PayTabs and Fintech Galaxy Forge Strategic Partnership for Payment Initiation Services
PayTabs Group, a prominent paytech company based in the Middle East and North Africa (MENA) region, has joined forces with Fintech Galaxy, an open banking firm, to provide data consolidation and payment initiation services, as outlined in The Fintech Times. This exciting partnership is set to initially roll out in the Kingdom of Saudi Arabia and the United Arab Emirates, with plans for expansion into other MENA markets.
The collaboration between PayTabs and Fintech Galaxy merges PayTabs’ robust payment orchestration infrastructure with Fintech Galaxy’s open banking capabilities. Together, they aim to deliver innovative solutions catering to SMEs and enterprises. These solutions include simplified account verification, swift payouts, and groundbreaking point-of-sale lending options.
Fintech Galaxy’s primary focus in this partnership is to ensure secure account verification during merchant onboarding, emphasizing regulatory compliance and user safety. The goal is to streamline processes and provide a seamless user experience, particularly as open banking regulations continue to evolve in the MENA region.
Abdulaziz Al Jouf, CEO and founder of PayTabs Group, expressed his enthusiasm for the partnership, stating, «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 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, echoed this excitement, saying, «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, reimagining the way financial services are offered.»
As the partnership progresses, both companies plan to expand their focus to include other MENA markets with open banking regulations. This strategic move positions PayTabs and Fintech Galaxy at the forefront of fintech innovation and regulatory changes in the region.
By integrating with PayTabs’ orchestration platform, businesses can gain access to advanced infrastructure without hindering their growth potential. Some of the platform’s features include a versatile payment gateway, premium merchant management, efficient EFT switch, middleware, and a unified API Gateway for seamless transactions.
Fintech Galaxy, licensed by the Central Bank of Bahrain and certified by Saudi Payments, leverages its FINX platform for security, regulatory compliance, and user-friendly open banking capabilities.
One key aspect of this partnership is a focus on account verification and account-to-account payments. FINX provides PayTabs with instant access to customer account behavior through a single API, ensuring updated and accurate information crucial for facilitating immediate lending for businesses. This move enhances PayTabs’ ability to serve businesses with digital payments, payment orchestration, and digital lending capabilities.
Additionally, PayTabs plans 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.
As part of this partnership, Fintech Galaxy is exploring point-of-sale (POS)-based lending options for SME businesses. Leveraging PayTabs’ payment platform for POS solutions, this approach significantly reduces default risks by offering instant loans based on POS transactions, credit bureau data, and open banking insights.