Visa, a US-based payment card service company, has opened a new office and innovation centre at the King Abdullah Financial District in Riyadh, Saudi Arabia. The new site is part of the company’s goal to support Saudi Arabia’s Vision 2030 growth programme. The centre aims to benefit the local market and establish the Kingdom as a major player in the global digital economy.
As Visa’s fourth location worldwide, the Riyadh Innovation Centre will develop next-generation payment solutions and increase collaboration with regional fintechs, financial institutions, governments and companies. It marks 40 years of Visa’s presence in the country.
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The new office will house the company’s business development teams and payment specialists for Saudi Arabia, Bahrain, and Oman.
Andrew Torre, Visa’s Regional President for CEMEA, says the new sites “will further strengthen the kingdom’s position as a global hub for digital commerce, transforming how payments are made across the world.”
He added that the Innovation Centre was made to “bring the next generation of payment technology and will serve as a collaborative platform to co-create the future of digital commerce.”
The new centre will foster collaboration to create innovative payment solutions suited to the Kingdom’s requirements. With an emphasis on government solutions, the e-sports and gaming industry, smart cities, retail, and tourism, the centre will offer payment solutions driven by artificial intelligence (AI), virtual reality, biometrics, and the Internet of Things (IoT).
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By GlobalDataThe company plans to grow their employee base across multiple departments including, technology, product development, and government engagement.
