{"id":84369,"date":"2024-03-14T00:00:00","date_gmt":"2024-03-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/14\/indian-fintech-infibeams-local-unit-gets-payment-processor-license-alliance-with-sab\/"},"modified":"2024-03-14T00:00:00","modified_gmt":"2024-03-14T00:00:00","slug":"indian-fintech-infibeams-local-unit-gets-payment-processor-license-alliance-with-sab","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/14\/indian-fintech-infibeams-local-unit-gets-payment-processor-license-alliance-with-sab\/","title":{"rendered":"Indian fintech Infibeam\u2019s local unit gets payment processor license, alliance with SAB"},"content":{"rendered":"

Mumbai-based fintech company <\/strong>Infibeam<\/a><\/strong>\u2019s subsidiary in the Kingdom has <\/strong>secured a license to operate <\/strong>here as a payment processor<\/strong> under a newly-acquired payment technical service provider certification (or \u201cPTSP\u201d in industry jargon) from the Saudi Central Bank, it said in a statement<\/a> yesterday. This makes it the first Indian fintech to clinch the SAMA-issued license.<\/p>\n

Ironing out the details: <\/strong>The move will see Infibeam\u2019s online payment arm CCAvenue widen its digital product, which targets both entrepreneurs and merchants. <\/p>\n

Counting on success in the UAE: <\/strong>Infibeam\u2019s payment gateway said it is the UAE\u2019s 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.<\/p>\n

What they said:<\/strong> \u201cInfibeam Avenues is investing in global assets, infrastructure, and digital capabilities to support businesses in digital transformation and Saudi Arabia\u2019s Vision 2030 of building a thriving digital economy and a 70% cashless society is a huge opportunity for digital payments,\u201d Joint Managing Director Vishwas Patel said. <\/p>\n

And that\u2019s not all from Infibeam: <\/strong>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\u2019s banking services to serve merchants and consumers through its payment solutions.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company\u2019s digital payments arm CCAvenue is set to widen its fintech product offerings<\/p>\n","protected":false},"author":1,"featured_media":84370,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2655],"tags":[1492,10,208,1491,2764,1493],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84369","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fintech","tag-ccavenue","tag-enterpriseam-ksa","tag-fintech","tag-infibeam","tag-sab","tag-saudi-central-bank-sama","wpautop","entry"],"acf":{"mongo_id":"72b9e851-2212-4ce2-b011-0a2f38c3fd51","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1271.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Indian fintech Infibeam\u2019s local unit gets payment processor license, alliance with SAB","related_issue":[84360],"teaser":"The company\u2019s digital payments arm CCAvenue is set to widen its fintech product offerings","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.1c9d3094-0930-421d-a680-b08f7d2e0256.mp3"},"yoast_head":"\nIndian fintech Infibeam\u2019s local unit gets payment processor license, alliance with SAB - 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