February 23, 2024

PayTabs Group collaborates with Fintech Galaxy

Facebook
Twitter
LinkedIn
PayTabs Group inks partnership with Fintech Galaxy to elevate GCC’s fintech space with payment orchestration and open banking solutions
PayTabs Group inks partnership with Fintech Galaxy to elevate GCC’s fintech space with payment orchestration and open banking solutions

PayTabs Group, 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. 

PayTabs and Fintech Galaxy logo

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.”

Image by rawpixel.com on freepik
Image by rawpixel.com on freepik

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.

Source

Share.

RELATED POSTS

SAB partners with Ottu to enhance digital payments
SAB collaborates with Ottu
HAQQ partners with Brighty App for fintech innovation
HAQQ partners with Brighty App for fintech innovation
The Managing Director of Huawei Consumer Business Group, Eco Development and Operation, KSA, and Hazem Alrashed, Vice President of Mobily Pay
HUAWEI Mobile Services partners with Mobily Pay

LATEST POSTS

Image used for Illustrative purpose
IBM joins forces with FABMisr
His Excellency Eng. Sultan bin Saeed Al Mansoori, Chairman of the Emirati Human Resources Development Council, and Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium.
Causation- The Most Important Element in Personal Injury Law