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PayTabs Group partners with Fintech Galaxy to accelerate open banking in MENA

By Delisha Fernandes

January 23, 2024

  • Fintech Galaxy
  • fintech MENA
  • Mobile Payments

PayTabs,PayTabs Group, a payment solutions provider, has partnered with Open Banking and financial innovation entity, Fintech Galaxy.

This partnership combines PayTabs payment orchestration infrastructure with Fintech Galaxy’s Open Banking capabilities to deliver solutions for SME’s and enterprises, including streamlined account verification, swift payouts, and pioneering point-of-sale lending.

Abdulaziz Al Jouf PayTabs Group CEO and founder, said, “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 enthusiasm is high as we tap into FINX – Fintech Galaxy’s Open Banking platform, streamlining payouts and delving into POS-based lending. 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.”

PayTabs offers an expansive ecosystem with unique capabilities and global outreach, inviting FinTech and financial institutions to tap into open banking’s potential. Seamlessly integrating into PayTabs’ orchestration platform unlocks access to advanced infrastructure – a comprehensive suite featuring a versatile payment gateway, premium merchant management, efficient EFT switch, middleware, and a unified API Gateway for seamless transactions. The platform is designed for exponential growth without breaking the bank on setup costs.

Mirna Sleiman, Founder and CEO of Fintech Galaxy added, “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, re-imagining the way financial services are offered.”

Fintech Galaxy, licensed by the Central Bank of Bahrain and certified by Saudi Payments, leverages its robust FINX platform for security, regulatory compliance, and user-friendly open banking capabilities. Teaming up with PayTabs, the primary focus lies in securely verifying accounts during merchant onboarding, ensuring regulatory adherence and user safety. This collaboration aims to streamline processes, delivering a seamless user experience as Open Banking regulations evolve in the region.

Furthermore, through this partnership, Fintech Galaxy is exploring POS-based lending for SME businesses, leveraging PayTabs’ payment platform for POS solutions. This innovative approach significantly mitigates default risks by offering instant loans based on POS transactions, credit bureau data, and open banking insights.

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