Payment solutions provider PayerMax has entered into a partnership with Saudi Arabia-based Saudi Awwal Bank (SAB). The collaboration is intended to improve the digital payment ecosystem in the Kingdom, particularly by simplifying the onboarding process for local merchants and facilitating international transactions.

The primary aim of the partnership is to strengthen the digital payments landscape in Saudi Arabia. Both organisations are looking to leverage their respective expertise, namely PayerMax in payment services and SAB in the local financial market. The end goal is to create a more seamless experience for businesses operating in the country.

According to representatives from PayerMax, the partnership with SAB aligns with the company’s mission to support businesses and consumers through innovative payment technologies. They highlighted the potential for significant value creation and digital transformation as both entities pool their strengths. Officials from Saudi Awwal Bank noted that this collaboration is in line with SAB's goal of promoting innovation in financial services.

They emphasised that the partnership is designed to improve Saudi Arabia's payment infrastructure, contributing to the objectives of Saudi Vision 2030. Other developments from PayerMax PayerMax, which supports over 70 transaction currencies, focuses on enabling the growth of digital merchants in emerging markets. Both PayerMax and SAB see this partnership as part of their broader commitment to advancing Saudi Vision 2030, with a focus on digital innovation and cross-border payment solutions.

In September 2023, PayerMax announced that it officially obtained a Payment Technical Service Provider (PTSP) certification from Saudi Payments, on behalf of the Saudi Central Bank. By receiving this certification, PayerMax gained the ability to provide its comprehensive payment gateway services to merchants across the Kingdom of Saudi Arabia. In addition, the PTSP certification enabled the company to operate entirely within Saudi Arabia’s financial ecosystem.

This development announcement fell in line with the firm’s commitment to providing optimised services to the region, with it having become one of the first Asian companies to have established regional headquarters in Riyadh under the Regional Headquarters Program (RHQ) initiated by the Ministry of Investment. .