Visa Opens New Innovation Center in Riyadh to Power Saudi Arabia's Digital Payments Growth
Visa, a global leader in digital payments, marked a significant milestone by celebrating 40 years of operations in Saudi Arabia with the opening of a cutting-edge Innovation Center and new office in the King Abdullah Financial District (KAFD). The expansion demonstrates Visa's commitment to supporting Saudi Arabia's Vision 2030 initiative and positioning the Kingdom as a global fintech innovation hub.
The Riyadh Innovation Center represents Visa's fourth such facility worldwide. It will serve as a collaborative platform for developing next-generation payment solutions and strengthening partnerships with local fintechs, financial institutions, government entities, and businesses.
The facility showcases advanced payment technologies including artificial intelligence, virtual reality, biometrics, and Internet of Things applications. Key focus areas include government solutions, e-sports and gaming, smart cities, retail, and tourism sectors.
The centre is designed to enable Saudi-developed innovations to scale globally, positioning the Kingdom as a driving force in the digital economy. Saudi Arabia is projected to experience double-digit growth in digital payments.
Andrew Torre, Visa's Regional President for CEMEA, said: "Our new Innovation Center has been designed to bring next-generation payment technology and serve as a collaborative platform to co-create the future of digital commerce."
Ali Bailoun, Visa's Vice President and Regional General Manager for Saudi Arabia, Bahrain and Oman, added: "The relocation to KAFD significantly strengthens our ability to collaborate and innovate with clients while supporting the Kingdom's digital transformation goals."
Sultan Alobaida, Chief Commercial Officer of KAFD Development & Management Company, commented: "Their presence anchors our shared vision for the evolving financial and payments landscape in Saudi Arabia."
The new Riyadh office houses Visa's payment experts and business development teams covering Saudi Arabia, Bahrain and Oman, bringing the company closer to its key clients and partners across government, financial services, retail and fintech sectors.
