News

Paymob Gets Official Certification To Operate In Saudi Arabia

The fastest growing fintech in the MENA region has been issued with Saudi Arabian Payment Technical Services Provider certification.

Published

2 years ago

May 20, 2023

Nour Nasir

paymob gets official certification to operate in saudi arabia

Paymob, the MENA region’s leading fintech payment provider, has announced that it can now officially provide services in Saudi Arabia, after securing Payment Technical Services Provider (PTSP) certification.

The fintech startup opened an office in Riyad in April 2023, and being given the official go-ahead by the Saudi government represents a considerable milestone for Paymob and its regional expansion plans.

Since its foundation in 2015, Paymob has enabled over 200,000 small-to-medium businesses and e-commerce merchants across North Africa and the Middle East to accept payment via 40+ online and in-store methods.

The Kingdom of Saudi Arabia is home to over 1 million microbusinesses and small-to-medium enterprises and boasts a favorable growth rate of 12% per annum. As part of Saudi Arabia’s Vision 2030 strategy, the government plans to increase the contribution from small businesses to the country’s GDP from 20% to 35% while simultaneously boosting the amount of non-cash transactions to over 70% of the total consumer spend.

Saudi Arabia is also experiencing extremely rapid eCommerce growth, with year-on-year transaction volumes increasing by 65%. The country’s rapid digitization and favorable market conditions make it an excellent fit for digital payments enablers like Paymob, which has a proven history of providing highly-localized, cutting-edge solutions.

Also Read: A Guide To Digital Payment Methods In The Middle East

Islam Shawky, Co-founder and CEO of Paymob, was understandably enthusiastic about the recent certification: “Obtaining the PTSP certification in Saudi Arabia is a significant accomplishment for us. It reflects Paymob’s commitment to our KSA expansion plans while serving merchants and entrepreneurs across the Kingdom to support their growth with cutting-edge financial technology solutions. We are excited to contribute to the emerging fintech ecosystem in Saudi Arabia and to play our part in driving the Kingdom’s digital transformation outlined in Vision 2030”.

Related Topics:FinTech Paymob Saudi Arabia

Up Next

Saudi Astronauts Make History As They Lift Off Into Space

Don't Miss

Qatar’s Capital Aims To Become A Regional Technology Hub

Click to comment

News

“AI Seal” Certification Now Required For Dubai Gov Partnerships

The new mandatory certification is designed to build trust in AI companies and create a reliable network of providers for government and public collaboration.

Published

18 hours ago

January 21, 2025

Nour Nasir

ai seal certification now required for dubai gov partnerships

Dubai Media Office

Dubai has introduced the Dubai AI Seal, a certification designed to establish trust in artificial intelligence (AI) companies and solutions. This initiative, directed by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister, aims to create a reliable network of AI providers which government entities and businesses can collaborate confidently.

Companies must now obtain the AI Seal to qualify for UAE or Dubai government contracts. The Dubai Centre for Artificial Intelligence (DCAI), which developed the certification, sees it as a competitive edge for companies looking to participate in key national projects. Once certified, businesses will be permitted to showcase the seal across their websites and marketing materials, signaling their credibility and dependability.

The evaluation process will consider six main criteria: the company’s services and operations, the number of employees specializing in AI, ongoing and future projects, as well as existing partnerships with public and private sector entities.

dubai ai seal certification

Khalfan Belhoul, CEO of the Dubai Future Foundation, which oversees the DCAI, commented on the initiative’s potential: “This initiative will help create powerful partnerships between the public and private sectors, locally, regionally, and globally. It will help drive new economic opportunities by leveraging AI to serve better the economy, society, and the future we aspire to”.

Also Read: Top Free AI Chatbots Available In The Middle East

The Dubai AI Seal’s goals include providing a clear framework for verifying AI providers, fostering business opportunities for AI companies, and acknowledging the industry’s strategic importance to Dubai’s economy. The initiative emphasizes AI’s role in driving economic growth, creating jobs, and strengthening collaboration between government bodies and technology firms.

All technology companies operating in Dubai and offering AI-related services or products are eligible to apply for the certification at no cost through the official website.