In response to Saudi Arabia’s strategic push to become a regional fintech leader, Ryalize, a Singapore-based fintech firm, is strategically positioning itself in the Kingdom’s burgeoning financial technology sector. The company, founded in 2019, aims to address overlooked financial challenges by offering innovative solutions, such as their Earned Wage Access feature, allowing individuals immediate access to earned wages before payday. Khalid Al-Shakrani, the founder and managing director of Ryalize, emphasized the attractive opportunities in Saudi Arabia’s fintech market and the company’s goal to provide groundbreaking financial wellness solutions, contributing not only to business success but also as a catalyst for societal change. Ryalize has initiated a strategic expansion into the Saudi market, signing a memorandum of understanding with Menaitech to extend its reach and potentially impact over 2 million employees in the Middle East and North Africa region.
Navigating Saudi Arabia’s intricate regulatory landscape, Ryalize adopts a collaborative approach by partnering with banks, leveraging their infrastructure to ensure compliance. Despite eyeing expansion across the Gulf Cooperation Council region and exploring opportunities in non-GCC countries, Ryalize remains steadfast in its commitment to Saudi Arabia, where 28 percent of the population is unbanked. By bridging this gap, the company aims to positively contribute to the economy and support businesses while fulfilling its responsibility to provide universal access to financing.