Riyadh - Sharikat Mubasher: PayTabs, the leading payment services provider, entered into a partnership with the open banking and financial innovation entity Fintech Galaxy, taking another move to revolutionize the fintech industry in the GCC region and solidify its position as a key player in the scene.
Both parties will join efforts to provide payment orchestration and open banking solutions in Saudi Arabia and the UAE to be subsequently expanded to other markets in the Middle East and North Africa (MENA) region, the company’s statement revealed.
Under this collaboration, PayTabs will integrate its payment orchestration infrastructure with Fintech Galaxy’s open banking capabilities to deliver solutions for small and medium-sized enterprises (SMEs) and enterprises, including streamlined account verification, swift payouts, and pioneering point-of-sale lending.
In addition, Fintech Galaxy’s FINX platform will grant PayTabs instant access to customer account behavior through a single API, ensuring updated and precise information crucial for facilitating immediate lending for businesses.
PayTabs will utilize the FINX platform to enable secure and efficient payout transactions, aligning with the technical specifications set by the Saudi Central Bank (SAMA).
On the other side, Fintech Galaxy will leverage PayTabs' payment platform to explore POS-based lending for SME businesses.
Abdulaziz Al Jouf, CEO and Founder of PayTabs Group, stated that the partnership with Fintech Galaxy will enable PayTabs to offer inventive payment solutions to merchants and tailored orchestration services to enterprises.
“Our enthusiasm is high as we tap into FINX - Fintech Galaxy's Open Banking platform, streamlining payouts and delving into POS-based lending. Our collaboration centers on a joint pursuit of excellence, and we're excited about extending our reach to other thriving markets in the MENA region,” Al Jouf added.
For her part, Mirna Sleiman, Founder and CEO of Fintech Galaxy, commented: “Our collaboration is dedicated to harnessing the power of Open Banking to provide real-time solutions that meet the evolving needs of our customers, re-imagining the way financial services are offered."
PayTabs is an award-winning payments solutions powerhouse that processes payments in multiple currencies and markets, and provides seamless e-commerce and social commerce solutions for merchants and super merchants.
