In a significant move towards advancing digital technology and open banking in the Kingdom of Saudi Arabia, SeaPay, a leading Omni-Channel Payment Solutions provider, has announced a strategic partnership with Salt Edge, a renowned financial technology company.
This collaboration aims to provide local merchants in Saudi Arabia with innovative open banking solutions, aligning with the Saudi Central Bank’s vision for a thriving business environment.
Open banking adoption in Saudi Arabia has gained momentum, thanks to the dedication of various stakeholders, including the Saudi Central Bank (SAMA). SAMA recognises the importance of open banking in supporting local businesses and has been actively developing a comprehensive regulatory framework. This proactive approach has already yielded positive results, attracting strong fintech players and fostering fruitful partnerships.
The partnership between Salt Edge and SeaPay is a testament to the transformative power of financial technology. SeaPay, leveraging its legacy as the Arab Sea Information System, is committed to providing secure digital payment solutions for local merchants. Through this partnership, SeaPay will grant merchants access to financial data from thousands of banks across the Middle East and worldwide through a single API. This eliminates the need to connect with multiple banks individually, streamlining the payment process.
SeaPay customers will also benefit from an additional secure, instant, and cost-effective payment method as the regulatory framework for payment origination under open banking was issued in September 2023.
Salt Edge, with over a decade of experience in open banking, offers financial technology services to various sectors, including banks, lenders, accounting firms, and businesses. The company has successfully facilitated compliance and connectivity with more than 5,000 bank channels across Europe. Its recent expansion into Saudi Arabia and Jordan underscores the growing demand for open finance in the region.
Turki Aldhamsht, Chief Executive Officer at SeaPay: 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.
Ilia Dragan, Chief Product Officer at Salt Edge: SeaPay’s mission is to empower local businesses through digital payment solutions, and this partnership with Salt Edge promises to be a game-changer in achieving that mission. The merging of local knowledge and cutting-edge financial technology has the potential to revolutionise how businesses in Saudi Arabia handle payments and financial transactions.