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MENA Paytech Brands Flock to Saudi Arabia for LEAP 2023

Riyadh, Saudi Arabia (February 17, 2023):  Tap Payments made waves at LEAP 2023 in Riyadh, Saudi Arabia, as they announced a record-breaking number of deals signed at the conference. Tap, known for its innovative and cutting-edge payment technology, was the Official Payment Partner at LEAP 2023 and has already made a big impression on the global stage in previous months, establishing itself as a leader in the industry. Among the most notable partnerships were those between Alibaba Cloud, a subsidiary of Alibaba Group, and Saudi digital finance giant Neoleap. The signing of these deals is a testament to Tap’s expertise and the trust it has earned from clients across the globe.

“We are excited for Tap to participate as an official payment partner in our first ever LEAP event,” states Sultan AlOnazi, MD, Saudi Arabia at Tap Payments. “Annual events such as LEAP that bring together tech innovators, investors, and inspirational experts from around the world are how we will realize the future of Saudi Arabian fintech together, and we are proud to be part of this journey.”

On Wednesday, February 8th, Tap Payments signed a memorandum of understanding (MOU) with Alibaba Cloud, a subsidiary of Alibaba Group. This MOU represents a major milestone in Tap Payments’ growth and will allow expansion of consumer reach and product capabilities through Alibaba Cloud’s extensive network of online businesses and e-commerce ecosystem. The signing of the MOU was a highly anticipated event, as it marked a key step in the development of the partnership between industry-leading Middle Eastern and Asian fintech brands. Sultan AlOnazi, Managing Director of Tap Payments Saudi Arabia, and Khalid Al Sheikh, CBO at Alibaba Cloud, attended the signing ceremony at Alibaba Cloud’s stand at LEAP. The signing of the MOU between Tap Payments and Alibaba Cloud promises to bring new and exciting opportunities to the world of payment technology.

Tap Payments also announced their latest partnership with Neoleap to bring Urpay, the popular digital wallet in Saudi Arabia, as another payment option to Tap customers on February 8th at Neoleap’s stand at LEAP in Saudi Arabia, where Neoleap was also a strategic partner. Tap Payments and Neoleap announced a partnership through which Tap Payments will provide Neoleap’s product, Urpay, to their customers.

The partnership was officially signed by Mohammed AlKhowaiter, Director of Enterprise Sales at Tap Payments in Saudi Arabia, and Osama Al-Fadda, Neoleap’s VP of Digital Wallets. This partnership will make Tap the number-one go-to option in the market for payments, with the most payment methods available under a single integration, for businesses selling in Saudi Arabia.

“This collaboration is an important step in providing a seamless and secure payment experience for our consumers, and we are happy to offer urpay as a payment option for our clients,” AlKhowaiter said. “With urpay, we are committed to providing even more solutions to our customers!”

Neoleap is the service and commercial identity of the Global Digital Financial Solutions Company, licensed by the Central Bank of Saudi Arabia. Neoleap embodies the aspirations of Saudi Arabian paytech firms to lead the world in digital financial services while influencing the direction of the global payments sector. They offer financial technology solutions that are innovation-driven to consumers, businesses, and government organizations to streamline financial transactions, empower the fintech industry, and create cutting-edge customer experiences.

These collaborations are critical to the Kingdom’s 2030 Vision Realization Programs, particularly the Financial Sector Development Program. This program not only increased support for startups in the field of financial technology and led many efforts with a significant impact on citizens, but it is also essential in moving Saudi Arabia toward a cashless society. More payment solutions with a larger market share will be provided to regional start-ups and SMEs in the banking sector, aiming to increase the share of non-cash transactions from 36% in 2019 to 70% in 2025.

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