B2B FinTech FOO Expands Into Saudi Arabia

According to a news statement issued Tuesday, B2B FinTech provider FOO is extending its activities in Saudi Arabia with the purpose of improving digital transformation (May 24).

FOO’s services allow companies to build in-house solutions using a modular microservices platform, providing customised products to aid in digital transformation. This is due to the increased adoption of digitization by firms in the Middle East and North Africa (MENA).

FOO collaborates with banks and shops in the region to develop digital products that improve business models and consumer experiences, such as remittance solutions, digital wallets, tokenized transactions, and buy now, pay later options (BNPL).

The expansion comes as FOO continues to collaborate across industries. The Kingdom of Saudi Arabia (KSA) is studying digital transformation in many industries, especially banking. FOO will concentrate on digital banking, blockchain-based central bank digital currency (CBDC), virtual cards, and tokenization.