Saudi Arabia is a hotbed for growth in payments. With an estimated market value of some 181 billion USD and projected to grow to over 298 billion USD by 2030 (Mordor Intelligence), the Kingdom’s financial services market is transforming rapidly. This evolution is opening new frontiers for innovation, competition and collaboration.
In recent years, several strategic alliances have surfaced. For example, urpay’s partnership with MoneyGram has strengthened remittance and cross-border capabilities. Similarly, Visa’s collaboration with Tarabut Gateway is expanding credit access. These partnerships highlight a common thread which is that collaboration is becoming the backbone of Saudi Arabia’s digital finance journey. The recent Enjaz–Paymentology MoU exemplifies this trend and crystallises the role of Banking-as-a-Service (BaaS) as a key pillar of the Saudi payments landscape.
The Memorandum of Understanding (MoU) signed between Enjaz and Paymentology marks a significant milestone. Enjaz, a prominent payments infrastructure player in the region, will collaborate with Paymentology to develop and deploy tailored card programmes, digital wallets, tokenization and compliance frameworks within Saudi Arabia and potentially beyond.
This MoU demonstrates the power of combining local market expertise with global issuer processing capabilities. For entities exploring BaaS options in the Kingdom, it sets a concrete precedent that Paymentology is not only a technology provider, but also a strategic collaborator in executing large-scale digital payment initiatives.
Banking-as-a-Service has evolved far beyond white-labelling. Today, it enables modular, composable financial services across diverse use cases, including:
Saudi Arabia’s ambitious drive toward a cashless economy, reinforced by regulatory support and investments in technological infrastructure, makes it an ideal terrain for BaaS-led innovation. Beyond its borders, the Kingdom is positioning itself as a regional hub for financial innovation, setting the standard for neighbouring markets.
For businesses seeking to build unique payment experiences, the primary challenge is choosing the right BaaS partner that blends technology, local presence, compliance and market insight.
Paymentology has played a key role in enabling cashless payments in Saudi Arabia, working in alignment with the Saudi Central Bank (SAMA) and the Kingdom’s Vision 2030 strategy, which prioritises digital transformation and financial inclusion. By supporting the rapid digital adoption of innovative financial products, Paymentology has developed a market-specific strategy tailored to local norms and traditions.
We have also built strong relationships with many of Saudi Arabia’s most well-established digital banks and fintech providers, making us the ideal partner for companies seeking to transform their payments processes in the Kingdom.
Our agile platform empowers organisations to design and deliver innovative banking solutions at speed, with cutting-edge offerings that keep customers engaged and help attract new ones. The scalable pricing model ensures you only pay for what you use, enabling rapid growth on a cloud-first infrastructure that evolves with your needs.
With flexible APIs, Paymentology ensures that whatever payment experience you want to create for your customers, we can make it happen. We also help you to launch quickly and cost-effectively, while ensuring full compliance with local and international regulations.
Whether it’s card programmes, including virtual and numberless cards, or digital wallets, BIN sponsorship, or tokenization, Paymentology delivers market-leading solutions to help your bank, neobank or fintech thrive in Saudi Arabia and across the Middle East.
Let’s explore how we can collaborate to bring your payments vision to life in Saudi Arabia and beyond.