Mastercard signs new agreement to support Saudi Arabia’s metaverse, NFT, and gaming innovations
Mastercard and the Saudi Esports Federation (SEF) have partnered to launch new and unique products, services, and solutions, to be delivered to gamers and consumers across the Middle East and North Africa.
By Anna B Kiwanuka
Mastercard and the Saudi Esports Federation (SEF) will work together on a variety of innovations, including Metaverse and Augmented Reality (AR) activations, Non-Fungible Tokens (NFTs), gamers and fans’ loyalty solutions, and a gaming virtual Mastercard card, in an effort to support Saudi Arabia’s billion-dollar gaming industry.
The collaboration, which supports Saudi Vision 2030 objectives, will see the two companies develop unique and creative goods, services, and solutions and offer them to customers throughout the Middle East and North Africa.
“We are delighted to partner with the Saudi Esports Federation (SEF). This historic agreement will help to showcase the new technologies that are playing important roles in transforming the Kingdom into a leading hub for gaming and Esports, and more broadly for business, tourism, leisure, and innovation,” said Dimitrios Dosis, President, Eastern Europe, Middle East and Africa at Mastercard.
“Together with SEF, we hope to curate special offerings, events, and engagements, using our technology to make payments easier for gamers and creating more immersive experiences and truly priceless moments for the people of Saudi Arabia and avid gamers from all around the world to enjoy,” He added.
Esports and gaming have been identified as key growth sectors in Saudi Arabia, aiding the country’s continuous transformation of its digital economy, society, and infrastructure. According to a recent report by Boston Consulting Group, the consumption of video games and esports in Saudi Arabia is predicted to reach $6.8 billion by 2030.
The Saudi Esports Federation’s Chief Operating Officer, Ahmed Albishri, emphasized that since the organization’s founding in 2017, it has been committed to planning prestigious domestic and international competitions and events that showcase the potential of the Kingdom, its gaming community, industry, and technological infrastructure.
“Today, we understand that it is decidedly important that we work with like-minded partners that share our values and aspirations to achieve our goals. As one of the world’s leading technology companies who are doing a lot to expand their work in the gaming industry, Mastercard is best placed to join us in our mission. Our collaboration will go a long way to doing that, attracting investors to the Kingdom, and creating more opportunities for more people across the country,” He said.
A digital asset enablement project will be started in the Kingdom as part of the MoU, and Mastercard will design, build, roll out, and maintain an Augmented Reality (AR) activation as well as its own metaverse in the upcoming years.