KARACHI: The rapid development of Saudi Arabia’s financial sector offers huge opportunities for IT companies from Pakistan, the chief executive of a top Pakistani digital banking implementation service provider said on Saturday, as the Kingdom is modernizing its economy under the Vision 2030 program.
A strategic framework, Vision 2030 is an effort to pivot Saudi Arabia away from oil dependency and establish it as a global investment powerhouse with a sophisticated digital infrastructure. The Kingdom is estimated to have mobilized around $500 billion to achieve the goals, including development of new cities.
National Data Consultant (NdcTech) has been operating in Saudi Arabia’s financial sector for years, where it currently works with 12 banks and financial institutions. As a partner of Temenos, a Geneva-based company specializing in enterprise software for banks, with whom it launched a digital lending service for the Saudi Tourism Development Fund in October last year.
Ammara Masood, chief executive of National Data Consultant (NdcTech). (Photo courtesy: Ammara Masood)
“KSA is working to modernize its economy under a mega-investment plan and Vision 2030 which includes the development of new cities in the Kingdom that offers huge investment opportunities for Pakistani companies especially the IT companies,” NdcTech chief executive Ammara Masood told Arab News.
“The banking and financial sector in KSA has been growing at an accelerated pace with numerous players launching their products including traditional and digital banks, fintech companies, and payment service providers.”
NdcTech, which earlier this year was acquired by IT giant Systems Limited, is also planning to expand in the Gulf market, as it “foresees a great demand.”
“We are also scaling up operations in the UAE and different GCC countries in the banking sector. These markets are highly competitive, with other implementation partners operating in the region,” Masood said, adding that Pakistani IT companies are also keen on exploring the opportunities emerging in the Kingdom and other Gulf countries to enhance the export of services in the coming years.
The export performance of Pakistani information technology firms has been increasing especially since the coronavirus pandemic. In the fiscal year 2021-22, the country’s IT and IT-enabled exports hit their record high of $2.6 billion, according to State Bank of Pakistan data.
