First Abu Dhabi Bank (FAB) is poised to play a pivotal role in revolutionizing digital payments in Saudi Arabia. In a strategic partnership with Geidea, the largest fintech company in Saudi Arabia, and Magnati, a specialist in digital payment solutions, FAB will offer digital payment acceptance services to businesses within the kingdom.
As the largest bank in the UAE and one of the world’s most secure financial institutions, FAB has been a licensed full-service bank in the Saudi market since 2019. Magnati, renowned for its focus on innovation and technology, delivers Payment as a Platform services catering to diverse industries. This includes integrated payment solutions, secure transaction processing, and comprehensive e-commerce solutions.
Sanjay Sethi, Head of Global Transaction Banking at FAB, said, “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.”
Ramana Kumar, CEO of Magnati, added, “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.”
Abdullah Alshowier, Chief Business Officer at Geidea, stated, “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.”
Notably, in 2021, the Saudi Central Bank confirmed that electronic payments had surpassed cash as the most prevalent payment method in the kingdom. Geidea achieved the distinction of being the first non-bank entity in Saudi Arabia to obtain an acquiring license from the Saudi Central Bank (SAMA), enabling it to directly offer financial services to merchants and small and medium enterprises.
