New UAE-based open banking start-up Thimsa launches in beta
Thimsa, a UAE-based fintech start-up on a mission to “simplify and accelerate payment processes” by embracing open banking, has announced the beta launch of its payment management platform in the UAE and Bahrain.
Thimsa launches in beta in UAE and Bahrain
The start-up aims to capitalise on the expected growth of open banking in the GCC (Gulf Cooperation Council) region. Citing data from Allied Market Research, the firm highlights that open banking is set to account for over $124 billion worth of transactions in the GCC alone by 2031, up from $14 billion in 2020.
Founded by Rayan Azab, Ash Karla, and Salah Khashoggi, Thimsa is introducing a range of payment solutions to the market through its new platform, which encompasses B2B, C2B, and cross-border payment functionalities.
The start-up says its offering enables payments to be completed instantaneously by leveraging account to account (A2A) transfers, all from a unified dashboard interface, allowing for “greater cash flow, smoother UX, and pre-built checkout processes”.
Moreover, Thimsa’s payment management platform facilitates instant B2B pay-ins and payouts, and also includes eInvoice and subscription features.
Through open banking, the company says its platform can access shared financial data through 350 integrated APIs, allowing businesses to “streamline processes, create personalised financial services, and adapt to ever-evolving customer needs”.
In addition, the fintech claims its solution can accept payments in over 60 currencies from more than 150 countries.
