Riyadh - Sharikat Mubasher:  MoneyLoop, a digital rotating savings and credit association based in Saudi Arabia, secured first place and won prize money of SAR 150,000 at the Saudi Arabia, Bahrain, and Oman edition of the 2024 Visa Everywhere Initiative (VEI), a recent statement unveiled.

VEI is a global open innovation program and competition for fintech startups to pitch their solutions to solve tomorrow’s payment and commerce challenges.

Cnpsecure, a turnkey solutions provider for issuers, was awarded the winner for Bahrain with prize money of SAR 150,000, while HAL Capital, a Sharia-compliant embedded direct financing fintech platform, was the Oman winner receiving a total of SAR 150,000.

The third edition of VEI brought back the Impact Prize to the competitor whose solution has a positive social impact on the communities it operates in, including initiatives that boost financial inclusion, promote sustainability, or safeguard the environment.

The Bahrain-based liquidity solution provider Ryalize won the Impact Prize, receiving SAR 37,500 in prize money.

Ali Bailoun, Visa’s Regional General Manager for Saudi Arabia, Bahrain, and Oman said: “This year’s competition was exhilarating with the impressive solutions our finalists introduced and we are eager to see how they will transform the payments landscape in the region.”

He further stated that VEI underpins Visa’s commitment to fostering fintech growth with its extensive knowledge and international presence.