ClearTax enters into Saudi Arabia with innovative solutions for Compliance, E-invoicing, Payments and Vendor Management in the region
ClearTax, rebranded as Clear, is a fintech SaaS company with a product portfolio across tax, compliance, invoicing, payments and credit. The company started in India as their first operating region and has over the years established itself as market leaders. While formulating a strategy for their global expansion, Clear observed that countries in the Middle East, starting with the Kingdom of Saudi Arabia, are at the cusp of massive digital reforms. As part of Vision 2030 envisioned by Deputy Crown Prince Mohammed bin Salman, the government is launching a range of digital-first initiatives that will transform the Kingdom. ClearTax believes that it can play a meaningful role in this broader once-in-a-lifetime national upgrade. The company is well-positioned to help in areas such as digital payments, digitization of business processes, government mandates on digitization of tax and compliance, and overall increasing adoption of cloud-based technology solutions. ClearTax’s cloud platform is hosted inside Saudi Arabia and has been built for future scale, speed, 99.9% uptime and extendability - connections with banks, e-payments infrastructure, API infrastructure expected from ZATCA.
Starting operations in Saudi Arabia in October 2021, ClearTax is very bullish and expects a considerable portion of its future growth to come from this market. Considering the huge potential of the market, ClearTax is considering an investment of around USD 20 million across the Middle East over the next couple of years. Its major investment will be focused on localization of the product suite including Arabic language support, Cloud infrastructure setup inside the kingdom and customization as per local business needs. ClearTax also announced that it would be investing heavily in hiring local teams and brand building in Saudi Arabia as a first stop. Similar to India, the company plans to work closely with government bodies like ZATCA, SAMA to empower thousands of businesses in the next couple of years.
ClearTax believes that medium to large sized customers with an appreciation for sophisticated tools is their target segment. The company’s strong foundation of understanding about customer pain points, product suite designed with international use cases and expertise in the domain gives the company confidence to capture the leadership in the KSA market quickly. The brand differentiates itself through its standardized cloud based product offerings.
ClearTax announced that the company has a solid product roadmap for Saudi Arabia and will launch a series of digital and cloud based solutions in the next few quarters. The company also declared that they are looking to enter the UAE by mid-2022 with e-invoicing and VAT offerings.