The Visa Everywhere Initiative: Fintechs Innovating the Digital Payments Landscape
The Visa Everywhere Initiative (VEI) is a global innovation program that sees local fintechs pitch their ideas to solving real commerce challenges, further enhance their product propositions and provide innovative payment solutions for Visa’s network of partners and consumers.
Exceptional Innovation from Saudi Arabia, Bahrain, and Oman VEI Winners
This year, the winners from the recent Saudi Arabia, Bahrain, and Oman edition of VEI – the third event of its kind – have shown exceptional innovation, promising to extend the benefits of digital payments to more consumers and businesses in the region.
MoneyLoop: Revolutionizing Fintech in the Middle East
From Saudi Arabia, the spotlight shines on MoneyLoop, a digital rotating savings and credit association that employs KYC to ensure low risk to users. Their vision is to revolutionize fintech in the Middle East by empowering individuals and businesses through their innovative Jamaih digitization and AI-powered credit scoring solutions. By integrating Visa’s secure payment infrastructure into their e-wallet, MoneyLoop aims to drive financial inclusion and provide their 90,000 users with enhanced convenience and rewards.
CNPSecure: Creating a Secure Online Transaction Environment
Representing Bahrain, CNPSecure is a turnkey solutions provider for issuers to adopt dynamic CVV and virtual cards. The Bahrain winner will also go on to compete at a virtual Central and Eastern Europe, Middle East, and Africa (CEMEA) competition on July 23. CNPSecure’s vision for the future of fintech is to create a more secure and seamless online transaction environment, reducing fraud and enhancing user trust.
HAL Capital: Fostering Financial Inclusion for MSMEs in Oman
And from Oman, HAL Capital, a Sharia-compliant embedded direct financing FinTech platform for underbanked Micro, Small & Medium Enterprises (MSMEs) and individuals. HAL Capital’s vision is to foster financial inclusion, economic growth, and empowerment by making finance accessible to underbanked small and micro businesses and individuals.
Empowering Financial Inclusion Through Innovation
The VEI winners are a testament to the power of innovation in the digital payments industry. Their groundbreaking solutions will help in extending the benefits of digital payments to more consumers, businesses, and economies in the region, bringing us one step closer to a world where everyone, everywhere can benefit from the digital economy.
Ali Bailoun, Visa’s Regional General Manager for Saudi Arabia, Bahrain and Oman, said: “While fintechs in the region have great potential to drive digital payments forward and contribute to the wider economy, they need support to grow and access infrastructure, resources, and guidance. Through programs like the Visa Everywhere Initiative, we are offering fintechs our extensive knowledge and technology to help them grow. We are eager to working with MoneyLoop, CNPSecure and HAL Capital on transforming the payments landscape in the region.”
Visa is proud to support these innovators as they continue to lead the charge in transforming the digital payments landscape in Saudi Arabia, Bahrain, and Oman. The future of digital payments in these regions looks bright, and we can’t wait to see what these trailblazers do next.
