CAIRO: Saudi Arabia's fintech sector is increasingly attracting international attention, driven by the country's strategic vision to emerge as a regional leader in the sector.
In line with its national ambitions, Saudi Arabia aims to become a leading fintech hub in the region, with a goal of attracting 525 financial services companies by 2030, as outlined in its Financial Sector Development Strategy. .
Singapore-based Ryalize focuses on the Kingdom's fast-growing fintech sector, aiming to provide customized, cost-effective and agile solutions for banks and other financial institutions. Masu.
Khalid Al Shakrani, founder and managing director of Ryalize, spoke in an interview with Arab News about the company's strategic plans and its potential impact on Saudi Arabia's financial sector.
“The current fintech market in Saudi Arabia is highly attractive and features significant growth opportunities. We aim to carve a unique position in a dynamic environment,” said Al Shakrani.
realized potential
Founded in 2019, Ryalize is on a mission to address financial challenges often overlooked by traditional banking systems.
Recognizing that individuals often face minor financial emergencies that don't necessarily require a loan, but do require a little cash quickly, Ryalize offers an innovative financing wellness solution. doing.
A prime example of their approach is the earned wage access feature. This effectively addresses these common financial hurdles by giving individuals immediate and seamless access to wages earned before payday.
“We partner with banks and use our platform to provide earned wage access solutions to our corporate customers, while in parallel reaching new customers and helping banks grow their customer base.” Al Shakrani he said.
Success at Ryalize is measured through a bifocal lens that goes beyond traditional financial metrics, Al Shakrani explained.
First, the company recognizes its victories in contributing to financial inclusion, ensuring that people of all economic backgrounds have access to essential financial tools. This aspect of success establishes Ryalize not only as a business, but as a catalyst for social change.
Second, success is also seen in the actual adoption and utilization of the product by employees. The company considers the benefits from its proactive efforts and solutions to be a key measure of its impact, reflecting the effectiveness of its products in addressing real-world economic challenges and improving personal financial well-being. I am considering it.
We partner with banks and use our platform to provide earned wage access solutions to our corporate customers, while in parallel reaching new customers and helping banks grow their customer base.
Khalid Al Shakrani Ryalize Founder and Managing Director
Additionally, Al Shakrani explained that the company's earned wage access capabilities have great potential amidst growing economic challenges.
“The current situation, characterized by high inflation rates, poses challenges to consumer savings. Considering these circumstances, Ryalize envisages the opportunity to introduce our Earned Wage Access product.” he said.
“This timing coincides with growing demand for innovative financial solutions that provide flexible financing, especially during times of economic uncertainty,” he added.
saudi arabia strategy
“Ryalize aims to create immediate value for users and businesses in Saudi Arabia. Through earned wage access, the company addresses pressing financial needs and helps individuals manage their finances more effectively. We aim to provide a quick and accessible solution to manage your business,” said Al Shakrani.
Al-Shakrani added that the company's main goal is to provide individuals with greater access to liquidity and eradicate the need for “predatory lending” practices such as those used by loan sharks.
“Many individuals in diverse communities lack the resources and tools for a financially secure future.While financial services are widespread, banks are often unable to provide microloan and short-term lending solutions. We believe this is essential, even though we often do not.”
Additionally, we align with the United Nations Sustainable Development Goals as part of our broader commitment to the well-being of society.
Al Shakrani further revealed that Lyarys has already begun its strategic expansion into Saudi Arabia.
As part of these expansion efforts, Lyres recently signed a Memorandum of Understanding with Menaitech, a provider of human resources management systems solutions. This collaboration is an important step in the company's growth strategy.
The partnership between Ryalize and Menaitech will enhance the implementation and integration of Ryalize's Earned Wage Access solution.
This partnership expands Ryalize's reach, potentially impacting more than 2 million employees in the Middle East and North Africa region.
“The partnership with Menaitech serves as a strategic acceleration for Ryalize in the Saudi market and beyond. By integrating with Menaitech, we will have access to a broad network of companies that are already leveraging Menaitech’s HRMS platform. ” said Al-Shakrani.
“This integration not only streamlines the onboarding process but also provides direct access for employees to seamlessly extract the wages they earn,” he added.
The company is also open to exploring further partnership and cooperation opportunities with the Saudi government.
Fundamentals of regulation
Ryalize successfully navigates Saudi Arabia's complex regulatory environment by taking a collaborative approach.
“By partnering with banks and using them as a platform to provide services, we will be able to leverage their infrastructure and ensure regulatory compliance,” Al Shakrani said.
Financial regulations in Saudi Arabia, like those in many other countries, are complex and change frequently. Mr. Al Shakrani further explained that by partnering with banks, Lyarys has gained a trusted ally to navigate these regulatory complexities.
Arabia and beyond
Ryalize is strategically focused on growth across the GCC region and is actively working to expand its reach beyond its current markets, with a particular focus on Saudi Arabia, Oman and the UAE.
The company is also exploring opportunities in non-GCC countries such as Palestine, Egypt and Iraq.
Despite these diverse market possibilities, Saudi Arabia has positioned itself as a key focus for Liarize, due to the attractiveness of the country's market and its ability to provide universal access to capital. Al-Shakrani said this is due to the important role that can be played.
“Remarkably, 28 percent of Saudi Arabia's population is unbanked and addressing this gap is not just a business opportunity, but also a responsibility. “We aim to support businesses to focus on their core business and make a positive contribution to the economy,” he added.
