Head of Business Development

General Information

Job title: Head of Business Development and Innovation

Department: Commercial

Reporting to: Chief Commercial Officer (CCO)

Location: Jeddah, Saudi Arabia

Job Objectives

The Head of Business Development and Innovation is responsible for scaling and optimizing the payment gateway by enabling seamless traditional and points-based transactions, introducing innovative revenue streams, and fostering strategic partnerships. This role includes forming alliances with airlines and other loyalty program partners to enable points exchange and coalition programs, launching new business models such as discounts (Save More), marketplace enablement, and donation options, and driving ROI growth. It demands a strong vision for innovation, strategic leadership, and a deep understanding of the payment gateway and loyalty ecosystems.

Key Responsibilities

Payment Gateway Development and Expansion:

• Drive the growth and scalability of the payment gateway, supporting both traditional payment methods and points-based transactions.
• Implement scalable points exchange methodologies to enhance user engagement and diversify revenue streams.
• Collaborate with Technical and Marketing teams to ensure the gateway delivers a seamless and secure user experience.

Strategic Business Development:

• Develop and execute strategic growth plans to expand merchant networks and partnerships.
• Forge alliances with airlines, loyalty programs, and other ecosystem partners to enable points exchange and coalition programs.
• Establish strategic relationships with financial institutions, technology vendors, and merchants to integrate the gateway into their operations.

Introduction of New Business Models:

• Design and implement innovative business models, including discounts (Save More), marketplace enablement, and coalition loyalty programs.
• Enable points exchange with airlines and other loyalty programs, offering flexible redemption options such as miles, rewards, and donations.
• Collaborate with internal teams to ensure seamless execution and scalability of these new models.

Revenue Growth and Diversification:

• Identify and implement innovative revenue streams aligned with the company's strategic goals.
• Develop strategies to enhance ROI by launching new features and optimizing existing services.
• Monitor and analyze revenue channels to identify opportunities for optimization and growth.

Innovation and Product Development:

• Stay abreast of industry trends and emerging technologies in fintech, loyalty programs, and payment solutions.
• Lead the development and launch of innovative features, services, and methodologies to cater to evolving customer and market needs.
• Enhance the app's capabilities by introducing features that drive engagement, loyalty, and revenue growth.

Performance Monitoring and Reporting:

• Track and report on key metrics such as transaction volumes, points exchange activity, and user engagement.
• Provide comprehensive performance reports and actionable insights to the CCO.
• Refine business development strategies based on data-driven analyses.

Team Leadership and Collaboration:

• Build and lead a high-performing business development and innovation team.
• Foster cross-functional collaboration with internal departments, including Technical, Marketing, Operations, and Compliance, to ensure alignment with strategic objectives.

Compliance and Risk Management:

• Ensure all payment gateway operations comply with local regulations, including data protection and PDPL requirements.
• Identify and mitigate potential risks associated with new partnerships, points exchange models, and app enhancements.

Functional Responsibilities

• Drive the operational growth and scalability of the payment gateway, ensuring alignment with business goals.
• Oversee the development and execution of innovative revenue streams and app features to enhance ROI.
• Establish and manage partnerships that enable points exchange, loyalty programs, and new business models.

Key Internal Working Relationships

• Technical Team: Collaborate on the development and integration of new gateway features and functionalities.
• Marketing Team: Align on campaigns and initiatives to promote gateway adoption and user retention.
• Operations Team: Ensure seamless execution of payment and points-based transactions.
• Finance Team: Collaborate on revenue tracking, forecasting, and budget optimization.
• Compliance and Legal Teams: Address regulatory requirements and mitigate operational risks.

Key External Working Relationships

• Merchants: Build and maintain relationships to drive integration and user adoption.
• Airlines and Loyalty Partners: Forge partnerships to enable points exchange and coalition loyalty programs.
• Financial Institutions and Technology Vendors: Collaborate on innovative solutions for app and gateway enhancements.
• Industry Stakeholders: Stay connected to identify emerging opportunities and trends.

Job Qualifications & Specifications

Educational Background:

• Bachelor's degree in Business Administration, Marketing, Fintech, or a related field.
• MBA or equivalent qualification is highly desirable.

Experience:

• 8+ years of experience in business development, product innovation, or strategic partnerships, with at least 3 years in a leadership role.
• Proven track record in payment gateway development, loyalty programs, or fintech partnerships, particularly with airlines and loyalty ecosystems.

Skills and Attributes for Success:

• Strategic Vision: Ability to anticipate market trends and align strategies accordingly.
• Innovation Leadership: Expertise in developing cutting-edge solutions and introducing new revenue streams.
• Revenue Focus: Strong ability to identify and capitalize on monetization opportunities.
• Collaboration: Proven ability to lead cross-functional teams and foster partnerships with airlines and loyalty providers.
• Analytical Skills: Proficiency in using data insights to inform strategies and decisions.
• Communication Skills: Exceptional ability to influence stakeholders and present business cases effectively.
• Adaptability: Ability to thrive in a dynamic and fast-paced environment.

Key Performance Indicators (KPIs):

1. Transaction Volume Growth: Increase in traditional and points-based transactions on the gateway.
2. Revenue Diversification: Number and value of new revenue streams introduced and their contribution to ROI.
3. Partnership Development: Number and value of strategic partnerships secured, including airlines and loyalty providers.
4. Feature Adoption: Success rates of new app features, points exchange programs, and coalition loyalty initiatives.
5. Market Expansion: Growth in geographical and sectoral reach.

Competencies:

• Business Development: Expertise in identifying and executing growth opportunities.
• Innovation: Leadership in developing and launching new products and services.
• Strategic Thinking: Ability to align initiatives with company goals and market demands.
• Collaboration: Work effectively across teams and with external partners, including airlines and loyalty providers.
• Data-Driven Decision Making: Use analytics to refine strategies and improve outcomes.
• Revenue Optimization: Focus on ROI and maximizing profitability.