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- Geidea indicators strategic partnership as a Cost Service Supplier (PSP) with Magnati within the UAE
- Geidea shall be a PSP associate for Magnati, and leverage its big selection of ‘fee as a platform’ API’s and value-added companies for retailers in UAE’s wider market
Dubai, UAE: Geidea, the most important fintech firm in Saudi Arabia by market share, at this time introduced that it has expanded its operations into the United Arab Emirates and can provide an intensive suite of value-added companies and seamless fee options by partnering with Magnati for UAE-based firms throughout retail, F&B, wholesale, hospitality and healthcare.
Launched within the Kingdom of Saudi Arabia in 2008, Geidea gives over 700,000 fee terminals (POS) throughout the area and serves over 139,000 trusted retailers together with regional and worldwide manufacturers, SMEs in addition to e-commerce gamers.
Geidea’s current enlargement into the UAE follows its launch into the Egyptian market in June 2021 and varieties part of its imaginative and prescient to make funds and commerce know-how accessible, inexpensive and intuitive for everybody.
Commenting on Geidea’s entrance into the UAE market, Abdullah Al-Othman, Founder and Chairman of Geidea, mentioned: “Over a decade in the past, Geidea started with the important mission of reshaping the funds business by constructing a set of options that might make funds extra accessible, inexpensive and intuitive for companies of all sizes. Since then, we’ve got grown right into a market main enterprise, with over 75% of market share in POS terminals throughout the Kingdom of Saudi Arabia. Right now I’m proud to announce our enlargement into one of many key digital financial hubs of the area, the United Arab Emirates, a long-trusted associate to Saudi Arabia.”
Partnership with Magnati
As a part of its enlargement, Geidea has entered right into a strategic partnership with Magnati, a frontrunner within the fee options within the business, targeted on buying, issuer processing and buying processing. Magnati gives institutional and authorities, service provider with an clever funds platform that monetizes knowledge, utilizing subsequent era know-how to ship improved buyer expertise and elevated effectivity.
The partnership marks Geidea’s first main settlement within the UAE market and can see Geidea as a Cost Service Supplier for Magnati, thereby accelerating seamless digital funds acceptance and growing its footprint within the UAE.
Transferring ahead, the partnership may also prolong to the Kingdom of Saudi Arabia, Egypt, and different markets within the GCC enabling Magnati to strategically increase its cross-border enterprise into the geographies that Geidea relies in – whereas boosting e-commerce and m-commerce capabilities for Magnati’s purchasers and spurring digital transformation.
Via this partnership, retailers will profit from Magnati’s tailor-made fee options, permitting them to just accept a variety of digital funds by means of a safe, single and seamless API built-in platform, making funds extra accessible, inexpensive and intuitive.
“Consistent with our imaginative and prescient to ship sturdy worth to our partnerships, we’re proud to collaborate with Geidea, who will simplify fee acceptance by means of Magnati’s fee options. Magnati is main the change in digital funds panorama by creating new experiences and shaping the longer term with providing funds as a platform, seamless integrations, and worth provides. With Magnati’s attain and Geidea’s fintech expertise, we will synergize our capabilities and increase digital funds development in UAE and GCC and North Africa,” mentioned Ramana Kumar, CEO of Magnati.
Discussing the partnership with Magnati, Sailesh Malhotra, Normal Supervisor – GCC, Geidea, mentioned: “We’re proud to announce our partnership with Magnati, a distinguished like-minded fintech, as we increase our presence into the UAE, one of many area’s most vital markets. The collaboration will allow us to serve each the private and non-private sector, with the identical customer-focused method that we’ve used to nice success in Saudi Arabia. In the end, our purchasers are our success tales. We look ahead to working with Magnati and persevering with to construct our presence throughout the UAE and the remainder of the area.”
Salim Awan, MD – Institutional Funds at Magnati, mentioned: “We’re at a pivotal second within the fee business, when funds can not be an extra step within the e-commerce course of however as a substitute, should provide prospects the very best ranges of ease and comfort. Our partnership with Geidea is all about simplifying funds for customers, and we’ll work along with Geidea to introduce new channels and applied sciences. Magnati is dedicated to accelerating innovation with our companions to unlock the chances of funds.”
With practically three out of 4 (73%) of customers within the UAE buying on-line extra steadily than they did earlier than the pandemic, based on a current Mastercard survey, having an internet funds presence has turn out to be an enormous focus for small companies.
Geidea made historical past in 2021, turning into the primary non-banking establishment to be granted an buying license in Saudi Arabia and specializing in its strategic enlargement into the most important markets throughout the Center East.
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About Geidea
Geidea is a number one and absolutely licensed fee service supplier providing digital banking know-how, Level-of-Sale (POS) Terminals and enterprise administration options for each monetary establishments and small companies in retail and digital commerce. Based domestically in Saudi Arabia in 2008 by entrepreneur Abdullah Faisal Al-Othman, Geidea’s mission is to empower retailers of all sorts and sizes with the instruments to begin, handle and develop their enterprise. The corporate believes that the newest funds and commerce know-how needs to be accessible, inexpensive, and intuitive for everybody. Based mostly in Riyadh, Geidea has greater than 1000 staff, over 139,000 retailers, and gives assist to greater than 700,000 fee terminals and ATMs networks throughout the Kingdom. The corporate is quickly increasing branches in a number of places throughout the GCC, together with UAE and Egypt, with an eye fixed to additional places in 2022.
For detailed info, please go to: http://www.geidea.internet/
For additional info, please contact: geidea@webershandwick.com
About Magnati
Magnati is a regional chief within the fee options business targeted on direct buying, issuer processing and buying processing.
Magnati gives authorities, service provider and institutional purchasers with an clever funds platform that monetises knowledge, utilizing subsequent era know-how to ship improved experiences and elevated effectivity. The Magnati model is charged with power and potential and is ready to rework funds into prospects.
Headquartered in Abu Dhabi, Magnati’s experience and relationships present a platform for Magnati to draw worldwide companions, whereas setting a brand new customary for innovation and supply within the funds business.
Go to Magnati.com for extra info.
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