FAB, Magnati Collaborate With Geidea To Accelerate Digital Payments In Saudi Arabia

ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 24th Aug, 2023) First Abu Dhabi Bank (FAB) and Magnati have joined forces in a strategic alliance with Geidea, Saudi Arabia's largest fintech company, to provide digital payment acceptance services for businesses in the Kingdom.

The collaboration has the potential to be transformative in the Saudi payments space and is set to create exceptional value for clients, bridging the gap between advanced financial solutions and accessibility, while ensuring enhanced affordability.

FAB is the UAE’s largest bank and one of the world’s largest and safest financial institutions, also operating as a licenced full-service bank in the Saudi market since 2019, while Magnati is a pioneering company specialising in digital payment solutions. With a focus on innovation and technology, Magnati offers Payment as a Platform services that cater to a wide range of industries and businesses, encompassing integrated payment solutions, secure transaction processing, and comprehensive e-commerce solutions.

The strategic alliance between FAB, Magnati, and Geidea is a crucial step in offering inclusive access to cutting-edge financial services and solutions.

Ramana Kumar, CEO of Magnati, stated, “Our collaboration with Geidea is a testament to our commitment to serving our clients' expansion goals in Saudi Arabia. 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.

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Sanjay Sethi, Head of Global Transaction Banking at FAB, emphasised, “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. 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 percent digital payments by 2025.”

Abdullah Alshowier, Chief business Officer at Geidea, noted, “Geidea is elated to partake in this strategic alliance with First Abu Dhabi Bank and Magnati to support clients in Saudi Arabia. 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. We are enthusiastic about collaborating with FAB and Magnati to drive innovation, amplify services, and extend our collective presence in the GCC region.”

In a landmark achievement, electronic payments have overtaken cash as the most prevalent payment method in Saudi Arabic, as confirmed by the Saudi Central Bank in 2021.

Geidea, a recognised leader in the fintech sector and listed among the top 25 fintech companies in the middle East by Forbes, has further catalysed this transformation.

Geidea has achieved the distinction of becoming the first non-bank entity in the Kingdom to obtain an acquiring licence from the Saudi Central Bank (SAMA), directly providing financial services to merchants and small and medium enterprises.