Visa calls innovative startups in Saudi Arabia to enter local edition of global Visa Everywhere Initiative

Fintechs in KSA have until 21 April 2022 to enter competition to gain exposure and access to Visa’s network, as well as win prize money of 500,000 SAR and a spot at regional finals
Riyadh, Kingdom of Saudi Arabia, 11 April , 2022: Visa, the world’s leader in digital payments, is calling fintech and payment startups in Saudi Arabia to apply to the 2022 Visa Everywhere Initiative (VEI) for an opportunity to showcase their innovative solutions and win prize money. The deadline for fintechs to submit applications to the Saudi edition of the global competition is 21 April 2022.  Visa is partnering with Fintech Saudi for the finals event which will be held on 17 May 2022 at Fintech Saudi Hub in Riyadh.
“For fintechs with solutions to some of today’s commerce challenges, Visa’s Everywhere Initiative is where they need to be. It’s a great platform to gain exposure and have a chance to work with Visa in building solutions that power seamless money movement everywhere.  I’m excited about this year’s competition and looking forward to seeing the many innovative solutions from fintechs here in Saudi Arabia,” said Ali Bailoun, Visa’s General Manager for Saudi Arabia.
“Fintech Saudi supports the development of industry collaboration required for local fintechs to thrive. We are therefore delighted to partner with Visa on this important initiative to help drive the growth of the fintech industry in Saudi Arabia. We encourage fintechs and innovative startups to participate in the Saudi edition of the Visa Everywhere Initiative and look forward to hosting the top submissions at the finals event next month,” said Nejoud Al Mulaik, Director of Fintech Saudi.
This year’s program has expanded to include startups that are using cryptocurrency and Visa Direct, a payment solution that can help businesses move money to billions of endpoints worldwide via card and account rails, in innovative ways.
Breakdown of total Saudi Arabia VEI prize money:
1st place:  200,000 SAR ($53,000)
2nd place: 150,000 SAR ($40,000)
3rd place:  100,000 SAR ($27,000)
Audience favorite award: 50,000 SAR ($13,000)
In addition to receiving prize money at the VEI finale for Saudi Arabia, the winner will have a guaranteed spot at the Central and Eastern Europe, Middle East and Africa (CEMEA) regional finals on 8 June 2022 to compete for a total of 170,000 SAR ($45,000). The CEMEA regional winner will then move on to the global finale in November 2022 where up to 640,000 SAR ($170,000) in total prize money will be awarded.
More information and application details are available here.
About Visa Inc.
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement.