Promoting financial inclusion in Kingdom: HyperPay’s role in providing digital payment solutions for SMEs

By Muhannad Ebwini, founder and CEO of HyperPay

The Kingdom of Saudi Arabia (KSA) seeks to achieve the highest levels of financial inclusion by improving access to financial services for all segments of society, including small and medium enterprises. This is an essential part of the Kingdom’s Vision 2030 objectives to diversify the economy and stimulate economic growth by enhancing the role of the financial sector as a fundamental pillar of the economy.

Financial inclusion is the key to a thriving economy. It is a vital component in driving the development process in the Kingdom, as the country seeks to enable individuals and companies to access financial services easily and safely, enhancing economic diversification and fostering sustainable development. Furthermore, providing accessible banking services ensures that the unbanked and underbanked population, such as those who do not have bank accounts and access to bank loans and electronic payment services, participate in the formal financial system, thereby stimulating economic growth. Thus, financial inclusion becomes a pivotal tool for empowering individuals and companies, particularly small and medium-sized enterprises (SMEs), and fostering economic growth. It also enhances the ability of companies to expand and grow within a safe and effective digital environment.

In this context, financial technology is becoming increasingly important. Digital solutions in the field of electronic payments have become instrumental in enabling companies to simplify their financial operations and enhance their ability to expand and grow in competitive markets. Small and medium enterprises, which constitute 99.5 percent of all companies in Saudi Arabia, are a key element in achieving economic growth, and financial inclusion enables these companies to obtain the requisite financial tools to achieve sustainable development.

The Kingdom has witnessed a remarkable boom in the use of digital solutions, thanks to rapid technological developments and the increased spread of smartphones and the internet, which has brought a qualitative shift in how financial services are provided.

In this context, HyperPay stands out as one of the leading companies in the Kingdom that provides digital payment solutions. As one of the most prominent players in this field, the company offers innovative solutions enabling SMEs to accept electronic payments easily and securely. This enhances their cash flows, allowing them to expand the scope of their business and elevate their business to greater heights.

In addition, HyperPay contributes to creating a safe and sustainable environment for small and medium-sized enterprises by providing advanced technologies such as payment processing and risk management. This further advances their ability to expand and develop, whether in the Saudi market or internationally. The company relies on the latest digital technologies, including artificial intelligence, to improve the accuracy and speed of operations while providing effective protection against potential threats. Artificial intelligence solutions enable the rapid detection of suspicious transactions, enhancing security and providing proactive protection against any risks that may arise in the future. This reflects HyperPay’s commitment to providing innovative solutions that keep pace with the market’s evolving needs and increase companies’ confidence in electronic payment platforms.

HyperPay is also expanding its digital solutions to include integrated services that aim to improve customer experience and loyalty. The company relies on innovative technologies such as chatbots and virtual assistants to provide immediate and personalised support to companies and individuals alike. Thanks to advanced data analysis technologies, HyperPay can obtain valuable information about customer behaviour and trends, enabling companies to improve their marketing strategies, provide financial services that are compatible with the market’s evolving needs, enhance performance efficiency, and raise the level of interaction between companies and customers. HyperPay seeks to support SMEs in the Kingdom by forming strategic partnerships with international companies that enable them to provide innovative payment solutions that meet the local market’s needs. These partnerships are a qualitative step towards developing the digital payment system in the Kingdom, accelerating digital transformation and raising the level of security and efficiency in financial transactions.

HyperPay is expanding its operations to include other Middle Eastern countries, such as Egypt, Bahrain, and Oman, to enhance its position as a leading provider of cross-border digital payment services. This expansion will strengthen the company’s ability to support financial inclusion in these markets and enable SMEs in these countries to access innovative digital payment solutions that help them expand their businesses and achieve sustainable growth.

In conclusion, financial inclusion and digital transformation are inextricably linked, driving economic growth in the Kingdom of Saudi Arabia. With the acceleration of this digital transformation in the country, HyperPay aims to become one of the most prominent entities that support this trend by providing innovative digital financial solutions for SMEs, helping them build and sustain a competitive edge in the current fierce market. These solutions are also key to achieving financial stability and sustainable economic growth in the Kingdom and advancing the country’s position on the global stage.