RIYADH: American digital payment solution provider Visa has partnered with Saudi Arabia’s Small and Medium Enterprises General Authority, known as Monsha’at, to build capacity for a digital economy while enabling female entrepreneurs in the Kingdom. A memorandum of understanding in this regard was signed during Biban 23 in Riyadh to foster an environment that facilitates the Kingdom’s SMEs with digital capabilities and business skills, revealed a top Visa official. “With Monsha’at, we’re signing an MOU to support and enable small and medium businesses in the Kingdom,” Visa’s Regional General Manager for Saudi Arabia, Bahrain, and Oman, Ali Bailoun told Arab News. The contract was signed by Bailoun and Saud Alsabhan, the Vice Governor of Entrepreneurship at Monsha’at. Furthermore, Bailoun revealed that they also took several initiatives aimed at fostering the economic empowerment of female entrepreneurs in Saudi Arabia. “This year we"re partnering with Monsha’at to support women startups and women entrepreneurs,” he said. The program will offer women the tools, training and networking to progress with their business, with grants and prizes to be handed out around June or July. He added that such a collaboration is set to drive the country’s economic growth, as well as bring the Kingdom one step closer to its Saudi Vision 2030. The world’s leader in digital payments also launched a program for merchants called SoftPos, a software-based solution that allows them to download software and accept payments through mobile. “Click to Pay is another solution that we"re working on with the merchant and small and medium enterprises or entities to support,” he added. SMEs have come a long way over the past years through digital transformation and digital experience, the general manager noted. He added that Visa is working closely with SMEs, in collaboration with the central bank, and Saudi payments, to launch numerous programs. Bailoun revealed that they have reached around 41 million enabled SMEs globally, adding that “by end of 2023, we will enable 50 million.” During the interview, the general manager stressed the progressiveness of e-commerce, delivery applications and digital payments in Saudi Arabia ever since the pandemic. “The digital transformation and the future of payments in Saudi are moving very fast,” he added. He pointed out that delivery apps are now able to provide almost all goods and services across different sectors, “whereas the cash on delivery drastically fell by 85 percent post-COVID.” As for contactless payment, the Visa executive said the Kingdom transitioned from 4 percent to 95-96 percent, ranking among the top in the Middle East and North Africa region. Saudi Arabia is “moving very fast in line with the Vision 2030 in a cashless society, and enabling entrepreneurs, and enabling SMEs,” said Bailoun. Biban 2023 is organized by Monsha’at, and this year’s theme is ‘Attract-Connect-Achieve’.