Saudi lender and Singapore fintech giant plan cross-border payment solutions for micro, small and medium enterprises.
Abdul Latif Jameel Finance has signed a memorandum of understanding with Ant International to develop digital financial services for micro, small and medium enterprises across Saudi Arabia. Mohammed Jameel, chairman of Abdul Latif Jameel, attended the MoU signing ceremony for the partnership between the Saudi Central Bank-regulated lender and one of Asia’s largest fintech providers.
The collaboration centers on WorldFirst, Ant International’s cross-border payment platform, which will support Abdul Latif Jameel Finance’s digital transformation efforts. Both parties plan to integrate Alipay+, Ant International’s mobile wallet gateway, to enable international payment capabilities for merchants throughout the Kingdom.
“Our collaboration with Ant International represents an important step toward realizing our vision of enabling innovative and more inclusive financial solutions in Saudi Arabia,” said Dr. Khalid Alsharif, CEO of Abdul Latif Jameel Finance.
Mohammed Abdul Latif Jameel’s Financial Inclusion Mission
Mohammed Jameel has long championed accessible financial services through Bab Rizq Jameel, a job creation initiative that has helped secure employment for over one million people across the Middle East and North Africa. The program has distributed more than 3 billion Saudi riyals in microloans to small and medium enterprises.
The partnership with Ant International extends this mission into digital infrastructure. Abdul Latif Jameel Finance will explore how WorldFirst’s treasury and account services can support its merchant network while examining opportunities in embedded finance—financial products integrated directly into non-financial platforms.
Ant International opened its first Middle East office in Riyadh in 2025 and plans to integrate Alipay+ with mada, Saudi Arabia’s national payment scheme, in 2026. The company operates across Asia, Europe, the Middle East and Latin America through brands including Alipay+, Antom, WorldFirst and Bettr.
Fintech Capabilities Meet Regional Reach
“Joining our innovative fintech capabilities with Abdul Latif Jameel Finance’s expertise and ecosystem, we look forward to contributing to regional trade and commerce as Saudi Arabia embraces an exciting digital transformation,” said Clara Shi, CEO of WorldFirst. Leiming Chen, senior vice president and chief sustainability officer at Ant International, said the memorandum of understanding “is another important step in Ant International’s journey to build cross-sector partnerships with regional industry leaders in supporting Saudi Arabia’s digital economy agenda.”
The memorandum aims to serve retail and MSME customers by pairing Abdul Latif Jameel Finance’s reach throughout the Kingdom with Ant International’s digital technologies. MSMEs account for a substantial portion of Saudi Arabia’s economy, though many face barriers accessing traditional banking services.
Cross-border payment solutions will leverage Alipay+ to support both domestic expansion and international growth for customers within Abdul Latif Jameel Finance’s merchant network. The parties will also examine embedded finance opportunities, allowing businesses to offer financial products directly through their existing platforms.
Abdul Latif Jameel network of businesses operates across more than 35 markets on six continents, employing over 11,000 people from more than 80 nationalities. The network of business activities span transportation and mobility solutions, financial services, residential real estate, sustainable energy, consumer products and health care.
Mohammed Jameel earned a degree from MIT and maintains deep ties to the institution through Community Jameel, which cofounded four major research centers there, including the MIT Jameel Clinic in 2018. These include the Abdul Latif Jameel Poverty Action Lab, whose co-founders Esther Duflo and Abhijit Banerjee won the 2019 Nobel Prize in Economics.
The partnership with Ant International fits within Saudi Arabia’s Vision 2030 framework, which seeks to diversify the economy and expand the role of small and medium enterprises. Digital financial services form a key component of this transformation, particularly for businesses that have historically lacked access to capital and international payment systems.
Abdul Latif Jameel Finance received its license from the Saudi Central Bank and operates under SAMA supervision. The firm provides financing solutions across the Kingdom, with particular focus on expanding access to credit for underserved market segments.
Terms of the memorandum were not disclosed. Both parties indicated they would begin with pilot programs before considering broader implementation of payment and embedded finance services.
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