Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) unveiled a strategic alliance with fintech firm Geidea as well as Magnati to provide digital payment acceptance services for Saudi Arabia-based businesses.
The tripartite collaboration aims to be transformative in the Saudi payments space with the objective of establishing exceptional value for clients, according to a press release.
The alliance will further bridge the gap between advanced financial solutions and accessibility while ensuring enhanced affordability, becoming essential to offer inclusive access to cutting-edge financial services and solutions.
It is worth noting that FAB has been operating as a licensed full-service bank in the Saudi market since 2019, while Magnati is specialised in digital payment solutions.
Head of Global Transaction Banking at FAB, 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.”
Sethi added: “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% digital payments by 2025."
Geidea’s Chief Business Officer, Abdullah Alshowier, commented: "Geidea is elated to partake in this strategic alliance with FAB and Magnati to support clients in KSA. 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."
According to the Saudi Central Bank (SAMA) in 2021, electronic payments have overtaken cash as the most prevalent payment method in Saudi Arabia. Meanwhile, Geidea became the first non-bank entity in the Kingdom to obtain an acquiring licence from SAMA under which it directly offers financial services to merchants in addition to small and medium enterprises (SMEs).
CEO of Magnati, Ramana Kumar, said: "Our collaboration with Geidea is a testament to our commitment to serving our clients' expansion goals in KSA. 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."
In 2022, Saudi Arabia’s Geidea joined forces with Magnati to expand operations in the UAE across the retail, food and beverage (F&B), wholesale, hospitality, and healthcare sectors.
