Singapore-based multinational payments firm Ant International has emphasised the ties between its Ant International division and Saudi Arabia’s Vision 2030 project.
Saudi Vision 2030 is a government initiative by the Kingdom of Saudi Arabia to diversify the country’s economy. The country’s largest industry has traditionally been oil production, but with finite reserves and renewable energy becoming more popular, the country has identified a need to find new revenue streams.
Sports has been a notable area of focus, with Saudi Arabia hosting various sporting events over the last few years. However, finance and technology are also high on the country’s agenda, though not as widely seen in the public eye as its counterpart in sports.
Saudi Arabia’s government and financial authorities have been keeping a close eye on various financial developments, including blockchain technology, Open Banking, and buy now, pay later (BNPL).
Ant International is looking to get involved in this. During a keynote presentation at 24 Fintech 2024, a conference held in Saudi Arabia earlier this week, Ant International CEO, Yang Peng, explained how the group plans to work with the Vision 2030 project.
“Ant International is fully aligned to this programme,” he said. “We are committed to supporting Saudi Arabia to fulfil its goals for travel, digitalization and SME growth with our technologies and innovations.”
The firm particularly hopes to work with Saudi SMEs, according to Yang’s statement. Alipay+, the Singapore-based tech conglomerate’s flagship payments offering and one of the world’s largest payments platforms, will play a significant role in this.
Ant believes that the platform can help attract tourists from across the globe to Saudi Arabia – this would link with the country’s sporting ambitions, with tourists attending boxing matches and tennis tournaments, for example, making local purchases with Alipay, in the duo’s ideal scenario. An inverse would see the Antom merchant payment provider allow local Saudi users to buy from global ecommerce and digital entertainment platforms.
Additionally, Ant believes that its embedded finance service bettr and credit tech solutions can help drive financial inclusion in Saudi Arabia. Blockchain will also play a role, with Ant arguing there is potential for its Global Real-Time Payment (RTP) Platform in the areas of treasury and liquidity management.
“Ant International shares similar goals and visions for innovation and economic inclusion, complimentary to the local government’s endeavours,” Yang continued.
“We have a wealth of experience and trusted technological capabilities that help drive digital economy growth in emerging markets such as the SEA region.
“Our expertise, together with Saudi Arabia’s vision for growth and innovation, are complementary for establishing the region as a financial innovation hub in time for Saudi Vision 2030.”
Turning away from Ant International’s plans in Saudi Arabia, Ant Group is also enhancing its efforts in Artificial intelligence (AI), the rapidly developing technology which is catching the attention of countless businesses.
The firm announced the launch of Zhixiaobao this week. Zhixiaobao is an AI life assistant which will sit within the Alipay platform. The app can be used so users can order meals, hail taxis, book tickets, discover local restaurants and entertainment venues and access third-party services in Alipay, among other functions.
“The evolution of AI extends beyond mere technological progress, it’s about applying these advancements to practical, user-focused solutions,” said said Cyril Han, President of Ant Group.
“Alipay is committed to harnessing AI’s potential to improve the user experience, ensuring that AI assistants like Zhixiaobao become valuable tools in everyday life for all.”
