Saudi Arabia–based fintech company UmrahCash today confirmed its entry into Indonesia. The announcement follows the Umrah and Hajj Technology and Finance Forum on 25 September, where the company unveiled partnerships with KNEKS, Muhammadiyah, and ASPHIRASI. The move marks a major step in strengthening the sharia fintech ecosystem for hajj and umrah pilgrims.
“Our mission is to make hajj and umrah more accessible for every pilgrim by delivering sharia-compliant financial services that are safe, transparent, and easy to use,” said William Phelps, CEO of UmrahCash.
At the Forum, held in Jakarta, UmrahCash also signed agreements with Vida, Immer, and Al Baasith Anugrah Tour Travel, expanding its local partnerships to deliver secure and transparent digital services to pilgrims.
Expansion and Market Opportunity
UmrahCash, first launched in Nigeria to serve West African pilgrims, is now expanding to Indonesia, identified as its largest growth market. The country sends more than 240,000 Hajj pilgrims each year, has a waiting list of nearly 5 million, and is projected to see religious tourism turnover reach IDR 194 trillion by 2030.
This growth comes as Saudi Arabia invests heavily under Vision 2030, which aims to enhance pilgrim capacity and experience through more than $1.3 billion in new infrastructure at the holy sites. With the Kingdom welcoming a record 26.8 million Umrah pilgrims in 2023, secure and scalable financial solutions such as UmrahCash are becoming essential to support the rising flow of religious tourism.
UmrahCash addresses this need by offering direct access to Saudi riyals, along with plans to introduce savings, deposits, ethical loans, and sharia-compliant payment and withdrawal services in both Indonesia and Saudi Arabia. The platform uses advanced fintech tools to protect users from currency volatility while ensuring full compliance with sharia principles.
Local Leadership and Inclusion
Local operations will be led by Jodhi Sardjono, Chairman of the Sharia Blockchain Association (ABSI) and former Head of Product at LinkAja Syariah. Sardjono has extensive experience in scaling Islamic financial services and previously co-founded Swapper, which facilitated over $13.5 million in remittances between Indonesia and Saudi Arabia for hajj and umrah providers.
“By combining advanced technology with a deep understanding of pilgrim needs, we’re not just offering payments, we’re providing peace of mind,” Sardjono said. “Indonesian pilgrims can now focus on their spiritual journey without worrying about financial logistics.”
Support from Regulators and Industry
Yosita Nur Wirdayanti, Acting Director of Sharia Financial Services at KNEKS, welcomed the partnership: “KNEKS supports collaboration that strengthens the sharia financial ecosystem, provided it follows Indonesia’s compliance framework.”
H. Tauhid Hamdi, Vice Chairman of ASPHIRASI, added: “With 350 members across travel, hotels, and catering, ASPHIRASI views UmrahCash as a timely digital solution. It will bring greater transparency and trust to hajj and umrah services, especially for pilgrims from rural areas.”
Compliance and Growth Outlook
Phelps emphasized UmrahCash’s commitment to regulatory alignment: “UmrahCash ensures safety and transparency by working only with licensed Indonesian providers for data storage, transfers, and transactions.”
He also noted two challenges for expansion: navigating Indonesia’s regulatory framework and adapting to evolving user behavior. To address this, UmrahCash is building partnerships with local travel agencies to reach both group travelers and independent pilgrims, including backpackers.
“Our long-term vision is to compete with mainstream digital wallets by building a fully integrated, sharia-compliant financial ecosystem,” Phelps said.
