KARACHI: Alraedah Digital Solutions, a leading Saudi technology company, announced on Thursday it was entering into a strategic partnership with Pakistani fintech ABHI to launch “innovative” financial services in the Kingdom.
Alraedah Digital Solutions, the digital arm of Alraedah Digital Group, focuses on innovation and digital transformation to empower businesses and individuals through cutting-edge solutions in finance and technology.
ABHI is a Pakistani fintech company that provides innovative finance solutions to businesses and their employees. Last year, it was selected as one of the Future 100 companies of the United Arab Emirates.
Founded in 2021, ABHI has been serving customers in Pakistan, UAE, and Bangladesh through its credit-bridging products. These include Earned Wage Access, Invoice Factoring, SME Working Capital & Revenue Based Financing, and Payroll Solutions.
“Under the terms of the agreement, Alraedah will leverage ABHI’s robust capabilities to launch a set of innovative financial services in KSA,” the Saudi company said in a press release.
The statement said as per the terms of the agreement, ABHI will gain access to Alraedah’s knowledge and understanding of the local Saudi market. This would enable it to collaboratively launch innovative financing products in Saudi Arabia.
“Alraedah will enable access to $200 million over the course of three years to develop products that apply ABHI’s proprietary technology, localized for the Saudi market,” the press release said.
The Pakistani fintech says it has a client base of over 1,000 esteemed companies and actively promotes financial empowerment and provides stability to over 750,000 employees across the region.
“With our innovative financial solutions and Alraedah’s deep local expertise, we are poised to empower Saudi citizens, embolden the private sector, and foster a more vibrant, thriving economy,” Omair Ansari, co-founder and CEO of ABHI, was quoted as saying.
Paul Melotto, CEO of Alraedah Digital Solutions, said both companies aim to redefine access to financial services and empower individuals and businesses across the region.
“Together, we aim to redefine access to financial services and empower individuals and businesses across the region,” he said.
Saudi tech company partners with Pakistan’s ABHI to launch financial services in Kingdom
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Saudi tech company partners with Pakistan’s ABHI to launch financial services in Kingdom
- ABHI, which also serves customers in UAE, was selected as one of Gulf country’s Future 100 companies last year
- Saudi tech company says partnership to empower Kingdom’s citizens, embolden private sector and foster economic growth
Gunmen kill 3 Revolutionary Guards in Iranian province bordering Pakistan
- Iranian state media says attackers ambushed patrol in Sistan and Baluchistan province before fleeing
- Border region with Pakistan and Afghanistan has long seen militant and smuggling-related violence
TEHRAN: Gunmen killed three members of the Revolutionary Guard in Iran’s southeastern province of Sistan and Baluchistan near the Pakistan border, state media reported.
The Guard members were ambushed while patrolling near the city of Lar in a mountainous area about 1,125 kilometers (700 miles) southeast of the capital Tehran, the official IRNA news agency reported.
IRNA did not report whether any Guard members were injured in the attack.
The Revolutionary Guard is pursing the attackers it calls “terrorists,” but they remain at large. No group has taken responsibility for the attack, IRNA reported.
The province bordering Afghanistan and Pakistan, one of the least developed in Iran, has been the site of occasional deadly clashes involving militant groups, armed drug smugglers and Iranian security forces.
In August, Iran’s security forces killed 13 militants in three separate operations in the province a week after the group killed five policemen who were on patrol.
