PayTabs Group partners with Fintech Galaxy

Monday 22 January 2024 10:34 CET | News

PayTabs Group has announced its partnership with Fintech Galaxy in order to optimise GCC’s fintech space with payment orchestration and Open Banking services.

Following this announcement, the partnership will focus on leveraging the benefits of Open Banking for instant account verification, in order to integrate it as one of several connections to the PayTabs payment orchestration platform. 

At the same time, the collaboration aims to offer data consolidation and fast payment initiation solutions by diving into the expertise of PayTabs' comprehensive payment orchestration platform securely and efficiently. This product is expected to be rolled out initially in the Kingdom of Saudi Arabia and the United Arab Emirates (UAE), with the strategy to expand in other MENA markets in the future. 


PayTabs Group has announced its partnership with Fintech Galaxy in order to optimise GCC’s fintech space with payment orchestration and Open Banking services.

More information on the partnership

The strategic deal is expected to combine PayTabs’ payment orchestration with Fintech Galaxy’s Open Banking capabilities in order to deliver services for small and medium-sized enterprises (SMEs) and businesses, including streamlined account verification, point-of-sale (POS) lending, and swift payouts. PayTabs will provide customers with an ecosystem of secure and efficient capabilities, as well as global outreach, which aims to give them the opportunity to tap into the benefits and potential of Open Banking. By integrating PayTabs’ orchestration platform, clients will be enabled to access improved infrastructure, a comprehensive suite featuring a versatile payment gateway, merchant management, middleware, API Gateway for transactions, and an efficient EFT switch. At the same time, the platform is designed for exponential development without breaking the bank on set costs. 

Fintech Galaxy will continue to leverage its robust FINX platform for security, user-friendly, and regulatory compliance Open Banking capabilities. By collaborating with PayTabs, the primary focus of the companies will lie in securely verifying accounts during the process of onboarding merchants, ensuring regulatory adherence, and user security. At the same time, the partnership will focus on streamlining procedures, as well as delivering an optimised user experience as Open Banking regulations evolve in the region. 

The deal’s priority will be set on account verification and account-to-account (A2A) payments. By leveraging FINX, PayTabs will have instant access to client account behaviour through the use of a single API, ensuring updated and precise information for facilitating immediate lending for firms. In addition, both companies aim to broaden PayTabs’ capacity in order to serve businesses with digital transactions, payment orchestration, as well as digital lending capabilities. 

At the same time, PayTabs will focus on utilising FINX to offer secure and efficient payout transactions, aligning with the anticipated technical specifications set by the Saudi Arabian Monetary Authority (SAMA) in Q1 2024. Through this partnership, Fintech Galaxy will develop POS-based lending for SME businesses, using PayTabs’ payment platform for POS solutions. This approach is expected to mitigate default risks by delivering instant loans based on POS transactions, credit bureau data, as well as Open Banking insights. PayTabs will provide its solutions in order to optimise the access of businesses to working capital, providing essential financial liquidity to develop in the current landscape.

The partnership will focus on the MENA’s fintech landscape, while Fintech Galaxy and PayTabs will prioritise the process of expanding their presence to include other markets with Open Banking regulations as well. 

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Keywords: partnership, Open Banking, Open Finance, banking, online banking, mobile banking, digital banking, financial services, financial institutions
Categories: Banking & Fintech
Companies: Fintech Galaxy, PayTabs
Countries: United Arab Emirates
This article is part of category

Banking & Fintech

Fintech Galaxy



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