SeaPay, a leading Omni-Channel Payment Solutions provider, has announced a strategic partnership with Salt Edge, a renowned financial technology company. This collaboration aims to provide local merchants in Saudi Arabia with innovative open banking solutions.
„Open banking adoption in Saudi Arabia has gained momentum, thanks to the dedication of various stakeholders, including the Saudi Central Bank (SAMA). SAMA recognises the importance of open banking in supporting local businesses and has been actively developing a comprehensive regulatory framework. This proactive approach has already yielded positive results, attracting strong fintech players and fostering fruitful partnerships.” according to the press release.
„SeaPay, leveraging its legacy as the Arab Sea Information System, is committed to providing secure digital payment solutions for local merchants. Through this partnership, SeaPay will grant merchants access to financial data from thousands of banks across the Middle East and worldwide through a single API. This eliminates the need to connect with multiple banks individually, streamlining the payment process.” the company said.
SeaPay customers will also benefit from an additional secure, instant, and cost-effective payment method as the regulatory framework for payment origination under open banking was issued in September 2023.
Salt Edge, with over a decade of experience in open banking, offers financial technology services to various sectors, including banks, lenders, accounting firms, and businesses. The company has successfully facilitated compliance and connectivity with more than 5,000 bank channels across Europe. Its recent expansion into Saudi Arabia and Jordan underscores the growing demand for open finance in the region.
„This collaboration marks a significant milestone in our mission to empower Saudi Arabian merchants with cutting-edge payment solutions. With the trusted legacy of the Arab Sea Information System, we are confident that this partnership will revolutionise how businesses in our region handle payments and financial transactions. Together with Salt Edge, we look forward to fostering the growth and success of local businesses in Saudi Arabia.” said Turki Aldhamsht, Chief Executive Officer at SeaPay.
„The opportunity to embark on this open banking journey in Saudi Arabia with a remarkable partner such as SeaPay provides Salt Edge with tremendous motivation to unlock the limitless potential of this phenomenon. It is our firm belief that this collaboration will have a significant impact on Saudi Arabia’s merchant ecosystem.” said Ilia Dragan – Chief Product Officer at Salt Edge.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
