Fintech Expansion in Saudi Arabia: Fortis Leading the Way
Saudi Arabia is quickly becoming a hub for financial technology, with fintech companies like UAE-based Fortis expanding their operations in the Kingdom. Fortis is introducing a comprehensive point of sale, customer relationship management, order management system, and payments solution to support small and medium-sized enterprises in Saudi Arabia.
Strategic Goals and Vision
In an interview with Arab News, Arseny Kosenko, executive vice president of Fortis, discussed the company’s immediate goals and long-term vision for operations in the region, particularly in Saudi Arabia. Fortis sees significant growth potential in the Kingdom aligned with Vision 2030 and is strategically launching in the UAE as a stepping stone for further expansion into Saudi Arabia and other MENA countries.
Empowering SMEs and Enhancing Market Reach
Fortis aims to deeply influence the Saudi market by delivering high-quality products and services tailored to the unique needs of businesses and consumers in the region. The company plans to enhance operational capabilities of SMEs, contribute to GDP growth, and improve the technological landscape of the Saudi market. By providing advanced omnichannel solutions, Fortis aims to improve merchant and customer interactions, especially during significant events like Expo 2030.
Compliance and Adaptation to Local Regulations
To cater to the specific needs of the Saudi market, Fortis is developing tailored features in their omnichannel platform to comply with local regulations and business practices. The company is committed to proactive monitoring of regulatory changes, strong communication with authorities, and ensuring compliance requirements are met through technology and automation.
Market Position and Future Plans
Fortis aims to become a pivotal player in Saudi Arabia’s digital transformation, supporting economic diversification efforts and enhancing the competitive edge of local businesses. The company is focused on building effective partnerships to simplify and enhance business operations, improve customer relationships, and boost overall business performance. With a strong emphasis on SMEs, Fortis plans to bridge the gap between merchants and customers while prioritizing customer focus and simplifying payment processes.
Financial Trajectory and Expansion
Despite being a new player in the market, Fortis has shown promising revenue growth and raised $20 million in investment. The company is cautious but optimistic about its financial trajectory and aims to leverage this investment to accelerate product development and market introduction. With plans for further expansion in the MENA region, Saudi Arabia remains a strong candidate for Fortis’s growth strategy.