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Today: May 27, 2024

PayTabs and Fintech Galaxy Join Forces for Payment Initiation Services

1 min read

TLDR:

PayTabs, a paytech company based in the Middle East and North Africa (MENA) region, has partnered with open banking firm Fintech Galaxy to offer data consolidation and payment initiation services. The initial rollout of the service will take place in Saudi Arabia and the United Arab Emirates. The partnership aims to deliver solutions for SMEs and enterprises, including streamlined account verification, swift payouts, and point-of-sale lending. The collaboration will focus on ensuring regulatory compliance, user safety, and a seamless user experience as open banking regulations evolve in the region.

Key points:

  • PayTabs and Fintech Galaxy have joined forces to provide data consolidation and payment initiation services in the MENA region.
  • The partnership will initially target Saudi Arabia and the UAE and eventually expand to other markets.
  • PayTabs will leverage Fintech Galaxy’s open banking capabilities to offer solutions for SMEs and enterprises, including account verification, swift payouts, and point-of-sale lending.
  • Both companies aim to lead in regulatory compliance and deliver innovative payment solutions as open banking regulations evolve in the region.

MENA-based paytech company PayTabs has partnered with open banking firm Fintech Galaxy to provide data consolidation and payment initiation services in the region. The partnership will initially focus on Saudi Arabia and the United Arab Emirates, with plans to expand to other markets. PayTabs will leverage Fintech Galaxy’s open banking capabilities to offer solutions for SMEs and enterprises. This includes streamlined account verification, swift payouts, and point-of-sale lending. Both companies prioritize regulatory compliance and aim to deliver innovative payment solutions as open banking regulations evolve in the region.