Saudi Startup Indeal Looks to Digitize B2B Trade With Marketplace

Indeal, an emerging startup in Saudi Arabia, is reportedly looking to digitize B2B trade and alleviate challenges in the B2B eCommerce market.

The company said it studied “major industrial cities” in the country and saw a number of common challenges, such as those related to sourcing local suppliers, according to an Arab News report Monday (Sept. 12). The study identified three major issues: outdated business operations, costly and inefficient shipping, and an isolated consumer base because of marketing challenges.

Per the report, the Indeal marketplace will attempt to address these issues by allowing businesses to purchase, sell and connect all on the same platform. The approach will reportedly leverage tech and integrate government, logistic and financial services, helping to grow the B2B sector.

“Local businesses are facing challenges in connecting and trading with each other, and when they do connect, logistic and financial obstacles could halt their deals all together,” Indeal CEO Mohannad Assidmi said, per the report. “Local businesses are missing out on vital revenue and growth opportunities hindering them from reaching their true potential. That’s why we exist.

“We are dedicated to developing a state-of-the-art marketplace and establishing strategic partnerships to achieve one simple goal; whether large corporations or a small personal business, every business can be served and truly connected.”

PYMNTS wrote that the Kingdom of Saudi Arabia has been inviting local and international firms to test new financial technology in its controlled regulatory sandboxes as part of an initiative to cultivate the FinTech sector.

Read more: The Saudi Sandbox Revolution: How Experimentation Is Driving Innovation in the KSA

There are a couple different sandboxes: The Saudi Central Bank (SAMA) has one which allows for experiments in banking and payments technology, and the Capital Markets Authority for the country has a lab dealing with new tech for securities markets.

The PYMNTS report noted that the SAMA sandbox, which has existed since 2018, has bolstered innovations in ePayment solutions, digital-first lending and mobile-first programs, among other things.

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