Mastercard expands its presence in Saudi Arabia
In the past couple of months, Mastercard has made headlines by expanding its presence in the Middle-East. First, it partnered with Network International to expand into Middle-East and Africa and followed by a partnership with First Abu Dhabi Bank. Its arch-rival, Visa too partnered with First Abu Dhabi Bank for B2B virtual cards.
This week, Mastercard and National Commercial Bank have launched a new corporate credit card for NCB’s corporate and micro-small-medium enterprises (MSMEs) clients with other financial solutions in Saudi Arabia.
According to the press release, Mastercard Corporate World card would allow companies to effectively manage their expenses and corporate payments needs’ and would also focus on convenience, speed, innovation and aims to maximize companies financial control and provide visibility, thus providing reduced costs and enhanced cash flows.
“We remain committed to helping businesses by offering innovative tools and payment solutions that enable them to make the most of the digital economy and an ever-strengthening payment ecosystem,” said J.K. Khalil, Country Manager, KSA, Bahrain & Levant, Mastercard.
The corporate card would also offer consolidated e-statements and spending trends.
“Through the commercial credit card, our large corporate customers as well as SME clients will be able to make cashless transactions seamlessly and conveniently, while maintaining a stronger control over their cash flows. Furthermore, the initiative will add benefits to our corporate customers such as control of spending and compliance with corporate policies.” Said Majed Al Ghamdi, Chief Executive Officer, Retail CEO, NCB.