Riyadh – Sharikat Mubasher: MoneyHash announced a new partnership with Spare to enable Pay by Bank solutions for merchants in the UAE, allowing businesses to offer account-to-account payments as an alternative to traditional card-based transactions.
Through the collaboration, MoneyHash will integrate Spare’s open banking infrastructure, enabling secure payment initiation directly from bank accounts, according to a recent press release.
The move aims to help merchants reduce payment costs, shorten settlement times, and improve the overall customer payment experience, as businesses across the region increasingly explore more efficient payment models.
Maram Alikaj, Chief Operating Officer at MoneyHash, said open banking is playing a growing role in reshaping digital payments in the region by enhancing security, speed, and customer choice. She added that working with Spare supports MoneyHash’s goal of expanding modern, bank-based payment capabilities for businesses operating in emerging and global markets.
Shaima Ghafoor, Country Manager at Spare, said the partnership is focused on making open banking more accessible and trusted, noting that collaborating with MoneyHash strengthens the region’s financial infrastructure and supports the shift toward secure, account-to-account payments.
The partnership aligns with broader efforts across the GCC to develop compliant and secure open banking frameworks, as Pay by Bank adoption gains traction in markets such as the UAE and Saudi Arabia. Both companies said the collaboration reflects a shared commitment to advancing payment innovation while maintaining a strong focus on regulatory alignment and long-term market development.
