Abu Dhabi (Al Ittihad)
First Abu Dhabi Bank and Magnatti have entered into a strategic collaboration with Geidea, the largest financial technology company in the Kingdom of Saudi Arabia, to provide digital payment acceptance services to businesses in the Kingdom.
This cooperation is expected to contribute to a qualitative transformation in the Saudi payments sector, achieving exceptional value for customers, and facilitating access to innovative financial services, in conjunction with improving costs.
First Abu Dhabi Bank is the largest bank in the UAE and one of the safest and largest financial institutions in the world. It has been operating as a licensed bank in the Kingdom of Saudi Arabia since 2019; While Magnati is considered one of the leading companies that focus on innovation, and it specializes in the field of digital payment solutions, and provides payment services as a “Payment as a Platform” to various sectors and companies, including integrated payment solutions, secure processing of financial transactions, and a group Comprehensive e-commerce solutions.
The importance of this strategic cooperation between First Abu Dhabi Bank, Magnatti and Geidea is evident at this stage when financial technologies transcend traditional geographical barriers, to provide the most advanced and comprehensive financial services and solutions.
“Our cooperation with Geidea reflects our commitment to support the goals and aspirations of our customers in the Kingdom of Saudi Arabia, to work together to achieve a qualitative transformation in the payments sector by providing advanced solutions, flexible operations and exceptional customer experiences, and by taking advantage of Geidea’s innovative technologies and expertise,” said Ramana Kumar, CEO of Magnati. Magnati is a major player in the field of financial technologies, and we are confident of our ability to contribute to the development and development of the digital payments sector in the Kingdom.”
For his part, Sanjay Sethi, Head of International Banking Operations at First Abu Dhabi Bank, said, “This cooperation allows us to expand our scope of activities and enhance innovation to provide customized solutions that suit the changing requirements of companies from various sectors. We are committed to contributing to achieving exceptional value for companies and merchants, and supporting the goals of Saudi Arabia’s vision.” 2023 aims to raise the percentage of digital payments to 70% of all payment transactions by 2025.
In an important achievement, electronic payments for the first time in 2021 overtook cash payments as the most used payment method in the Kingdom, according to the Saudi Central Bank.
Geidea is one of the most important drivers of this transformation, as it is one of the most prominent pioneers in the financial technology sector, as it was ranked among the 25 most important financial technology companies in the Middle East by Forbes. Geidea is also the first non-banking entity in the Kingdom to obtain an acquisition license from the Central Bank of Saudi Arabia to provide financial services directly to merchants and small and medium enterprises.
Abdullah bin Mansour Al-Showair, Director of Business Sector at Geidea, said, “We are pleased to be part of this strategic cooperation with First Abu Dhabi Bank and Magnati to provide the best levels of support to customers in the Kingdom of Saudi Arabia. This cooperation will allow merchants to benefit from advanced payment solutions provided by Geidea, which Easily accept a wide range of digital payments through an integrated platform. We look forward to working with First Abu Dhabi Bank and Magnati to drive innovation, develop services and expand our activities across the GCC region.”
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