KSA: Singapore-based Ryalize has set its sights on the Kingdom, aiming to offer tailored, cost-effective solutions for banks and financial institutions. The move aligns seamlessly with Saudi Arabia’s strategic vision to become a regional fintech hub.
Khalid Al-Shakrani, the Founder and Managing Director of Ryalize, highlighted the allure of the Saudi fintech market, stating, “The current fintech market in Saudi Arabia is highly attractive, characterized by substantial growth opportunities.”
Established in 2019, Ryalize is on a mission to address financial challenges overlooked by traditional banking systems. Additionally, the company gauges triumph through achieving financial inclusion and the practical adoption of its products by individuals. According to Al-Shakrani, “Success is seen in the practical adoption and utilization of our products by employees,” reflecting the company’s commitment to being a catalyst for societal change.
Moreover, one of Ryalize’s innovative features is the Earned Wage Access solution, offering individuals instant access to their earned wages before payday. Al-Shakrani emphasized the company’s dual approach to success, stating, “We partner with banks and use their platform to provide our earned wage access solution to their corporate clients and in parallel approach new clients, helping the banks expand their customer base.”
Ryalize’s strategic expansion into Saudi Arabia has already begun, with a significant MoU signed with Menaitech, a provider of human resources management system solutions. Al-Shakrani explained the significance of this collaboration, saying, “The partnership with Menaitech serves as a strategic accelerator for Ryalize in the Saudi market and beyond.”
Navigating the complex regulatory landscape of Saudi Arabia, Ryalize adopts a collaborative approach by partnering with banks. Al-Shakrani highlighted, “By partnering with a bank and using them as a platform to provide our services, this helps us leverage their infrastructure to ensure compliance with the regulatory landscape.”
Beyond the Saudi market, Ryalize is actively pursuing growth across the Gulf Cooperation Council (GCC) region, with a specific focus on Saudi Arabia, Oman, and the UAE.