Riyadh, Saudi Arabia, 25 September 2024: In a strategic move to enhance the digital payment ecosystem in Saudi Arabia, PayerMax, a leading global provider of payment solutions has announced a strategic partnership with Saudi Awwal Bank, a leading bank in the Kingdom of Saudi Arabia Kingdom. This partnership aims to redefine the digital payments landscape and streamline the onboarding experience for local merchants, facilitating seamless global transactions.
Essay Zhu, Partner, and COO at Payermax, said: “We are pleased to partner with “SAB”, a leading financial institution with a strong presence in the Saudi market. This collaboration aligns perfectly with our vision of empowering businesses and consumers through innovative payment solutions. By combining PayerMax’s expertise in payment services with “SAB’s” deep understanding of the local market, we are confident in our ability to deliver significant value and drive digital transformation in Saudi Arabia.”
Yasser Al-barrak, Chief Corporate & Institutional Banking Officer at SAB, commented: “This collaboration reflects our commitment to fostering innovation and delivering effective payment solutions that will further enhance the Kingdom’s payment landscape which aligns with the aspirations of Saudi Vision 2030.”
PayerMax supports more than70 transaction currencies and is focused on empowering the borderless growth of the world’s fastest-growing digital merchants in emerging markets.
This partnership also reflects PayerMax and the bank’s commitment to contributing to Saudi Vision 2030, which aims to transform the Kingdom into a global leader in digital innovation, by providing seamless payment solutions and facilitating cross-border transactions.
About PayerMax:
PayerMax is a fintech company deeply rooted in emerging markets with a global business footprint. It is committed to delivering professional omni-method global payment solutions. PayerMax’s business operations span across 150 countries and regions worldwide, including Southeast Asia, the Middle East, and Latin America. This extensive network supports a wide range of over 600 payment methods, more than 70 transaction currencies, and over 20 local languages, catering to diverse global user payment preferences. Headquartered in Singapore, PayerMax has established more than 10 local offices in Saudi Arabia, UAE, Bahrain, Kuwait, Indonesia, Thailand, the Philippines, Malaysia, Brazil, Mexico, South Korea, Shanghai (China), and Hong Kong (China).
About SAB:
Saudi Awwal Bank is one of the largest banks in the Kingdom and traces its origins in Saudi Arabia to more than 90 years, during which time it has been an active partner supporting the Kingdom’s economic growth and social development.
SAB is one of the leading corporate and institutional international banks in the Kingdom with a top Wealth & Personal Banking proposition. SAB is also a leader in Saudi Arabia and the region in trade finance, foreign exchange, debt wholesale banking, digital service innovation, and ESG, paving the way for transformation and excellence.
SAB offers integrated financial and banking services, including corporate banking, investment, private banking, and treasury.
SAB paid-up capital is SAR 20.5 billion, after the legal merger with Alawwal Bank on 14th March 2021, when it was legally known as the Saudi British Bank (SABB). Saudi Awwal Bank is a licensed financial institution operating under the supervision of and regulated by the Saudi Central Bank, and a partner of the HSBC Group.
