First Abu Dhabi Bank (FAB) and UAE payment solution company Magnati have teamed up with Geidea, Saudi’s largest fintech firm, to provide digital payment acceptance services for businesses in the kingdom.
The collaboration seeks to create value for clients, bridging the gap between advanced financial solutions and accessibility, while ensuring enhanced affordability.
This partnership builds on the previous alliance between Geidea and Magnati last December, which helped merchants provide seamless customer experiences through Magnati MetaV – the first metaverse marketplace in the Mena region.
CEO of Magnati, Ramana Kumar, said: “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.”
Magnati caters to a range of industries and businesses, encompassing integrated payment solutions, secure transaction processing, and comprehensive e-commerce solutions.
Chief business officer at Geidea, Abdullah Alshowier, said: “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.”
Geidea has become the first non-bank entity in Saudi Arabia to obtain an acquiring licence from the Saudi Central Bank (SAMA), directly providing financial services to merchants and small and medium enterprises.
Electronic payments have overtaken cash as the most prevalent payment method in the country, according to the Saudi Central Bank in 2021.
