Etihad Etisalat (Mobily), a leading telecom group in Saudi Arabia, has selected global networking leader Ericsson to launch a financial services arm and provide solutions for Saudi customers.

Mobily’s new initiative supports the Financial Sector Development Program, which is part of Vision 2030, which aims to increase the share of Saudi Arabia’s cashless payments to 70 percent by 2030.

Ayman A Aleissa, Chief Executive Officer at Etihad Fintech Company, said: “Mobily strives to enhance the customer experience with a first-of-its-kind, next-generation financial services platform that enables a secure and convenient journey for consumers. With the right technology partner like Ericsson, our ambitions are to roll out new services that provide added benefits and features to propel financial inclusion and achieve the goals of the Saudi Vision 2030.”

Ekow Nelson, Vice President of Ericsson Middle East and Africa, said: “Mobile financial services are a key driver in enabling digital transformation in today’s world. Together with Mobily, we aim to make financial services as intelligent and intuitive as possible so Saudi consumers can access and perform secure, financial transactions anytime, anywhere. Our mobile financial solutions will help Mobily extend its trusted brand into financial services and lay the foundation for growing revenues in adjacent markets.”

Ericsson’s mobile financial services are secure, functional, and easy to use, driving customer and partner growth throughout the mobile-commerce eco-system. Deployed globally, Ericsson’s pioneering offerings empower service providers to reduce related costs, attract new customers, and drive customer loyalty while accessing new revenue streams, a win-win strategy that drives financial inclusion.

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