Salt Edge has revealed a new partnership with payment solutions provider SeaPay to develop the Open Banking space in Saudi Arabia.
Both companies will work together to supply local merchants with Open Banking solutions in order to support the Kingdom’s Vision 2030 strategy of becoming a global financial hub.
This strategy has also seen heavy involvement from the Saudi Central Bank (SAMA), which is currently in the process of introducing a new regulatory framework to optimise the use of Open Banking in the country and support local businesses.
Turki Aldahmash, Chief Executive Officer at SeaPay, commented: “SeaPay’s mission is to empower local businesses through digital payment solutions, and this partnership with Salt Edge promises to be a game-changer in achieving that mission.
“The merging of local knowledge and cutting-edge financial technology has the potential to revolutionise how businesses in Saudi Arabia handle payments and financial transactions.”
Leveraging its influential expertise in the region, SeaPay will support Salt Edge by providing digital payment solutions built on extensive financial data collected from thousands of banks across the Middle East through a single API, instead of connecting to each bank individually.
Ilia Dragan, Chief Product Officer at Salt Edge, added: “The opportunity to embark on this Open Banking journey in Saudi Arabia with a remarkable partner such as SeaPay provides Salt Edge with tremendous motivation to unlock the limitless potential of this phenomenon. It is our firm belief that this collaboration will have a significant impact on Saudi Arabia’s merchant ecosystem.”