First Abu Dhabi Bank (FAB) and Magnati, a pioneering company specialising in digital payment solutions, have signed a strategic alliance with Geidea, Saudi Arabia's largest fintech company, to provide digital payment acceptance services for businesses in the kingdom.

 

The collaboration has the potential to be transformative in the Saudi payments space and is set to create exceptional value for clients, bridging the gap between advanced financial solutions and accessibility, while ensuring enhanced affordability, said the statement.

 

With a focus on innovation and technology, Magnati offers Payment as a Platform services that cater to a wide range of industries and businesses, encompassing integrated payment solutions, secure transaction processing, and comprehensive e-commerce solutions.

 

The strategic alliance between UAE’s largest bank FAB, Magnati, and Geidea is a crucial step in offering inclusive access to cutting-edge financial services and solutions, it added.

 

Magnati CEO Ramana Kumar said the Geidea collaboration is a testament to its commitment to serving the clients' expansion goals in Saudi Arabia.

 

"Together, we aim to revolutionise the payment landscape by introducing innovative solutions, seamless integrations, and unparalleled customer experiences. Leveraging Geidea's innovation and Magnati's fintech expertise, we are poised to unlock the full potential of digital payments," stated Kumar.

 

FAB Head of Global Transaction Banking Sanjay Sethi said: "This strategic alliance enables us to extend our reach, drive innovation, and provide tailored payment solutions aligned with the evolving needs of businesses across industries."

 

"We are not only dedicated to delivering exceptional value to businesses and merchants, but also contributing to Saudi Vision 2030's aspiration to achieve 70 percent digital payments by 2025," he noted.

 

Geidea Chief Business Officer Abdullah Alshowier expressed delight at the strategic alliance sealed with FAB and Magnati to support clients in Saudi Arabia. 

 

"This collaboration will empower merchants with Geidea's state-of-the-art payment solutions, seamlessly accepting a wide spectrum of digital payments through a unified platform. We are enthusiastic about collaborating with FAB and Magnati to drive innovation, amplify services, and extend our collective presence in the GCC region," he added.

 

In a landmark achievement, electronic payments have overtaken cash as the most prevalent payment method in Saudi Arabic, as confirmed by the Saudi Central Bank in 2021.

 

Geidea, a recognised leader in the fintech sector and listed among the top 25 fintech companies in the Middle East by Forbes, has further catalysed this transformation.

 

Geidea is the first non-bank entity in the kingdom to obtain an acquiring licence from the Saudi Central Bank (SAMA), directly providing financial services to merchants and small and medium enterprises.-TradeArabia News Service