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
Pakistan, Afghanistan border clashes kill 5, officials say
- Afghanistan and Pakistan trade blame for “unprovoked firing” along Chaman-Spin Boldak border
- Exchange takes place nearly a week after a fresh round of peace talks between neighbors failed
KABUL: Pakistan and Afghanistan exchanged heavy fire along their border late on Friday, officials from both countries said, killing at least five people amid heightened tensions following failed peace talks last weekend.
Afghan Taliban spokesman Zabihullah Mujahid said Pakistani forces launched attacks in the Spin Boldak district of Kandahar province.
His deputy Hamdullah Fitra told Reuters that shelling by Pakistan killed five people, including a Taliban member.
A spokesman for Pakistan’s prime minister said Afghan forces carried out “unprovoked firing” along the Chaman border.
“Pakistan remains fully alert and committed to ensuring its territorial integrity and the safety of our citizens,” spokesman Mosharraf Zaidi said in a statement.
The exchange came nearly a week after a new round of peace talks between the South Asian neighbors ended without a breakthrough, although both sides agreed to continue their fragile ceasefire.
The talks in Saudi Arabia last weekend were the latest in a series of meetings hosted by Qatar, Turkiye and Saudi Arabia to cool tensions following deadly border clashes in October.
At the heart of the dispute, Islamabad says Afghan-based militants have carried out recent attacks in Pakistan, including suicide bombings involving Afghan nationals. Kabul denied the charge, saying it could not be held responsible for security inside Pakistan.
Dozens were killed in October’s clashes, the worst violence on the border since the Taliban took power in Afghanistan in 2021.
