Digital payments company, Visa, which celebrates 40 years of operations in Saudi Arabia, marked this milestone with the opening of a state-of-the-art innovation center in Riyadh and a new office in the prestigious King Abdullah Financial District (KAFD) as the Kingdom hosts the eighth edition of the Future Investment Initiative (FII) conference.
The center will play a pivotal role in advancing next-generation payment solutions and strengthening partnerships with local fintechs, financial institutions, government, and businesses across the GCC region.
Moreover, the new facilities highlight the company’s commitment to supporting Saudi Arabia’s Vision 2030, aiming to reinforce the Kingdom’s position as a global hub for fintech and payment innovation.
Accelerating the digital future
The new facility will act as a hub for co-developing cutting-edge payment solutions tailored to the Kingdom’s needs. The center features advanced technologies like AI, virtual reality, biometrics, and the Internet of Things (IoT), with a focus on government solutions, e-sports/gaming industry, smart cities, retail and tourism.
The center’s capabilities will not only serve the local market but also allow help transfer Saudi-made innovations globally. With Saudi Arabia projected to see double digit growth, the new center will accelerate this growth, propelling the Kingdom toward its Vision 2030 goals.
“As one of Visa’s largest markets in the CEMEA region, the Kingdom of Saudi Arabia has rapidly emerged as an innovative leader in digital commerce propelled by the clear vision of the government and efforts of the local industry. Our new innovation center in Riyadh has been designed to bring the next generation of payment technology and will serve as a collaborative platform to co-create the future of digital commerce,” said Andrew Torre, Visa’s regional president for CEMEA.
“We are proud to build on our 40 years of supporting digital payments in Saudi Arabia with our expanded innovation capabilities that will further strengthen the Kingdom’s position as a global hub for digital commerce, transforming how payments are made across the world,” he added.
Strategic expansion
The new innovation center is part of Visa’s new office in the King Abdullah Financial District, where Visa’s payment experts and business development teams for Saudi Arabia, Bahrain and Oman will be based. This move to KAFD brings Visa closer to its key clients and partners, fostering deeper collaboration across sectors such as government, financial services, retail and fintech. The modern workspace will support Visa’s growing team and expanding operations, with plans for significant headcount growth and senior talent acquisition across multiple departments, including technology, product development, and government engagement.
“Over the past four decades, Visa has played a pivotal role in building Saudi Arabia’s payments infrastructure, transforming it into a key digital payments market globally,” said Ali Bailoun, Visa’s vice president and regional general manager for Saudi Arabia, Bahrain and Oman. “The relocation of our office to the King Abdullah Financial District is a significant investment that underscores our confidence in Saudi Arabia as a thriving payments market. It strengthens our ability to collaborate and innovate with our clients and partners while ensuring we continue to support the Kingdom’s ambitious digital transformation goals in line with Vision 2030.”
Why choose King Abdullah Financial District?
KAFD was inspired by King Abdullah’s vision to create a new financial district in Riyadh. Following its acquisition by the Public Investment Fund (PIF) of Saudi Arabia, KAFD has evolved to become a prime business and lifestyle destination, capturing the core values of Vision 2030. KAFD empowers businesses through access to advanced office infrastructure and sustainable smart city solutions, while simultaneously offering unique lifestyle experiences with leading leisure and retail facilities.
It has a 3.2 million square meter of total gross floor area, and 1.6 million square meter of total land area. Currently, it is home to over 2,900 residential units with over 6,100 five-star hotel keys and branded apartments. One of its major attractions is the tallest skyscraper in Riyadh, at a height of 385 meters with 80 floors.
Visa’s Saudi Arabia Innovation Center: The future of payments, today
Visa’s new innovation center in Saudi Arabia marks a significant stride towards a future where payments are seamless, secure, and innovative. By fostering collaboration with local partners and leveraging cutting-edge technologies, the center will accelerate the Kingdom’s digital transformation and solidify its position as a global fintech hub. As Visa continues to invest in the Kingdom, the future of payments in the region and beyond looks increasingly promising.
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