PayTabs Group, Fintech Galaxy Partner for Fintech Solutions
PayTabs plans to use FINX for secure and efficient payout transactions.
Saudi Arabian-based fintech platform PayTabs has joined forces with Fintech Galaxy, an open banking and financial innovation entity, to elevate the region's fintech space.[1]
The partnership will leverage the global expertise of PayTabs' expansive payment platform to offer data consolidation and lightning-fast payment initiation services.
The initial rollout will focus on Saudi Arabia and the UAE, with plans for expansion to other markets in the Middle East and North Africa (MENA) region.
Combining PayTabs' payment infrastructure with Galaxy’s open banking capabilities, the collaboration seeks to provide streamlined account verification, swift payouts, and innovative point-of-sale lending solutions for SMEs and enterprises.
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Furthermore, PayTabs plans to use FINX for secure and efficient payout transactions.
Also, Galaxy is exploring point-of-sale (POS)-based lending for SME businesses, leveraging PayTabs' payment platform.
Galaxy, licensed by the Central Bank of Bahrain and certified by Saudi Payments, brings top-notch security, regulatory compliance, and user-friendly Open Banking capabilities through its robust FINX platform.
PayTabs was founded in 2014 by Saudi entrepreneur Abdulaziz Al Jouf. The platform, which has offices in Saudi Arabia and the UAE, processes transactions for merchants and super merchants in different currencies.