Riyadh – Mubasher: PayerMax, a leading global provider of payment solutions, entered into a strategic partnership with Saudi Awwal Bank (SAB), according to a press release.
The two entities aim to redefine the digital payments landscape and streamline the onboarding experience for local merchants, facilitating seamless global transactions.
The partnership also supports their commitment to contributing to Saudi Vision 2030 and transforming the Kingdom into a global leader in digital innovation.
Essay Zhu, Partner and COO at Payermax, said: "By combining PayerMax's expertise in payment services with “SAB’s" deep understanding of the local market, we are confident in our ability to deliver significant value and drive digital transformation in Saudi Arabia.”
Yasser Al Barrak, Chief Corporate & Institutional Banking Officer at SAB, commented: "This collaboration reflects our commitment to fostering innovation and delivering effective payment solutions that will further enhance the Kingdom’s payment landscape which aligns with the aspirations of Saudi Vision 2030.”
PayerMax, which backs over transaction currencies, is focused on empowering the borderless growth of the world’s fastest-growing digital merchants in emerging markets.
In the first half (H1) of 2024, SAB generated net profits valued at SAR 4.06 billion, higher by 22.54% year-on-year (YoY) than SAR 3.31 billion.
