Infibeam Avenues secures PTSP certification, to expand in Saudi Arabia with SAB Bank

Infibeam Avenues Saudi Arabia, the international arm of Infibeam Avenues Ltd, has become the first Indian fintech company to attain a Payment Technical Service Provider (PTSP) Certification from the Saudi Arabian Monetary Authority (SAMA). This certification will enable the company to operate as a Payment Processor in the Saudi Arabia. Additionally, the company has signed a Payment Processing Partnership Memorandum of Understanding (MoU) with SAB (Saudi Awwal Bank) to expand in the country.

With the Vision 2030, Saudi Arabia is expecting to attract 130 million tourists annually and transform in a digital economy for exponential growth. 

Infibeam Avenues aims to position its payment brand, CCAvenue, as a significant player in digital transactions within the Saudi Arabian market. The company has also ensured data localisation and hosting within Saudi Arabia for the purpose.

Vishal Mehta, Chairman and Managing Director of Infibeam Avenues Limited, said that the company is committed to support businesses in digital transformation, aligning with Saudi Arabia's Vision 2030. He said that there are immense opportunities for digital payments in building a thriving digital economy and transitioning towards a 70 percent cashless society.

In addition to securing PTSP Certification, Infibeam Avenues has also partnered with SAB Bank to enhance the financial ecosystem in Saudi Arabia. The collaboration leverages Infibeam's technology and SAB's banking expertise to provide secure eCommerce solutions for businesses and consumers.

The Saudi Central Bank, formerly known as the Saudi Arabian Monetary Authority (SAMA), oversees monetary policy and banking regulation in the Kingdom of Saudi Arabia.