PayTabs to accelerate Open Banking in MENA via Fintech Galaxy

credit: Shutterstock
credit: Shutterstock

PayTabs Group has announced a partnership with Fintech Galaxy to adopt the latter’s Open Banking infrastructure to enhance its adoption across the MENA region. 

The collaboration aims to provide data consolidation and speed up the payment initiation service through PayTabs’ payment orchestration platform alongside Fintech Galaxy’s Open Banking capabilities. 

SMEs across MENA markets will be able to access account verification, swift payout options and point-of-sale lending as a result of the service, with PayTab providing a suite of payment gateways amongst a host of other platforms. 

The service will initially be rolled out in Saudi Arabia and the UAE before being subsequently expanded to other MENA markets.  

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 incentive 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 centres on a joint pursuit of excellence, and we’re excited about extending our reach to other thriving markets in the MENA region.”

By teaming up with PayTabs, Fintech Galaxy’s primary focus lies in securely verifying accounts during merchant onboarding, ensuring regulatory adherence and user safety. 

The deal’s focus is on account verification and account-to-account payments. Leveraging Fintech Galaxy’s FINX platform enables PayTabs instant access to customer account behaviour through a single API, ensuring updated and precise information crucial for facilitating immediate lending for businesses. 

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.”