Fintech companies must navigate increasing regulatory complexities, competition, and the need for constant innovation to stay relevant. At Nami, we differentiate ourselves by focusing on building sustainable relationships with our clients and partners, aiming not just for short-term success but for long-term growth and stability. Our strong collaborative approach with leading financial institutions and fintech experts is one of the key factors that sets us apart.

How has Nami tailored its services to cater to different segments, particularly SMEs and freelancers?

SMEs and freelancers are at the heart of our growth strategy. Over the past year, we’ve tailored our offerings to ensure we meet the specific needs of these segments. Our flexible solutions are designed to cater to businesses of all sizes. For example, we provide a full suite of payment management services that are particularly attractive to startups and SMEs looking to scale quickly without being bogged down by complex financial infrastructures.

How is Nami working to create an inclusive fintech ecosystem that benefits both startups and larger corporations?

Creating a resilient and inclusive fintech ecosystem is one of Nami’s core objectives. We believe that fintech success in Saudi Arabia is not just about technology but about building an environment where startups and established players can both thrive. Our approach has been to offer scalable, adaptable solutions that are accessible to all types of businesses. For startups, we provide the tools they need to innovate and experiment with next-generation payment products. For larger corporations, we ensure that our services can handle the complexity and scale required to support their operations. This dual focus allows us to foster a fintech ecosystem where businesses, regardless of size, can contribute to the nation’s broader economic goals.

Collaboration seems to be a key part of Nami’s strategy. Can you elaborate on the partnerships you’ve formed to drive innovation?

Collaboration is indeed at the heart of everything we do at Nami. We have partnered with leading financial institutions and fintech experts to not only expand our offerings but to shape the market itself. These partnerships are essential for driving innovation, expanding into new markets, and achieving operational efficiencies. One of our most significant collaborations has been with the Central Bank of Saudi Arabia (SAMA), where we work closely to ensure that the regulatory framework is conducive to growth. Additionally, we collaborate with international fintech companies, which allows us to bring global expertise into Saudi Arabia while also exporting our innovations to other markets.

As cybersecurity becomes more critical in the digital age, how is Nami ensuring the protection of its clients’ data?

In today’s interconnected digital world, cybersecurity is not just an option but a necessity. At Nami, we have achieved one of the highest levels of cybersecurity maturity in the fintech industry, ensuring that our clients’ data is protected with the most advanced and sophisticated security solutions available.Our cybersecurity strategy is integrated into every product and service we offer, from fraud detection systems to end-to-end encryption for all transactions. This comprehensive approach ensures that whether our clients are processing millions of transactions or simply managing their daily finances, they can trust that their data is secure.

Looking ahead, what are Nami’s short-term goals, and how do they align with Saudi Arabia’s Vision 2030?

Our short-term plans are focused on expanding our operations within Saudi Arabia and supporting the growing demand for digital payment solutions. We are continuously investing in new technologies and services that align with Vision 2030, such as AI-driven payment solutions and enhanced cybersecurity measures. Moreover, as we look to the future, we are targeting specific industries that are primed for rapid growth, such as e-commerce, healthcare, and education. By collaborating with businesses in these sectors, we aim to further support Saudi Arabia’s goal of becoming a global leader in digital payments and financial services. In conclusion, Nami is committed to leading the fintech revolution in Saudi Arabia by providing accessible, efficient, and secure financial solutions that empower consumers and businesses alike. As we continue to innovate and expand, our focus will remain on contributing to the Kingdom’s broader economic goals while ensuring that our clients receive the highest quality of service.

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