Salt Edge Partners with SeaPay to Boost Open Banking in Saudi Arabia

Published 8 months ago

In an important step forward for digital technology and open banking, SeaPay, a top Omni-Channel Payment Solutions provider, has entered a strategic alliance with Salt Edge, a renowned fintech firm.

Enhancing Open Banking Solutions

The partnership’s objective is to offer innovative open banking solutions to Saudi Arabian local merchants, in line with the Saudi Central Bank’s vision for a flourishing business environment. Open banking has witnessed growing adoption in Saudi Arabia due to the commitment of various stakeholders, including the Saudi Central Bank (SAMA). SAMA has been actively crafting a comprehensive regulatory framework, attracting strong fintech players and encouraging successful collaborations.

Streamlining the Payment Process

The alliance between Salt Edge and SeaPay demonstrates the transformative potential of fintech. SeaPay is dedicated to delivering secure digital payment solutions for local merchants. As part of the partnership, SeaPay will give merchants access to financial data from thousands of banks across the Middle East and globally through a single API, simplifying the payment process. SeaPay customers will also gain from an additional secure, fast, and cost-effective payment method following the issuance of the regulatory framework for payment origination under open banking in September 2023.

Salt Edge’s Expansion into the Middle East

Salt Edge, which has over ten years of experience in open banking, provides fintech services to a variety of 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. Their recent expansion into Saudi Arabia and Jordan highlights the growing demand for open finance in the region.

Impact on Saudi Arabia’s Merchant Ecosystem

Turki Aldhamsht, CEO at SeaPay, emphasised the significant opportunity to commence the open banking journey in Saudi Arabia with a notable partner like Salt Edge, stating it provides immense motivation to unlock the limitless potential of this venture. He expressed confidence that this collaboration would significantly impact Saudi Arabia’s merchant ecosystem.

Ilia Dragan, Chief Product Officer at Salt Edge, added that the partnership with SeaPay aims to empower local businesses through digital payment solutions. He believes that the combination of local knowledge and advanced financial technology has the potential to revolutionise how businesses in Saudi Arabia manage payments and financial transactions.