News
Paymob Secures PSP License From Oman’s Central Bank
The payment service provider license is the first to be issued by the CBO to an international fintech provider.
Paymob, a prominent MENAP (Middle East, North Africa, and Pakistan) financial services provider, has announced its acquisition of a Payment Service Provider (PSP) license from the Central Bank of Oman (CBO). The groundbreaking achievement marks a significant milestone for the fintech firm, as it becomes the first international company to obtain full licensing within the Sultanate.
With the newly issued PSP license, Paymob gains official authorization to accept and manage both online and in-store payments within Oman. This functionality is made possible through a seamless integration with OmanNet, the CBO’s secure payment infrastructure.
Now, Oman-based merchants will be able to facilitate payments locally and across borders via Paymob’s gateway, streamlining the cumbersome process of multiple integrations.
Islam Shawky, co-founder and CEO of Paymob, explained the significance of the new license: “It is a proud moment for Paymob to be the first international fintech company to receive PSP licensing in Oman. We appreciate the vote of confidence that CBO has placed in our technology. We are committed to enabling SME growth in Oman by making cutting-edge payment solutions accessible to all merchants and processing transactions seamlessly and securely through our local gateway”.
Also Read: A Guide To Digital Payment Methods In The Middle East
Oman has been steadily advancing towards the digital transformation of its banking sector, driven by the Vision 2040 initiative aimed at economic diversification. The data from 2018 to 2022 reveals a remarkable surge in ATM, POS, and e-commerce transactions processed through OmanNet, with a staggering 300% increase from 82.4 million to 252.9 million transactions.
Paymob’s attainment of the Central Bank of Oman’s PSP license signifies a remarkable stride for the company and the fintech landscape as a whole, promising substantial benefits for Oman’s digital payments ecosystem and further strengthening Paymob’s position as a leading player in the MENAP region.
News
Altegio Expands To UAE, Driving Digital Transformation For Local Businesses
The company aims to enhance efficiency for local service businesses, aligning with the UAE’s ambitious digital economy plan for 2031.
Altegio, a digital business ecosystem featuring sophisticated online booking and management solutions, has announced its entry into the UAE market, aiming to enhance operational efficiency and accelerate digital adoption for local enterprises.
This expansion also complements the UAE’s Digital Economy Strategy, which aims to increase the digital economy’s share in the nation’s non-oil GDP to over 20% by 2031. Projections indicate the UAE’s digital sector could contribute an estimated $140 billion by 2032, highlighting the region’s commitment to fostering a modern, tech-driven economy.
Altegio’s platform offers over 30 distinct management tools that automate as much as 80% of routine business operations. Its suite of services includes online booking options, a customizable mobile app, robust financial and inventory management, analytics, SMS and email marketing, and a customer loyalty program.
Altegio’s key differentiator lies in its customer-focused approach to business automation. Unlike many platforms that redirect customers to external sites, potentially exposing them to competitor services, Altegio’s booking system is embedded directly within each company’s own ecosystem. This prevents “cannibalization” of clients and enhances customer loyalty by maintaining a consistent, secure experience.
Also Read: Google Launches Largest AI Initiative In The MENA Region
“Our expansion into the UAE is a strategic move that aligns with the country’s ambitious digital transformation agenda,” explained Yri Petrou, Managing Partner at Altegio. “We are excited to support UAE businesses in embracing digital transformation across their operations. By providing a comprehensive suite of business automation tools, we aim to not only accelerate operational efficiency but also redefine how businesses engage with customers”.
Founded in 2022, Altegio operates as a network of independent firms with offices in the UAE, Brazil, Hungary, Cyprus, Armenia, and several other nations. Each regional hub integrates local partners and technologies to enhance Altegio’s core offerings. The company’s impact includes an annual gross merchandise volume (GMV) of $1 billion, a client base of over 10,000 across 89 countries, and more than 4 million bookings each month on its platform.