Finablr network brand BayanPay is now licensed by the Saudi Arabian Monetary Authority (SAMA). As a result it paves the way for Finablr to expand in Saudi Arabia, the largest economy in the GCC.
Specifically, BayanPay will offer digital wallets, e-commerce and SME business payments gateway solutions in the Kingdom.
Moreover, Saudi Arabia is the second-largest remittance outflow market with outflows of $43bn in 2018 according to the World Bank.
For example, through BayanPay, Finablr will offer domestic and international payments to consumers and businesses across Saudi Arabia. And it will leverage its technology, industry expertise and global network.
BayanPay’s portfolio of solutions currently includes:
- BayanPay Business. This is an online payments gateway services aggregator that provides an easy and secure way to accept, process and disburse digital payments for B2B, B2C and B2G businesses in Saudi Arabia.
- BayanPay Wallet: an innovative e-wallet service, powered by Finablr’s technology. This enables Saudi Arabia-based customers to make seamless payments, including cross-border-payments
Finablr, BayanPay helping to boost cash displacement
Promoth Manghat, Group Chief Executive Officer of Finablr, says: “Saudi Arabia is a fast-evolving market in the payments space with the right infrastructure readiness and a conducive regulatory framework.
“Through BayanPay, Finablr will support the Kingdom’s strategic objectives of becoming a cashless society. That is one of the goals of the Financial Sector Development Program under Saudi Vision 2030.”
SAMA’s estimates non-cash payments for the retail sector of more than 36% of all payments in Saudi in 2019. The goal is to increase this to 70% by 2030.
Finablr acquired its majority stake in BayanPay in 2019. This provides the group with entry to the GCC’s largest economy. At the same time, it enables BayanPay to benefit from Finablr’s technology to deliver seamless and reliable payments solutions.
Bayan Payments was established in Riyadh to build a payments gateway technology capable of meeting rapidly growing demand for e-commerce payments in the country. And to introduce e-wallet services to Saudi Arabian consumers.