FAB, Magnati unite with Geidea to boost digital payments in Saudi Arabia

By Shilpa Annie Joseph, Official Reporter
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Rep.Image | Courtesy: WAM

First Abu Dhabi Bank (FAB) and Magnati have entered into a strategic alliance with Saudi Arabia’s largest fintech company Geidea to provide digital payment acceptance services for businesses in the Kingdom.

The collaboration has the potential to be transformative in the Saudi payments space and is set to create exceptional value for clients, bridging the gap between advanced financial solutions and accessibility, while ensuring enhanced affordability. The strategic alliance between FAB, Magnati, and Geidea is a crucial step in offering inclusive access to cutting-edge financial services and solutions.

Mr. Abdullah Alshowier, Chief Business Officer at Geidea, noted that, “Geidea is elated to partake in this strategic alliance with First Abu Dhabi Bank and Magnati to support clients in Saudi Arabia. This collaboration will empower merchants with Geidea’s state-of-the-art payment solutions, seamlessly accepting a wide spectrum of digital payments through a unified platform.”

Ramana Kumar Image
Ramana Kumar
CEO – Magnati

“Our collaboration with Geidea is a testament to our commitment to serving our clients’ expansion goals in Saudi Arabia. Together, we aim to revolutionize the payment landscape by introducing innovative solutions, seamless integrations, and unparalleled customer experiences. Leveraging Geidea’s innovation and Magnati’s fintech expertise, we are poised to unlock the full potential of digital payments.”

“This strategic alliance enables us to extend our reach, drive innovation, and provide tailored payment solutions aligned with the evolving needs of businesses across industries. We are not only dedicated to delivering exceptional value to businesses and merchants, but also contributing to Saudi Vision 2030’s aspiration to achieve 70 percent digital payments by 2025,” commented Mr. Sanjay Sethi, Head of Global Transaction Banking at FAB.

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