Both firms come with their unique offerings and expertise, aiming to carve a niche in Saudi Arabia’s fast-evolving financial digital space.
The collaboration between SeaPay and Salt Edge is meticulously designed to amplify the innovative open banking solutions available to local merchants in Saudi Arabia. This initiative is not merely a business venture but a stride towards aligning with the Saudi Central Bank’s (SAMA) vision of nurturing a flourishing business environment in the region.
Rooted in its history as the Arab Sea Information System, SeaPay stands committed to delivering secure digital payment solutions to local merchants in Saudi Arabia. The partnership envisages granting merchants access to financial data from thousands of banks globally and across the Middle East through a unified API, effectively mitigating the need to individually connect with multiple banks and thereby streamlining the payment process.
On the other hand, Salt Edge brings to the table over ten years of experience in the open banking sector, offering vital FinTech services to various sectors, which include banks, lenders, and businesses, among others. Successfully establishing compliance and connectivity with more than 5,000 bank channels across Europe, Salt Edge’s recent expansion into Saudi Arabia and Jordan highlights the spiralling demand for open finance in these territories.
This alliance promises an additional secure, instant, and cost-efficient payment method for SeaPay customers. Furthermore, as the regulatory framework for payment origination under open banking was rolled out in September 2023, it offers a robust foundation for the partnership’s future innovations and endeavours.
SeaPay chief business officer said, “As SeaPay’s Chief Business Officer, I am thrilled to announce our partnership with Salt Edge, a global leader in open banking solutions. 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.”
Salt Edge chief product officer Ilia Dragan said, “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.”
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