ACI and iNet increase fintech infrastructure in Saudi Arabia and drive Vision 2030 by providing progressive payment, POS, and digital innovation solutions.

The fintech industry in Saudi Arabia is set to receive a huge boost following an increased collaboration between ACI Worldwide and iNet with regard to improving the pace of digital payment infrastructure in line with Vision 2030 of the Kingdom. Such a strategic decision optimizes the level of fintech innovation with the coordination of the ACI Postilion acquiring platform into the Point of Sale (POS) services provided by iNet.

iNet, who already processes more than 5 million transactions per day has recently acquired licenses to become an independent POS network service provider (NSP). Participating in the RPS program by ACI to Postilion, iNet will extend the range of its fintech applications, supporting SoftPOS, QR payments, digital wallets, and so on.

The partnership is an aid in advancing Saudi Arabia into the cashless economy and advanced financial system. As a fintech with dual PCI-compliant data centers, iNet does not lose service, furthering the scalability and regulatory requirements of the fintech.

iNet EVP Turki Almadi notes that the growth of fintech in Saudi Arabia needs good local infrastructure. “Partnership with ACI assists fintech suppliers to introduce their services to the industry quicker and to overcome technology and regulatory issues.”

This collaboration is a significant leap in the advancement of fintech in the region, and this will precede big events such as the FIFA World Cup 2034 all over the globe.