Page 8 - HyperPay PR REPORT - DECEMBER 2024

Feature Article

Promoting financial inclusion in Kingdom: HyperPay's
role in providing digital payment solutions for SMEs

By Muhannad Ebwini, founder and CEO of HyperPay

11 December 2024 - The Kingdom of Saudi Arabia (KSA) seeks to achieve the highest levels
of financial inclusion by improving access to financial services for all segments of society,
including small and medium enterprises. This is an essential part of the Kingdom’s Vision 2030
objectives to diversify the economy and stimulate economic growth by enhancing the role of
the financial sector as a fundamental pillar of the economy.

Financial inclusion is the key to a thriving economy. It is a vital component in driving the
development process in the Kingdom, as the country seeks to enable individuals and companies
to access financial services easily and safely, enhancing economic diversification and fostering
sustainable development. Furthermore, providing accessible banking services ensures that the

unbanked and underbanked population, such as those who do not have bank accounts and
access to bank loans and electronic payment services, participate in the formal financial system,
thereby stimulating economic growth. Thus, financial inclusion becomes a pivotal tool for
empowering individuals and companies, particularly small and medium-sized enterprises
(SMEs), and fostering economic growth. It also enhances the ability of companies to expand

and grow within a safe and effective digital environment.

In this context, financial technology is becoming increasingly important. Digital solutions in

the field of electronic payments have become instrumental in enabling companies to simplify
their financial operations and enhance their ability to expand and grow in competitive markets.
Small and medium enterprises, which constitute 99.5 percent of all companies in Saudi Arabia,
are a key element in achieving economic growth, and financial inclusion enables these
companies to obtain the requisite financial tools to achieve sustainable development.

The Kingdom has witnessed a remarkable boom in the use of digital solutions, thanks to rapid
technological developments and the increased spread of smartphones and the internet, which
has brought a qualitative shift in how financial services are provided.

In this context, HyperPay stands out as one of the leading companies in the Kingdom that
provides digital payment solutions. As one of the most prominent players in this field, the

company offers innovative solutions enabling SMEs to accept electronic payments easily and