����ֱ��

RIYADH: UAE-based corporate spend management platform Qashio has acquired Saudi fintech Sanad Cash in a strategic move to accelerate its expansion in the Kingdom and deepen its regional footprint. 

The deal combines Qashio’s technology with Sanad Cash’s local market expertise, enabling Saudi businesses to access a fully localized and compliant solution for managing corporate expenses and cards, the companies said in a joint statement. 

The partnership also enables Saudi clients to expand globally through Qashio’s presence in the EU, the UK, and the UAE, reinforcing its position as a leading regional spend management platform. 

The move comes as ����ֱ��’s fintech sector continues to expand rapidly, supported by regulatory reforms, digital innovation, and investments in financial infrastructure under Vision 2030.

The Kingdom has already achieved a 79 percent cashless transaction rate in 2024, surpassing its 2025 target ahead of schedule, according to the Saudi Central Bank. 

“Sanad Cash brings invaluable local knowledge and a trusted client base. Combined with Qashio’s technology and focus on exceptional user experience, we are now delivering the most advanced spend management solution in the region,” said Armin Moradi, founder and CEO of Qashio. 

Mahmoud Iswaid, co-founder and CEO of Sanad Cash, said Qashio’s acquisition of the company marks a significant step forward for ����ֱ��’s fintech sector. 

“It reflects the growing maturity and consolidation of the market, and our shared commitment to empowering Saudi businesses with world-class financial technologies,” he said. 

Iswaid added: “Together, we are building a unified platform that simplifies how companies manage spending, enhances financial transparency, and supports the Kingdom’s vision for a cashless, innovation-driven economy.” 

Qashio plans to leverage the acquisition to roll out locally issued corporate cards in the Kingdom and enhance compliance with domestic financial regulations. 

The company is also launching a major recruitment drive to support its next growth phase, with more than 120 new roles to be filled across Europe, Jordan, the UK, the UAE, and ����ֱ�� within six months, the statement added. 

With this acquisition, Qashio aims to accelerate its mission of transforming financial management across the Middle East and North Africa, offering businesses greater efficiency, transparency, and control over company spending. 

RIYADH: ����ֱ�� retained its 30th position in the 2025 Global Financial Inclusion Index, with strong gains in digital finance and fintech ecosystems, a new analysis showed. 

According to a report by Principal Financial Group and the Center for Economics and Business Research, while the Kingdom’s overall ranking remained unchanged, its score rose by 0.9 points — marking a cumulative improvement of 9.3 points since the index was launched in 2022. 

The latest edition assessed 42 markets based on three pillars: government support, financial system support, and employer support. 

����ֱ�� recorded the world’s second-largest annual improvement in the financial system support pillar, climbing four spots to 35th with a 1.8-point score increase. 

The report attributed the gains to regulatory reforms, a fast-expanding fintech base, and investment in financial infrastructure. 

The UAE was ranked 22nd in the Index, thus becoming one of only three markets globally to climb more than one place in the rankings, driven by the largest movement in the financial support system pillar. 

“����ֱ�� and the UAE are showing how bold investment in fintech and financial literacy can accelerate inclusion, resilience, and growth. This progress is not just about digital access — it is about empowering people and businesses to help build stronger financial futures,” said Kamal Bhatia, CEO and president of Principal Asset Management. 

According to the report, the Kingdom retained its 22nd rank in the government support pillar.

In the consumer championing regulations indicator, which falls under this metric, ����ֱ�� ranked third globally, reflecting regulatory initiatives that provide consumers with greater protection. 

In the employer support pillar, the Kingdom secured the ninth spot globally, unchanged from the previous year. 

Only eight of the 42 markets experienced increases in the presence and quality of fintechs, with the UAE and ����ֱ�� among them. 

“The Gulf’s two largest economies illustrate how sustained digital investment translates into measurable inclusion gains, even when headline rankings don’t change significantly,” said Pushpin Singh, managing economist at Center for Economics Business and Research. 

Globally, Singapore secured the top spot in the ranking, followed by Hong Kong, Switzerland, and South Korea.