PayTabs Group Partners with Fintech Galaxy for GCC Open Banking and Payments

On January 23, 2024, PayTabs Group and Fintech Galaxy announced a strategic partnership combining PayTabs' payment gateway, merchant management, EFT switch, middleware, and unified API gateway with Fintech Galaxy's FINX open banking platform. The integration enables secure merchant onboarding with instant customer account data access via a single API, supporting regulatory compliance and risk mitigation. Key capabilities include data consolidation, account verification, account-to-account payments, swift payouts, and POS-based lending that leverages transaction data, credit bureaus, and open banking insights to provide SME working capital while reducing defaults.

The initial rollout targets Saudi Arabia and the UAE, with plans to expand across the broader MENA region. PayTabs CEO Abdulaziz Al Jouf emphasized the partnership's focus on compliance, payouts, and lending innovation. The deal positions both companies to capitalize on the region's evolving open banking regulatory landscape and growing demand for embedded finance solutions.