By: Ingy ElSafy
Mubasher: PayerMax is well-positioned to capitalise on the opportunities in MENA, being committed to supporting the region's digital transformation and contributing to its economic growth.
The company helps businesses navigate the complexities of the local market and provides seamless payment solutions by leveraging its global expertise and strong partnerships.
This is how Wang Hu, the President and Co-Founder of PayerMax, described the one-stop payment solutions provider in an Interview with Mubasher.
He stated that the company succeeded in expanding its business to nearly 10 countries across MENA with its regional headquarters (RHQ) in Saudi Arabia, where it obtained the Payment Technology Service Provider (PTSP) certification while being the first Asian fintech firm to secure the UAE's payment license.
Wang Hu also shared his personal background in IT, which he described as being “instrumental in shaping my passion for investment,” in addition to PayerMax’s philosophy that is rooted in the principle of 'Less is More.'
He also talked about the company’s services as a fintech company deeply rooted in emerging markets with a global business footprint, stating: “It is committed to delivering professional omni-method global payment solutions. It offers merchants a comprehensive range of services, including global acquiring, payout, and collections, providing a safer, more convenient one-stop payment experience.”
Would you brief our readers on PayerMax’s journey from launching in Singapore to choosing Saudi Arabia as your regional headquarters?
Singapore has been our global headquarters (HQ) since day one, where we identified a growing demand for innovative cross-border payment solutions in the digital landscape. Our initial focus was on providing seamless, secure payment services tailored to the needs of businesses and consumers in Southeast Asia.
We have made solid and significant progress with acquiring a major payment license in key markets in Southeast Asia and also we integrated deeply with the local payment systems.
As we established our presence and gained traction in Singapore and Southeast Asia, we recognized the potential for expansion into the broader Middle Eastern market.
Saudi Arabia stood out as an ideal choice for our RHQ due to its robust economic growth, ongoing digital transformation, and government initiatives aimed at diversifying the economy through technology.
The strategic decision to establish our RHQ allows us to tap into a rapidly expanding market while being at the heart of regional developments in fintech. We are excited to leverage this position to drive innovation, collaborate with local partners, and enhance our service offerings across the Middle East. This move reflects our commitment to not only growing our business but also contributing to the region’s evolving digital economy.
With a dual-engine pattern of "Southeast Asia + Middle East", we are expanding in emerging markets such as Latin America and Africa, Japan, South Korea, Europe, and other regions step by step.
What encouraged you to take the decision of entering the Middle East market back in 2022 after two years from launching?
Several factors contributed to our decision to enter the Middle East market in 2022. The region's ambitious digital transformation initiatives, such as Saudi Vision 2030 and We the UAE 2031 vision, have created a favorable environment for fintech innovation. Meanwhile, we observed a growing demand from our existing clients to expand into the Middle East. By establishing a presence in the region early on, we could proactively support their growth and provide them with the necessary payment infrastructure.
We rather want to focus on deepening our presence in one region rather than widespread rapid expansion. We recognized the immense potential of the Middle East market driven by its rapid digital transformation and increasing demand for advanced payment solutions.
PayerMax is one of the first cross-border payment companies to explore the Middle East market. Key factors that encouraged our entry included the region’s strong economic growth, supportive government initiatives in fintech, and a young, tech-savvy population eager for innovative financial services. We saw this as a timely opportunity to expand our footprint and make a meaningful impact in a dynamic market.
How do you describe the presence of Asian companies in the Middle East, and namely in Saudi Arabia lately?
This trend reflects the region's strategic importance as a hub for trade and investment. Asian firms are increasingly recognizing the opportunities presented by Saudi Arabia's Vision 2030 initiative, which aims to diversify the economy and enhance the business environment. We see a diverse range of sectors, from technology and fintech to manufacturing and logistics, where Asian companies are not only entering the market but also forming valuable partnerships with local entities.
We are excited to leverage our deep root experience in Southeast Asia and other emerging markets to the Middle East. And with our RHQ in Saudi Arabia, we have expanded our business to around 10 countries in the region.
Do you plan to enter new markets in the MENA region or beyond?
We prefer to focus on deepening our presence in one region and then expand to another step by step.
We are continuously assessing opportunities in emerging markets that align with our growth strategy and where we can leverage our expertise in fintech. The MENA region, with its rapid digital transformation and increasing demand for fintech solutions, remains a priority for us.
PayerMax is the first Asian fintech company to set up RHQ in MENA and obtained the Payment Technology Service Provider (PTSP) certification issued by Saudi Payments under the Saudi Central Bank (SAMA), in addition to being the first Asian fintech company to secure the UAE's payment license.
PayerMax is strengthening its presence and expanding operations across the Middle East.
How do you deploy AI in your business at PayerMax?
We are using AI in several areas in our business to enhance and improve the daily operation efficiency like customer service, data analytic platform, settlement processing reporting, etc.
For example, data analytic platform is a real-time data monitoring and analytic platform, so with the AI-driven tuning feature it made our system more accurate without force alarm.
AI enhances our ability to analyze vast amounts of transaction data, enabling us to detect fraud more effectively and improve security for our users.
In your opinion, which of the regional countries offers the best ecosystem for fintech to thrive?
The MENA region presents a unique opportunity for fintech innovation.
Many countries like Saudi Arabia and the UAE have made significant strides in recent years to foster a conducive environment for fintech businesses.
What is the next milestone you seek to achieve?
Our next milestone is to expand our market presence in the MENA region by increasing our customer base and establishing key partnerships with local businesses and financial institutions. We aim to launch new, tailored payment solutions that address the unique needs of the regional market.
Moreover, we are also focused on enhancing our technology infrastructure to support this growth, ensuring that we can provide seamless and secure services to our users. Achieving this milestone will be crucial for solidifying our position as a leading fintech provider in the region.
How do you plan to build on your recent strategic partnership with the listed Saudi Awwal Bank (SAB)?
Our recent partnership with SAB is a significant step for us, and we plan to build on it by focusing on collaborative product development and enhanced service offerings.
We aim to integrate our technology with SAB's banking services to create seamless payment solutions that meet the needs of their customers. Additionally, we will leverage this partnership to expand our reach in the region, tapping into SAB’s established customer base and network.
In addition, we also have extensive cooperation with other leading banks like Standard Chartered Bank, Emirates NBD, etc.
You, Mr. Wang, come from IT background, how did this help to achieve your passion for investment?
My background in IT has been instrumental in shaping my passion for investment. Understanding technology allows me to analyze market trends more effectively and identify innovative companies with strong growth potential.
In the fintech sector, for example, my technical expertise helps me evaluate how emerging technologies can disrupt traditional financial models. This insight enables me to make informed investment decisions and support businesses that leverage technology to create value.
How do you work on being unique when providing your services and payment coverage?
With payment being a highly regulated business, PayerMax focuses on regulatory compliance in the cross-border payment space, constantly enhancing payment security. Holding licenses from regulatory authorities in key markets such as Saudi Arabia, the UAE, Singapore, the Philippines, Thailand, Indonesia, and Hong Kong (China), alongside official certifications from global banks, PayerMax maintains a financial-grade risk control system. It adheres to comprehensive risk management measures within the scope of legal and compliant regulations to ensure the safety of every transaction. All those payment licenses network is crucial to our business to build the trust.
In Saudi Arabia, the obtained PTSP certification enables PayerMax to offer its comprehensive payment gateway services to merchants throughout the Kingdom.
We also have a local talent team operating on ground, so we help our merchants to ensure their business is compliant with the local requirements. PayerMax continuously attracts top talent in the global fintech industry through local offices in key locations including Singapore, Indonesia, Thailand, the Philippines, Malaysia, the UAE, Saudi Arabia, Bahrain, Kuwait, Brazil, Mexico, South Korea, China, etc.
The last is payment coverage; the majority of our merchants are global players and they do business globally. PayerMax's business operations span 150 countries and regions worldwide, including Southeast Asia, the Middle East, and Latin America. This extensive network supports a wide range of over 600 payment methods and more than 70 transaction currencies, catering to diverse global user payment preferences. PayerMax has an impressive 95% coverage of mainstream payment methods in emerging markets.
What helped you to maintain your position in this fast-growing fintech industry?
We prioritize building strong partnerships with local banks and regulators, which helps us navigate diverse markets effectively. Our focus on customer-centric solutions ensures that we meet the specific needs of our clients across different regions. We believe we have made some significant progress by securing key licenses and by integrating deeply with some local payment systems, e-wallets, and the leading banks. This strong network has enabled us to serve thousands of digital merchants.
Over the years, PayerMax has significantly invested in local payment infrastructure in emerging markets, continually enhancing localized services and optimizing the local payment experience. It has built strong localized payment capabilities and developed a range of value-added services that go beyond payment to meet diverse client needs and different business focuses during globalization. These services form a matrix system covering risk management and localized marketing, as well as foreign exchange, financial, and tax services. The company is also exploring and expanding new payment scenarios and models, enriching its matrix services, creating greater value and convenience for clients and consumers, and advancing global digital payments.
PayerMax prioritizes customer experience throughout the integration process. Before integration, our teams collaborate closely with customers to understand their needs, build trust, and conduct trial runs to ensure seamless payment capabilities. Our customer support team provides a real-world testing environment to minimize payment risks.
Once integrated, the customer support team monitors transactions in real-time, analyzes data, and proactively identifies anomalies. We collaborate with various teams to resolve issues and provide timely feedback to customers. After stabilization, we offer regular reports and summaries.
For example, a leading game publisher faced challenges in the Southeast Asian market due to infrastructure limitations and peak-time traffic. To maintain a positive user experience, PayerMax swiftly mobilized teams to identify the root cause, propose solutions, and implement backup channels. By prioritizing customer satisfaction, even at additional cost, PayerMax solidified its partnership with the client.
A talented and diverse team that shares a unified vision has been crucial in driving our growth and success.
Finally, what is your business prescription for success that you can share with those setting up their businesses?
Our philosophy is rooted in the principle of 'Less is More.'
We believe in focusing on a specific sector and diving deep into its nuances. By mastering one domain, we can leverage that expertise to expand into other related sectors. This focused approach allows us to deliver innovative solutions and exceptional value to our clients.
