The strategic partnership aims to leverage the power of Open Banking for instant account verification integrating it as one of several connections to PayTabs payment orchestration platform.

[Riyadh, Saudi Arabia: 22 January 2024]: PayTabs Group, MEASA’s award-winning payment solutions powerhouse today announced it has partnered with Open Banking and financial innovation entity, Fintech Galaxy. The collaboration aims to provide data consolidation and lightning-fast payment initiation services by diving into the global expertise of PayTabs expansive payment orchestration platform. The service will initially be rolled out in the Kingdom of Saudi Arabia and the United Arab Emirates and subsequently expand to other MENA markets.

This partnership combines PayTabs payment orchestration infrastructure with Fintech Galaxy’s Open Banking capabilities to deliver solutions for SME’s and enterprises, including streamlined account verification, swift payouts, and pioneering point-of-sale lending. PayTabs offers an expansive ecosystem with unique capabilities and global outreach, inviting fintech and financial institutions to tap into open banking’s potential. Seamlessly integrating into PayTabs' orchestration platform unlocks access to advanced infrastructure - a comprehensive suite featuring a versatile payment gateway, premium merchant management, efficient EFT switch, middleware, and a unified API Gateway for seamless transactions. The platform is designed for exponential growth without breaking the bank on setup costs.

Fintech Galaxy, licensed by the Central Bank of Bahrain and certified by Saudi Payments, leverages its robust FINX platform for top-notch security, regulatory compliance, and user-friendly Open Banking capabilities. Teaming up with PayTabs, the primary focus lies in securely verifying accounts during merchant onboarding, ensuring regulatory adherence and user safety. This collaboration aims to streamline processes, delivering a seamless user experience as Open Banking regulations evolve in the region.

The deal's emphasis will be on account verification and account-to-account payments. Leveraging FINX grants PayTabs instant access to customer account behavior through a single API, ensuring updated and precise information crucial for facilitating immediate lending for businesses. This strategic move broadens PayTabs' capacity to serve the businesses with digital payments, payment orchestration, and digital lending capabilities.

Additionally, PayTabs intends to utilize FINX to enable secure and efficient payout transactions, aligning with the anticipated technical specifications set by the Saudi Arabian Monetary Authority (SAMA) in Q1 2024. Furthermore, through this partnership, Fintech Galaxy is exploring POS-based lending for SME businesses, leveraging PayTabs' payment platform for POS solutions. This innovative approach significantly mitigates default risks by offering instant loans based on POS transactions, credit bureau data, and open banking insights. PayTabs' lending solution enriches business access to working capital, providing essential financial liquidity to thrive in today's dynamic business landscape.

Commenting on the partnership, PayTabs Group CEO and founder, Abdulaziz Al Jouf said, "Through this partnership, PayTabs is taking a pivotal stride by leading in regulatory compliance while offering inventive payment solutions to our 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.”

Mirna Sleiman, Founder and CEO of Fintech Galaxy added, "We are excited to partner with PayTabs to bring innovative Open Finance solutions to the MENA region. 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."

This partnership marks an exciting chapter in MENA’s fintech landscape, and Fintech Galaxy and PayTabs are eager to take this bold step forward together. As the partnership progresses, the focus will expand to include other MENA markets with Open Banking regulations, positioning both companies at the forefront of fintech innovation and regulatory changes in the region.

About Fintech Galaxy

Fintech Galaxy is a regional Open Banking platform that aims to democratize financial services by providing a reliable and secure API infrastructure for integration between industry players while placing more control of financial data and payments into the hands of end customers. Fintech Galaxy is regulated by the Central Bank of Bahrain. Fintech Galaxy was founded with a mission to move the needle in financial inclusion and currently operates in the UAE, Bahrain, Egypt, Saudi Arabia, Lebanon, and Moldova.

More on www.fintech-galaxy.com

About PayTabs

The PayTabs Group is an award-winning payments solutions powerhouse founded by Saudi entrepreneur Abdulaziz Al Jouf.

Having processed the first live payment gateway transaction in 2014, today PayTabs processes payments in multiple currencies and markets, swiftly and securely. By providing the infrastructure for B2B payment solutions, including digital invoicing, QR codes, social media payments, point of sale, and switching platforms, PayTabs facilitates seamless e-commerce and social commerce solutions for merchants and super merchants.

PayTabs continues to custom build and export mobile applications, hospitality, governmental, education, airline, travel, transport, and biller solutions, to interlink MENA’s multi-billion-dollar payment corridors.

In 2021, PayTabs launched PayTabs Touch, MENA’s first soft POS solution to transform smartphones into merchant point of sale (POS) terminals. Then, PayTabs launched its home owned, globally validated unified payment acquiring and issuing orchestration platform which enables governments and large-scale originations to become independent payment platforms to serve their unique industries. PayTabs Issuance, armed with its own IP and built on globally acquired expertise is custom designed to empower any business with acquiring, issuing, managing, and controlling payments.

In 2022, PayTabs acquired Türkiye’s social commerce platform Paymes to complement its existing retail portfolio. In early 2023, PayTabs received payment gateway certification from Saudi Payments. By end of 2023, PayTabs was awarded MENA’s Best Merchant Solution and the glowing recognition of Fintech Company of the year.

PayTabs has dedicated offices in Saudi Arabia and UAE and presence in other locales including Jordan, Turkey, and Egypt. The company is an equal opportunities employer. More milestones on: https://site.paytabs.com/en/