Digital payments giant Visa, celebrating 40 years of operations in Saudi Arabia, has opened a state-of-the-art innovation center in Riyadh and a new office in the prestigious King Abdullah Financial District (KAFD) during the eighth edition of the Future Investment Initiative (FII) conference.
The innovation center will play a crucial role in advancing next-generation payment solutions and strengthening partnerships with local fintech companies, financial institutions, government bodies, and businesses across the GCC region. This initiative highlights Visa’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 serve as a hub for co-developing cutting-edge payment solutions tailored to the specific needs of the Kingdom. Equipped with advanced technologies such as artificial intelligence (AI), virtual reality, biometrics, and the Internet of Things (IoT), the center will focus on government solutions, the e-sports/gaming industry, smart cities, retail, and tourism.
The center’s capabilities will not only benefit the local market but also facilitate the global transfer of Saudi-made innovations. With Saudi Arabia projected to experience double-digit growth, the new center is expected to accelerate this progress, propelling the Kingdom toward its Vision 2030 goals.
Andrew Torre, Visa’s regional president for CEMEA, stated, “As one of Visa’s largest markets in the CEMEA region, Saudi Arabia has quickly emerged as an innovative leader in digital commerce, driven by the government’s clear vision and the local industry’s efforts. Our new innovation center in Riyadh is designed to bring the next generation of payment technology and will serve as a collaborative platform to co-create the future of digital commerce.”
Strategic Expansion
The innovation center is part of Visa’s new office in KAFD, where the company’s payment experts and business development teams for Saudi Arabia, Bahrain, and Oman will be based. This relocation to KAFD enhances Visa’s proximity to key clients and partners, fostering deeper collaboration across various sectors, including government, financial services, retail, and fintech. The modern workspace is set to support Visa’s growing team and expanding operations, with plans for significant headcount growth and talent acquisition in technology, product development, and government engagement.
Ali Bailoun, Visa’s vice president and regional general manager for Saudi Arabia, Bahrain, and Oman, remarked, “Over the past four decades, Visa has been instrumental in building Saudi Arabia’s payments infrastructure, transforming it into a key digital payments market globally. Relocating to the King Abdullah Financial District signifies our investment and confidence in Saudi Arabia as a thriving payments market. It strengthens our ability to collaborate and innovate with our clients and partners while supporting 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 Saudi Arabia’s Public Investment Fund (PIF), KAFD has evolved into a prime business and lifestyle destination, reflecting the core values of Vision 2030. The district empowers businesses with advanced office infrastructure and sustainable smart city solutions while offering unique lifestyle experiences, including leading leisure and retail facilities.
KAFD boasts a total gross floor area of 3.2 million square meters and a land area of 1.6 million square meters. It currently houses over 2,900 residential units, with more than 6,100 five-star hotel keys and branded apartments. One of its major attractions is Riyadh’s tallest skyscraper, standing at 385 meters with 80 floors.
Visa’s Saudi Arabia Innovation Center: The Future of Payments, Today
Visa’s new innovation center in Saudi Arabia represents a significant step toward 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 appears increasingly promising.
