In a recent announcement, PayerMax and SAB have forged a partnership aimed at redefining the digital payments landscape in Saudi Arabia. The collaboration will focus on streamlining the onboarding experience for local merchants while facilitating seamless global transactions.
Founded in 2020 and based in Singapore, PayerMax offers a comprehensive suite of omnichannel payment solutions that support over 600 different payment methods for digital merchants across more than 70 transaction currencies.
Essay Zhu, COO and partner at PayerMax, stated, “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.”
As one of the largest banking operations in the Kingdom, SAB has consistently aimed to enhance access to digital payment solutions for the growing digital merchant sector. This initiative is part of SAB’s broader strategy, which includes existing partnerships with UK-based fintech Wise for international remittance services and Mastercard for AI-powered financial risk assessment, both of which were established within the past year.
Yasser Al-Barrak, Chief Corporate and Institutional Banking Officer at SAB, expressed his optimism, stating that he expects the collaboration with PayerMax to “further enhance the Kingdom’s payment landscape” while aligning with Saudi Vision 2030, an initiative launched in 2016 to diversify the economy away from oil dependency.
