Mumbai-based fintech company Infibeam’s subsidiary in the Kingdom has secured a license to operate here as a payment processor under a newly-acquired payment technical service provider certification (or “PTSP” in industry jargon) from the Saudi Central Bank, it said in a statement yesterday. This makes it the first Indian fintech to clinch the SAMA-issued license.

Ironing out the details: The move will see Infibeam’s online payment arm CCAvenue widen its digital product, which targets both entrepreneurs and merchants.

Counting on success in the UAE: Infibeam’s payment gateway said it is the UAE’s second largest payment aggregator at an annual run-rate of AED 12 bn last year, according to the statement. It forecasts its run rate to reach AED 18 bn by the end of this year.

What they said: “Infibeam Avenues is investing in global assets, infrastructure, and digital capabilities to support businesses in digital transformation and Saudi Arabia’s Vision 2030 of building a thriving digital economy and a 70% cashless society is a huge opportunity for digital payments,” Joint Managing Director Vishwas Patel said.

And that’s not all from Infibeam: The fintech company is also partnering up with banking heavyweight Saudi Awwal Bank (SAB) to boost the local financial ecosystem and exchange expertise. The partnership will pave the way for CCAvenue to tap on SAB’s banking services to serve merchants and consumers through its payment solutions.

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