Saudi Awwal Bank partners Singapore’s PayerMax for digital payment enhancement
Riyadh-headquartered Saudi Awwal Bank (SAB) has partnered with PayerMax for enhanced business payment solutions.
Saudi Awwal Bank partners PayerMax
According to a statement announcing the partnership, the parties will work to “redefine the digital payments landscape” and “streamline the onboarding experience for local merchants” while facilitating “seamless global transactions”.
Founded in 2020 and based in Singapore, PayerMax operates a suite of omnichannel payment solutions that support over 600 different payment methods for digital merchants across more than 70 transaction currencies.
“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,” comments Payermax COO and partner, Essay Zhu.
As one of the largest banking operations in Saudi Arabia, SAB has continuously sought to enhance access to digital payment solutions for the Kingdom’s growing digital merchant sector.
This effort is part of SAB’s broader strategy, which includes its existing partnerships with UK-based fintech Wise for international remittance services, and Mastercard for AI-powered financial risk assessment, with both deals being inked within the last year.
Yasser Al-barrak, chief corporate and institutional banking officer at SAB, says he expects the collaboration with PayerMax to “further enhance the Kingdom’s payment landscape” while aligning with the Saudi Vision 2030, an initiative launched in 2016 in an attempt to diversify the economy away from a dependence on oil.
