Riyadh – PayerMax, a global leader in payment solutions, has announced a strategic partnership with Saudi Awwal Bank (SAB) aimed at transforming the digital payments sector in Saudi Arabia. This alliance is set to enhance the onboarding process for local merchants, facilitating smooth international transactions.
The collaboration aligns with Saudi Vision 2030, underscoring both entities’ commitment to propelling the Kingdom into a leading position in digital innovation globally.
Essay Zhu, Partner and COO at PayerMax, stated, “By leveraging our expertise in global payment services alongside SAB’s robust understanding of the local market, we are poised to drive substantial digital transformation and deliver great value within the region.”
Yasser Al Barrak, Chief Corporate & Institutional Banking Officer at SAB, added, “Our partnership with PayerMax underscores our dedication to nurturing innovation and optimizing payment solutions, which will significantly bolster the Kingdom’s payment landscape in line with Saudi Vision 2030 objectives.”
PayerMax continues to support the expansion of digital merchants in emerging markets by facilitating transactions in numerous currencies. In the first half of 2024, SAB reported a net profit of SAR 4.06 billion, marking a 22.54% increase from the previous year’s SAR 3.31 billion.
