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Sultan Alonazi

SAUDI ARABIA - Finance

Sultan AlOnazi

Managing Director - Saudi Arabia, Tap Payments

Bio

Sultan AlOnazi is the Managing Director of the KSA office for Tap Payments, the leading paytech company revolutionizing online payments across MENA. After graduating from King Abdulaziz University, he has had over 24 years of experience in helping build and scale several successful companies in KSA and across MENA. With a wide range of experience in fintech, economics, marketing, and sales, his professional experience has revolved around banking, fintech, and government authorities with previous roles such as CEO of Geidea and other senior executive positions at Riyad Bank, SABB, STCpay, and the Ministry of Justice. He is excited by the opportunity to participate in the journey toward realizing Saudi Arabia’s vision to become a cashless economy with Tap Payments.

"Saudi Arabia's vision for a digital revolution is a landscape of vast opportunities, especially within the financial industry."
Tap Payments is committed to Saudi Arabia’s ambitious aim to transform 70% of transactions to non-cash by 2025 as part of Vision 2030.
Saudi Arabia is embarking on a digital revolution aligned with the Vision 2030 initiative. What challenges and opportunities do you identify in the financial industry? What makes KSA unique from other regional and global markets?

Saudi Arabia’s vision for a digital revolution is a landscape of vast opportunities, especially within the financial industry. At Tap Payments, we recognize the Kingdom’s unique strengths: the government’s drive toward a cashless society, a cutting-edge regulatory framework, and a population quick to embrace digital solutions. The MENA region’s payment landscape is notably diverse, with country-specific payment methods like mada in Saudi, which adds complexity but also opens doors for localized, customer-centric experiences. At Tap Payments, we thrive on connecting this fragmented payment environment, simplifying online transactions for businesses and catering to the preferred payment methods of consumers. Our mission aligns with Saudi’s Vision 2030, and we’re deeply invested in this journey, leveraging our local expertise to fortify our presence and support the Kingdom’s ambitious goals.

The use of electronic payments continues to increase in Saudi Arabia, which wants 70% of transactions to be non-cash by 2025. How is the company actively contributing to this goal and what initiatives have you undertaken in the past year to support this transformation?

At Tap Payments, we’re fully committed to Saudi Arabia’s ambitious aim to transform 70% of transactions to non-cash by 2025 as part of Vision 2030. Our approach is centered on simplifying online payments for all businesses, from SMBs and micro-businesses to leading platforms and global enterprises. We offer user-friendly, rapid, and secure payment products that cater to the diverse needs of the Kingdom’s dynamic market. Over the past year, we have made significant strides by offering our proprietary payment gateway technology, which has been certified by Saudi Arabia’s premier domestic payment network, mada. We’ve streamlined the previously complex setup process, enabling businesses to embrace online payments with ease and efficiency. Moreover, our active collaboration with SAMA and governmental bodies has fostered a regulatory environment that ensures the fintech ecosystem not only thrives, but also operates with the highest standards of integrity and transparency. Proudly, as one of SAMA’s first licensed paytech providers, we’re at the forefront of this digital transformation, paving the way for a robust and cashless economic landscape in the Kingdom.

SMEs are the backbone of the Kingdom’s economy. How is the company working to provide diversified services to SMEs and enhance the level of financial services for merchants?

At Tap Payments, SMEs are a key focus. We launched with a mission to fill a significant market gap, making payment acceptance seamless for budding entrepreneurs. Early on in 2013, we recognized the challenges SMEs faced and set out to simplify the process, enabling businesses to accept payments quickly and efficiently. As we grew, we noticed the trend of businesses expanding to omnichannel platforms like Instagram, Facebook, and WhatsApp. In response, we launched the region’s first billing service tailored for these channels, which has since influenced the financial sector at large, including banks and new fintech ventures. Today, we’re proud to offer a service that streamlines online payment acceptance, providing SMEs with the capabilities to match and compete with large corporations. We’ve also partnered with major e-commerce platforms, ensuring that SMEs they serve have smooth payment experiences. Local e-commerce pioneers such as Zid and Salla have been crucial in this journey, offering comprehensive solutions that empower SMEs to enhance their online operations.

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