The Saudi Esports Federation (SEF) and banking organization, Mastercard have inked a Memorandum of Understanding (MoU) as part of the agreement to promote gaming and esports in the nation.
A virtual property enhancement initiative would be established in the nation as stated under the terms of the MoU, and Mastercard shall create a new AR operation as well as its own metaverse.
Additionally, both organizations would work together on a variety of initiatives, involving NFTs, consumer affinity initiatives, metaverse and augmented reality (AR) promotional events. Additionally, Mastercard has planned to provide a virtual card made just for online gaming.
According to Mastercard’s President (EEMEA region), Dimitrios Dosis, “We are delighted to partner with the Saudi Esports Federation (SEF). This historic agreement will help to showcase the new technologies that are playing important roles in transforming the Kingdom into a leading hub for gaming and e-sports, and more broadly for business, tourism, leisure, and innovation.
“Together with SEF, we hope to curate special offerings, events, and engagements, using our technology to make payments easier for gamers and creating more immersive experiences and truly priceless moments for the people of Saudi Arabia and avid gamers from all around the world to enjoy.”
The SEF unveiled the Gamers8 Festival earlier this year, an eight-week competition with a $15 million (£12 million) prize pool that will take part in Riyadh in the upcoming months.
Furthermore, Mastercard made its esports debut in 2018 when it was named League of Legends‘ first-ever international sponsor. The financial firm subsequently took on the role of FlyQuest’s LoL teams’ exclusive economic solutions affiliate.