A leading global provider of digital payment solutions, Payermax, has entered into a strategic partnership with Saudi Awwal Bank (SAB).
According to a press release, both entities aim to redefine the digital payments landscape. They also wish to streamline the onboarding experience for local merchants, facilitating seamless global transactions.
The partnership supports its commitment to contributing to Saudi Vision 2030 and transforming it into a global leader in digital innovation.
Essay Zhu, Partner and COO at Payermax, spoke on the collaboration and expressed confidence in their ability to impact the market. “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,” she said.
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 is focused on empowering the borderless growth of the world’s fastest-growing digital merchants in emerging markets.
In the first half (H1) of 2024, SAB generated net profits valued at SAR 4.06 billion. That is higher by 22.54% year-on-year (YoY) than SAR 3.31 billion.
