Skyro has announced plans to expand its operations into Saudi Arabia, appointing former Mastercard executive Maria Medvedeva as Managing Director, Middle East to spearhead its regional growth strategy.
Medvedeva will oversee Skyro’s market entry and expansion across the Middle East, including establishing local teams and operating structures, managing regulatory engagement, developing partnerships with local institutions and adapting the company’s product and go-to-market strategy to individual markets. Her mandate will also include driving Skyro’s long-term growth across the GCC in line with regional digital-economy and economic diversification priorities, including Saudi Arabia’s Vision 2030.
Skyro co-founder and CEO Arsen Liametov said: “Since launching in South-East Asia in 2022, Skyro has built a credit portfolio of more than $200 million, while the app has surpassed 7 million users. This momentum, which is moving us towards profitability, shows that our ecosystem business model built around consumer finance has significant potential in other emerging markets. We have begun establishing our operations in Saudi Arabia and intend to offer consumer financing as well as services for SMEs in this growing and attractive market once the necessary regulatory approvals are in place. Maria’s appointment will strengthen our expansion into the Middle East.”
As part of its regional strategy, Skyro intends to develop a broader digital financial services ecosystem serving both individual consumers and businesses. The company plans to introduce consumer financing and SME-focused services in Saudi Arabia once it secures the necessary regulatory approvals.
Commenting on her appointment, Maria Medvedeva said: “I am delighted to lead Skyro’s expansion across the Middle East, a region shaping one of the most ambitious visions for the future of finance. My commitment is to build here for the long term: with local teams, trusted partnerships, and genuine respect for the markets we enter. The most enduring businesses are built in a place, not simply imported into it, and I believe Skyro has the team and the discipline to grow responsibly and profitably alongside the region.
“As part of its Saudi expansion, Skyro plans to build out a broader ecosystem of digital financial services spanning both consumers and businesses. We see our role as a complementary partner to the Kingdom’s established financial institutions, expanding access to finance and opening up new opportunities for the country’s broader economic growth while supporting the development of innovative fintech locally.”
Medvedeva brings more than seven years of senior leadership experience at Mastercard, where she held vice president roles across the MENA region, Saudi Arabia and Bahrain. She became the first woman to take on a senior country leadership position at Mastercard in Saudi Arabia and contributed to the development of payment technologies for consumers and merchants aligned with the Kingdom’s Vision 2030 agenda.
Skyro has already established an office in Riyadh and has begun hiring for its Saudi operations, including technology and development roles. The company is currently working towards obtaining the required licence while investing in infrastructure and local capabilities.
The Saudi expansion builds on Skyro’s consumer-financing business in Southeast Asia, where the company has established a growing digital user base and credit portfolio. Beyond Saudi Arabia, Skyro is also assessing additional opportunities across the wider Middle East market.
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