Saudi Arabia : Infibeam Avenues Ltd, a publicly traded fintech company powered by AI, has announced a significant achievement by its international subsidiary, Infibeam Avenues Saudi Arabia. The company has become the first Indian fintech entity to obtain PTSP Certification from SAMA (Saudi Payments) to operate as a Payment Processor (PTSP) in the Kingdom of Saudi Arabia (KSA).
This strategic move aims to tap into Saudi Arabia’s rapidly growing digital economy. With the country’s ambitious 2030 vision and a goal of attracting 130 million tourists annually, the digital economy is poised for exponential growth.
Following the certification, the company’s flagship payment brand, CCAvenue, will position itself as a major player for digital transactions in the Saudi Arabian market. The CCAvenue payment gateway solution has localized data hosting within KSA and received PTSP processing approval from authorities.
Mr. Vishwas Patel, Joint Managing Director of Infibeam Avenues Ltd, expresses confidence in the company’s ability to capitalize on the Kingdom’s rapid growth. He states, “Saudi Arabia is one of the fastest-growing digital economies, and we aim not only to capitalize on its growth potential but also to contribute to building a digital payment empowered society. Our objectives align naturally with the Kingdom’s 2030 Vision.”
This reflects Infibeam Avenues’ commitment to supporting Saudi Arabia’s Vision 2030, which seeks to diversify the economy and foster a robust digital ecosystem. As Saudi Arabia moves towards becoming a leading digital economy, Infibeam Avenues aims to leverage its expertise and innovative solutions to facilitate the transition to a digitally empowered society.
Recent reports indicate that digital payments in Saudi Arabia have reached 62%, nearing the country’s target of 70% by the end of 2025. The rise in mobile payments, accounting for approximately 45% of transactions, is primarily driven by mobile-based NFC payments. Saudi Arabia’s digital economy has witnessed substantial growth, with over 8 billion transactions valued at SR1.6 trillion in 2022, a significant increase from SR6 billion transactions recorded in 2021.
In the MENA region, Infibeam Avenues’ payment brand, CCAvenue, ranks as the second-largest payment aggregator in the UAE market. In the fiscal year 2022-2023, it processed payments at an annual run-rate of AED 12 billion. In the current fiscal year, the run-rate has exceeded AED 14 billion and is expected to reach AED 18 billion in transaction volume by the end of 2024.
In addition to this milestone, Infibeam’s Company is delighted to announce its collaboration with SAB, one of Saudi Arabia’s prominent banks. This partnership aims to bolster the financial landscape in the Kingdom by harnessing Infibeam’s state-of-the-art technology and SAB’s extensive banking expertise.
“We are extremely proud to partner with SAB, one of the leading eCommerce acquiring banks, to ensure that businesses in Saudi Arabia benefit from a wide range of domestic and international advantages, enabling them to provide the seamless, secure eCommerce experience that consumers demand,” remarks Mr. Vishwas Patel.
Through this partnership with SAB Bank, CCAvenue will leverage the bank’s market dominance and tap into its extensive network within Saudi Arabia to offer innovative payment solutions to consumers, merchants, and fintech companies across the Kingdom.
“Infibeam Avenues is investing in global assets, infrastructure, and digital capabilities to support businesses in their digital transformation journey and align with Saudi Arabia’s Vision 2030 of fostering a thriving digital economy and achieving a 70% cashless society, recognizing it as a significant opportunity for digital payments,” explains Mr. Vishal Mehta, Chairman and Managing Director of Infibeam Avenues Limited.
Last year, the company embarked on expanding its global operations, aiming for leadership in the digital payment gateway and AI-powered fintech solutions markets worldwide. Despite international business contributing less than 10% to Infibeam Avenues Ltd’s total revenue last year, the company anticipates increasing this to 30% in the foreseeable future.
With the approval as a payment processor in Saudi Arabia and the simultaneous partnership with SAB Bank, CCAvenue, Infibeam Avenues Ltd’s flagship payment gateway brand, is poised to expand its portfolio of digital innovative fintech products and onboard a larger number of entrepreneurs and merchants.
Established in 1952, the Saudi Central Bank, formerly known as the Saudi Arabian Monetary Authority (SAMA), serves as the central bank of the Kingdom of Saudi Arabia. Saudi Awwal Bank (SAB Bank) is one of the largest banks in the Kingdom, with roots in Saudi Arabia for over 90 years.