Safexpay expands into GCC countries with strategic partnerships

Safexpay expansion plan: Digital payments company Safexpay has announced its expansion into three key GCC (Gulf Cooperation Council) countries. The expansion to Saudi Arabia, Qatar, and Oman aims to cater to the unique needs of businesses and consumers in these Middle Eastern markets while fostering innovation in the digital payments sector.

The product offerings in these nations encompass a comprehensive range of solutions designed to meet specific market requirements, including white labeled payment aggregation, payouts solutions, contactless payments such as facial recognition-based payments, and single-click checkout features like Aasaan.

Strategic UAE partnerships

To facilitate its expansion into the GCC region, Safexpay has partnered with prominent organisations in the UAE, including Magnati, Abu Dhabi Islamic Bank, Paynest, Dubai Chamber of Commerce, Rakbank, and Network International. These partnerships are instrumental in enabling Safexpay to onboard merchants smoothly and provide tailor-made solutions for their businesses.

Safexpay has plans to invest approximately $10 million in the GCC region to ensure the success of its operations and deliver world-class payment solutions. The company anticipates growth in the GCC region, with expectations of achieving an annual growth rate of 80-100 per cent by 2025.

Ravi Gupta, Founder and CEO, Safexpay, stated, "Our focus has always been on creating a global network effect and contributing to the fintech and techfin space by innovative solutions. The decision to target Saudi Arabia, Qatar, and Oman was a natural progression for Safexpay. The GCC countries, including the UAE, Qatar, Oman, and KSA, are witnessing exponential growth in contactless payments and are actively exploring innovative ways to serve consumers and businesses. This presents a significant opportunity for Safexpay to make a meaningful impact."

Safexpay aims to onboard approximately 5,000 merchants over the next two to three years, solidifying its presence in these markets. With an estimated count of 4 million Micro, Small, and Medium Enterprises (MSMEs) in the region, Safexpay envisions becoming the preferred payment service provider for customised solutions in the fintech space. The company's expansion plan aligns with its strategy of establishing a strong foothold in the GCC region before expanding into neighbouring markets.