PayerMax is expanding in Saudi Arabia to support smart payment services

PayerMax, a global provider of payment solutions based in Singapore, has chosen to expand its regional presence into Saudi Arabia by participating in the Regional Headquarters Program (RHQ) initiated by the Ministry of Investment.

In a recent press release, PayerMax announced that it has been granted the Saudi RHQ license in June 2024 and intends to establish its regional headquarters in Riyadh.

Wang Hu, Co-Founder of PayerMax, expressed enthusiasm about this strategic move, stating, “We are thrilled to establish our RHQ in Saudi Arabia, which signifies a strategic move to strengthen our presence in the region and demonstrates our long-term dedication to Saudi Arabia and the surrounding region.”

PayerMax already operates in the region with offices in the UAE and Bahrain, in addition to its presence in Mexico, Brazil, China, Thailand, Indonesia, Philippines, and Malaysia.

Hu emphasized, “Our expansion into KSA, supported by an upgraded payment infrastructure, aims to attract leading global companies, particularly Asia-originated digital players in sectors such as gaming, e-commerce, social media, and beyond.

This collective effort will streamline cross-border transactions, offering a simple, secure, high-trust, and transparent payment interface to our clients.”

This expansion aligns with Saudi Vision 2030, focusing on financial inclusion, economic diversification, and enhancing user experiences through digital payments. PayerMax aims to contribute to these goals by supporting financial inclusion, economic diversification, and job creation in Saudi Arabia.

Alhassan Hamideldin, the General Supervisor of RHQ, highlighted that PayerMax is the first Asian fintech company to establish its regional headquarters in Saudi Arabia, marking a significant milestone for the Kingdom.

The RHQ program, a collaboration between the Ministry of Investment and the Royal Commission for Riyadh City, aims to facilitate the growth plans of participating organizations in the region.

PayerMax also intends to play a pivotal role in shaping the future of the Saudi fintech sector through its RHQ in Riyadh. Moreover, its entry into Saudi Arabia and the MENA region is expected to bolster the rapidly expanding digital market across MENA and Africa, unlocking substantial growth opportunities.

It is noteworthy that Saudi Arabia has attracted numerous regional and international companies across various sectors to establish their regional headquarters, including global leaders like Schneider Electric in digital transformation and energy management, Cisco in digital communications technology, IBM in hybrid cloud and AI, and Aramex in logistics and transportation solutions.

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