In the 2024 edition of the Visa Everywhere Initiative, a global program designed to spur innovation and competition among emerging financial technology companies, winners were announced across Saudi Arabia, Bahrain, and Oman. The program not only offers significant monetary awards but also provides the victors with global recognition and endorsement from one of the world’s most trusted brands.
Money Loop, a rotating digital savings and credit association utilizing a ‘Know Your Customer’ system and a vetted user base to minimize risk, clinched the top spot in Saudi Arabia, securing a financial prize of 150,000 Saudi Riyal (approximately $40,000 USD).
Similarly, CNB Secure, an integrated solution provider for issuers to adopt dynamic CVV verification and virtual cards, triumphed in the Bahraini finals. The company was awarded the same amount of prize money and will advance to the regional finals for the Visa Everywhere Initiative in Central and Eastern Europe, the Middle East, and Africa, vying for a total prize of 75,000 Saudi Riyal (around $20,000 USD).
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In Oman, the fintech platform Solve Capital, committed to redefining access to Sharia-compliant direct financing for micro, small, and medium-sized enterprises, as well as unbanked individuals, also received a monetary award of 150,000 Saudi Riyal (about $40,000 USD).
The third edition of the Visa Everywhere Initiative included an ‘Impact Prize’ for a solution that delivers a positive social impact within the communities Visa serves. Bahrain’s Realize, a cash liquidity solution provider aiming to facilitate access to financial products for individuals with predictable future income, won this accolade, along with a financial award of 37,500 Saudi Riyal (approximately $10,000 USD).
Ali Beloun, Regional General Manager for Visa in Saudi Arabia, Bahrain, and Oman, expressed excitement about announcing the third-edition winners, commending Money Loop and the other finalists for presenting innovative solutions with the potential to elevate the region’s payment landscape.
Beloun highlighted the significant potential of fintech companies in the region to enhance digital payments and improve the overall economic landscape but emphasized the need for support, infrastructure, resources, and guidance—a role that key industry players like Visa are well-positioned to provide. He reiterated Visa’s commitment to fostering the growth of financial technology through its extensive expertise and global reach.
The finalists showcased their solutions to tackle future challenges facing the payment sector. The judging panel consisted of industry experts, including representatives from Fintech Saudi, BENEFIT, Thawani Technologies, and Visa.
To better understand the challenges and opportunities facing fintech companies in the Gulf Cooperation Council (GCC) countries, Visa commissioned an independent study, which identified key empowerment topics:
- 71% of fintech growth in the GCC is attributed to government support and regulatory initiatives.
- Top three sources of funding: investment firms (25%), angel investors (21%), and self-financing (19%).
- 73% of fintech firms believe artificial intelligence will play a central role in their future growth.
- 58% of fintech companies view payments as the emerging top sector in the industry.
- A growing trend for collaboration between banks and fintech firms in the GCC to meet various customer segments’ needs.
The study also sheds light on the emerging trends:
- Payments continue to be the largest sector and are expected to keep growing.
- Significant growth in ‘Buy Now Pay Later’ services and installment solutions.
- Artificial intelligence is creating new opportunities.
- Web 3.0 is becoming an actionable reality.
- The emergence of stablecoins and central bank digital currencies as a growing trend.
- Cryptocurrencies remain of great interest.
- Open banking is fostering the emergence of a new generation of fintech startups.
Since its inception in 2015, the Visa Everywhere Initiative has aided over 15,000 startups from more than 100 countries, securing funding exceeding $48 billion in total. The initiative has been pivotal in catalyzing the financial technology landscape globally.
