RIYADH – As Saudi Arabia welcomes a series of reforms and initiatives as part of its on-going economic diversification drive, Mastercard, a leading technology company in the global payments industry, has further reiterated its commitment to bringing to the Kingdom cutting-edge payment technologies that will support the growth of the Kingdom’s digital economy.

Speaking at a panel session on the topic, ‘The Saudi and Global Economy 2018 – 2019,’ Mastercard’s Cluster Head for Saudi Arabia and Bahrain, J.K. Khalil, emphasized the role of technology as an important enabler of the Kingdom’s transformational agenda.

Highlighting the positive impact of innovative payment solutions, such as Masterpass, on the Kingdom’s e-commerce sector, Khalil stressed the importance of advanced technologies in driving the country’s long-term social and economic growth. In addition, he also underlined the significance of developing a strong local payments ecosystem through partnerships like Mastercard’s recent agreement with Saudi Arabia’s domestic payment network, mada, to enable online payment transactions in the country through Mastercard Payment Gateway Services.

Meanwhile, Mastercard hosted its first CMO Forum in Dubai to explore the impact of digital transformation on brand strategy and consumer engagement. The forum welcomed top executives from leading companies including Emirates, Nestlé and McDonald’s.

Hosted by Raja Rajamannar, Chief Marketing & Communications Officer, Mastercard, the panel discussion, titled “I Don't Want Your Ads"; Marketing in an Ad-Blocking World, drew attention to the evolving role of marketing in connecting brands to a new generation of consumer. During the session, Mastercard, who was recently named among the world’s top companies by Brandwatch for Best-in-Class Customer Experience and Most Pleasing Brand, shared insights on the transformation of its marketing and brand strategy, including the evolution of its globally acclaimed campaigns such as ‘Priceless’.

“The birth of the ‘expectation economy’ has necessitated the need for brands to engage with consumers through experiential marketing. With a booming population of millennials, and a long history of innovative thinking, the Middle East and Africa offers an excellent opportunity for marketers to leverage this trend to their advantage and drive richer brand experiences that wow their consumers and enable them to create and tell their own stories. Forums like these allow the marketing community to explore these evolving consumer behaviors from an industry-wide perspective and share best practices, helping us unlock the next phase of growth for the regional marketing landscape,” said Rajamannar. — SG