In a new partnership, PayTabs Group has announced that it will be collaborating with Fintech Galaxy to accelerate open banking in the MENA region. PayTabs Group, a payment solutions provider, will join forces with Fintech Galaxy, an open banking and financial innovation entity, to offer innovative solutions for SMEs and enterprises. Through this collaboration, PayTabs aims to streamline processes and deliver a seamless user experience, particularly in areas such as account verification, swift payouts, and point-of-sale lending.
PayTabs Group offers a versatile payment ecosystem with unique capabilities and global outreach. By integrating into PayTabs’ orchestration platform, financial institutions and fintech companies can tap into open banking’s potential. The platform provides access to a comprehensive suite of features, including a payment gateway, merchant management, EFT switch, middleware, and a unified API gateway. This allows for seamless transactions and exponential growth without high setup costs.
Fintech Galaxy is licensed by the Central Bank of Bahrain and certified by Saudi Payments. Through its FINX platform, the company provides security, regulatory compliance, and user-friendly open banking capabilities. The partnership with PayTabs will ensure secure account verification during merchant onboarding and adherence to regulatory requirements. Additionally, Fintech Galaxy is exploring point-of-sale lending for SME businesses, leveraging PayTabs’ payment platform.
Both companies aim to harness the power of open banking to meet the evolving needs of customers in the MENA region. By offering innovative solutions and reimagining financial services, they seek to create a seamless user experience and improve efficiency as open banking regulations continue to develop. This partnership is expected to accelerate the adoption of open banking and drive financial innovation in the MENA region.
