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Thursday, April 18, 2024

FAB and Magnati team with Geidea for Saudi digital payments boost

First Abu Dhabi Bank (FAB) and Magnati have partnered with Geidea, Saudi Arabia’s leading fintech company, to offer digital payment acceptance services for businesses in the Kingdom. This collaboration aims to bridge the gap between advanced financial solutions and accessibility while ensuring affordability.

FAB, the UAE’s largest bank, operates as a licensed full-service bank in Saudi Arabia since 2019, and Magnati specializes in digital payment solutions, providing Payment as a Platform services.

This alliance focuses on providing inclusive access to cutting-edge financial services, innovation, and tailored payment solutions. The move aligns with Saudi Vision 2030’s goal to achieve 70 percent digital payments by 2025.

Electronic payments have already surpassed cash as the dominant payment method in Saudi Arabia, driven by leaders like Geidea, which holds a significant position in the fintech sector and is licensed by the Saudi Central Bank to offer financial services directly to merchants and SMEs.

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