Skyro has appointed former Mastercard executive Maria Medvedeva as Managing Director for the Middle East, as the Bahrain-headquartered fintech prepares to expand into Saudi Arabia and other markets across the region.
The appointment comes as Skyro builds its presence in Saudi Arabia. The company has already opened an office in Riyadh and is hiring local talent, including developers. However, it will begin offering consumer financing and SME services only after securing the required regulatory approvals.
Maria Medvedeva to lead Skyro’s Middle East strategy
In her new role, Medvedeva will lead Skyro’s market-entry plans across the Middle East.
She will oversee the creation of local teams and operating models. She will also manage regulatory engagement and partnerships with financial institutions.
In addition, Medvedeva will help shape Skyro’s products and go-to-market strategy for each market.
Her work will support the fintech’s wider expansion across the GCC. It also aligns with the region’s focus on digital finance and economic diversification.
Former Mastercard executive brings MENA experience
Medvedeva brings more than seven years of experience at Mastercard. During her time with the payments company, she held vice president roles across the MENA region, Saudi Arabia and Bahrain.
She also became the first woman to hold a senior country leadership role at Mastercard in Saudi Arabia.
At Mastercard, she contributed to the development of payment technologies for consumers and merchants. Her work supported the Kingdom’s Vision 2030 agenda.
Commenting on her appointment, Medvedeva said:
“I am delighted to lead Skyro’s expansion across the Middle East.”
She added that the company aims to build local teams and partnerships while adapting its business to each market.
Skyro targets Saudi Arabia’s fintech market
Skyro has already started establishing its Saudi operations. The company is also investing in its Riyadh presence and hiring ahead of its planned market entry.
Once it receives the necessary licence, Skyro plans to offer consumer financing and services for small and medium-sized enterprises.
The company also plans to develop a wider digital financial services ecosystem for consumers and businesses.
“We see our role as a complementary partner to the Kingdom’s established financial institutions,” Medvedeva said.
Meanwhile, Skyro is assessing opportunities in other Middle Eastern markets.
Skyro expands beyond Southeast Asia
Skyro launched in Southeast Asia in 2022. Since then, it has built a credit portfolio of more than $200 million and attracted more than 7 million registered users.
According to co-founder and CEO Arsen Liametov, the company’s growth in Southeast Asia has moved it closer to profitability.
“Maria’s appointment will strengthen our expansion into the Middle East,” Liametov said.
The company uses proprietary data science, AI-based credit decisioning and alternative-data scoring to provide digital financial services.
Its Saudi expansion will build on this model. At the same time, Skyro says it will tailor its services to local market needs.
Why the appointment matters
Medvedeva’s appointment gives Skyro a senior executive with direct experience in Saudi Arabia and the wider MENA payments market.
More importantly, her role comes as the fintech prepares to enter a market where regulatory requirements and local partnerships will be central to its growth.
For Skyro, Saudi Arabia is therefore more than a new market. It is the first major step in its wider Middle East expansion strategy.
