As part of a new investment round that brought together the businessman, investor and real estate developer Dr. Hamoud Al-Hudaib, Chairman of Humoud Investment Company, Al-Qadaa Holding Company, and Oud Real Estate Company, with the CEO of Smart System Company, Mr. Nader Al-Rajhi, a strategic partnership agreement was announced, and Dr. Hamoud Al-Hudaib entered as a strategic and investment partner with Smart System Company, with the aim of expanding technical activity and spreading in the Kingdom's markets in the field of "Fintech" technology compatible with the requirements of the Financial Sector Development Program, one of the programs of the Kingdom's Vision 2030.

The strategic partnership with Smart System Company focuses on providing the necessary support to develop the fields of technical creativity, programming and business automation, with a focus on enhancing and spreading new technology services related to the simplified tax invoice issuance program compatible with the requirements of the Zakat, Tax and Income Authority, through an electronic cloud system approved by the Zakat and Income Tax Authority, via the MCACHER program, which accepts all types of payments, paying tax invoices, Mada invoices, adding inventory and cashier with the same service, in addition to viewing the daily operations report, and adding suppliers through One device.

Regarding this investment round, Dr. Hamoud Al-Hudaib, the strategic partner, said: “Today, we have entered into a strategic partnership within the framework of a cooperation and partnership agreement in the field of keeping pace with and supporting new technology in accordance with the Kingdom’s Vision 2030. God willing, it will be a fruitful investment agreement in the field of technology. We will work to provide appropriate support with the aim of expanding in local markets and enhancing areas of technical returns, as markets are witnessing great competition, and priority will be given to new creative ideas. In turn, we keep pace with developments and sense that the technology industry has begun to enter various fields, specifically e-government services, the transportation and real estate sectors, and many others.”

Al-Hudaib added: “We live on optimism, ambition, and keeping pace with the developments that the Kingdom is going through in a positive way. We tell competitors that we are working, progressing, and looking forward to increasing investment in the field of facilitating procedures for citizens. We are working with all our energies to enhance the continued success of the Kingdom’s economy and provide job opportunities for future generations. The Kingdom has given investment a top priority and a stronger presence within the framework of Vision 2030.”

For his part, Nader Al Rajhi, CEO of Smart System Company, said: “Today, we target the retail sector of all sizes, and the market is large enough for everyone, and the activities are large. The automation service was limited to large merchants, but today we offer it to the micro, small and medium enterprises sector, through a simple, integrated program that works within one device to provide a simplified tax invoice linked to the Zakat, Tax and Income Authority, which is provided at points of sale by strategic partners and banks with whom we have a contractual relationship. It is a device compatible with the program within data available in the cloud application, which facilitates the buying and selling processes and issuing full reports.” Al Rajhi added: “The advantage we are working for is how to meet the requirements of the small merchant, and we also aim to provide technical solutions that automate everything and within various stages, as the merchant benefits from our services in organizing the mechanism of purchases and sales and submitting results and reports in real-time to the Zakat, Tax and Customs Authority.”

It is worth mentioning that the Smart System Company is working on developing a new program within the “Universal” application that will be launched in the markets in the near future, as it works to provide payment and settlement services through mobile devices with ease without the need to use a cashier device and complex systems. This application, which is available on iPhone and Android devices, serves all sectors, and is an integrated program that meets all requirements.