PayTabs and Fintech Galaxy Redefine Payment Experiences
Mokshita P.
10x Industry

PayTabs and Fintech Galaxy Redefine Payment Experiences

PayTabs partners with Fintech Galaxy to offer Open Finance solutions, combining payment orchestration and Open Banking capabilities for streamlined processes and innovative point-of-sale lending in Saudi Arabia and UAE.

PayTabs Group, a payment solutions provider in the MEASA region, has officially announced a partnership with Fintech Galaxy, an entity in Open Banking and financial innovation. The collaboration aims to introduce advanced data consolidation and lightning-fast payment initiation services by leveraging PayTabs' extensive payment orchestration platform. Initially, the service will be launched in the Kingdom of Saudi Arabia and the United Arab Emirates, with plans to expand to other MENA markets in the future.

The partnership combines the payment orchestration infrastructure of PayTabs with the Open Banking capabilities of Fintech Galaxy, targeting SMEs and enterprises. The joint effort will offer streamlined account verification, swift payouts, and point-of-sale lending solutions. PayTabs' ecosystem boasts unique capabilities and global outreach, inviting fintech and financial institutions to tap into the vast potential of open banking.

By seamlessly integrating into PayTabs' orchestration platform, businesses gain access to an extensive suite of features, including a versatile payment gateway, premium merchant management, efficient EFT switch, middleware, and a unified API Gateway for seamless transactions. The platform is designed to facilitate exponential growth without imposing prohibitive setup costs.

Fintech Galaxy, licensed by the Central Bank of Bahrain and certified by Saudi Payments, brings its FINX platform to the collaboration, ensuring top-notch security, regulatory compliance, and user-friendly Open Banking capabilities. The primary focus of the partnership is on securely verifying accounts during merchant onboarding, aligning with regulatory requirements and prioritising user safety. The collaboration aims to streamline processes and deliver a seamless user experience in tandem with the evolving Open Banking regulations in the region.

The partnership places a strong emphasis on account verification and account-to-account payments. Utilising FINX provides PayTabs with instant access to customer account behaviour through a single API, facilitating immediate lending for businesses. This move enhances PayTabs' ability to serve businesses with digital payments, payment orchestration, and digital lending capabilities.

PayTabs also plans to leverage FINX for secure and efficient payout transactions, aligning with the technical specifications anticipated by the Saudi Arabian Monetary Authority in Q1 2024. Additionally, the collaboration explores POS-based lending for SME businesses, leveraging PayTabs' payment platform for POS solutions. This innovative approach mitigates default risks by offering instant loans based on POS transactions, credit bureau data, and open banking insights, enriching business access to working capital.

Commenting on the partnership, Abdulaziz Al Jouf, CEO and founder of PayTabs Group, expressed enthusiasm, stating, "Through this partnership, PayTabs is taking an important stride by leading in regulatory compliance while offering inventive payment solutions to our merchants and tailored orchestration services to enterprises. Our collaboration centres 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 a significant development in the MENA fintech landscape, with both Fintech Galaxy and PayTabs to play a leading role in driving innovation and adapting to regulatory changes in the region. As the collaboration progresses, the focus will expand to include other MENA markets with Open Banking regulations, positioning both companies at the forefront of fintech advancements.