Infibeam Avenues Ltd, reported its international subsidiary, Infibeam Avenues Saudi Arabia became the first Indian fintech player to secure PTSP Certification from the Saudi Arabian Monetary Authority (SAMA), allowing it to operate as a Payment Processor (PTSP) in the Kingdom of Saudi Arabia (KSA). The company also forged a Payment Processing Partnership Memorandum of Understanding (MOU) with Saudi Arabia’s premier bank, SAB (Saudi Awwal Bank).
The company reported, with the country’s 2030 vision and a target of receiving 130 million tourists annually, the digital economy is poised for exponential growth. Infibeam Avenues aims to establish its flagship payment brand, CCAvenue, as a major player in digital transactions within the Saudi Arabian market. The company’s CCAvenue payment gateway solution has undergone data localisation and hosting within the Kingdom of Saudi Arabia (KSA), along with securing PTSP processing approval from the authorities.
Vishal Mehta, Chairman and Managing Director, Infibeam Avenues Limited, said, “Infibeam Avenues is investing in global assets, infrastructure, and digital capabilities to support businesses in digital transformation and the Saudi Arabia’s Vision 2030 of building a thriving digital economy and a 70 per cent cashless society as it’s a huge opportunity for digital payments,”
In addition to securing PTSP Certification, Infibeam Avenues partnered with SAB Bank to enhance the financial ecosystem in Saudi Arabia. This partnership leverages Infibeam’s technology and SAB’s banking expertise to deliver secure eCommerce for businesses and consumers across the Kingdom.
The Saudi Central Bank, formerly known as the Saudi Arabian Monetary Authority (SAMA), oversees monetary policy and banking regulation in the Kingdom.
However, the company’s shares were down by 2.42 per cent to ₹35.41 at 10.15 am on the BSE.