Alinma Bank has declared a significant investment and collaboration with Qashio, a leader in spend management and corporate card solutions within the MENA region. This initiative underscores Alinma Bank’s dedication to providing innovative digital financial services that enhance efficiency for businesses.
This collaboration marks Qashio’s official inclusion in Alinma Bank’s expanding portfolio of fintech investments, which already features companies such as Amwal Tech, Ejari, Lean Technology, NearPay, and various local venture capital funds. The partnership is designed to further enrich the existing relationship between the two organizations, aiming to develop a comprehensive spend management solution specifically for small and medium enterprises (SMEs) and larger corporations. Qashio’s loyalty program adds value by offering connections to elite partners, including Emirates Skywards, Air France, KLM, Avios, Japan Airlines, Jumeirah One, Accor Hotels, Intercontinental, and Shukran, among others.
This strategic investment aligns with Saudi Arabia’s Vision 2030 initiative, which aims to promote economic diversification, financial innovation, and the shift towards a cashless economy. By merging Alinma Bank’s extensive scale and trustworthy reputation with Qashio’s internationally recognized spend management solutions, this partnership sets a new standard for corporate financial services in the region.
Related: 24 Fintech: The influence of Saudi fintech firms on economic growth
Armin Moradi, the CEO and founder of Qashio, remarked, “This partnership and investment have been made viable through Vision 2030, allowing both Qashio and Alinma to support the Kingdom’s objectives of economic diversification, enhancing fintech, and progressing towards a cashless society. By integrating Alinma Bank’s broad reach and credibility with Qashio’s renowned spend management platform and loyalty system, we empower clients with the most advanced, user-friendly, and rewarding methods to oversee business expenses and banking transactions.”
Saudi Arabia’s burgeoning fintech landscape is propelling the nation’s aspiration to establish a cashless economy. With Vision 2030 as the guiding framework, the Kingdom is capitalizing on its digitally literate populace and forward-thinking policies to cultivate a financially inclusive, digital-driven economy. The Alinma and Qashio partnership is well-positioned to facilitate this change and deliver superior corporate financial solutions in Saudi Arabia and beyond.