PayerMax, a top global supplier of payment solutions, and Saudi Awwal Bank (SAB) have formed a strategic alliance, according to a press statement.
The two organizations want to revolutionize the field of digital payments, simplify local businesses’ onboarding process, and enable smooth international transactions.
Their dedication to advancing Saudi Vision 2030 and elevating the Kingdom to the forefront of the world’s digital innovation is further reinforced by this relationship.
Essay Zhu, Partner and COO at Payermax, said: “By combining PayerMax’s expertise in payment services with “SAB’s” deep understanding of the local market, we are confident in our ability to deliver significant value and drive digital transformation in Saudi Arabia.”
Yasser Al Barrak, Chief Corporate & Institutional Banking Officer at SAB, commented: “This collaboration reflects our commitment to fostering innovation and delivering effective payment solutions that will further enhance the Kingdom’s payment landscape, which aligns with the aspirations of Saudi Vision 2030.”
With its backing of over-transaction currencies, PayerMax is committed to enabling the global expansion of the fastest-growing digital merchants worldwide, particularly in emerging regions.
SAB’s net profits for the first half (H1) of 2024 were SAR 4.06 billion, which is a 22.54% YoY increase above SAR 3.31 billion.
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