Infibeam Avenues makes landmark entry into Saudi Arabia’s booming fintech market

About Partnership

Infibeam Avenues Ltd., a prominent Indian AI-powered fintech company, has achieved a significant milestone through its Saudi Arabian subsidiary. Infibeam Avenues has become the first Indian player to receive PTSP (Payment Technical Service Provider) Certification from SAMA (Saudi Arabian Monetary Authority). This distinction allows them to operate as a full-fledged payment processor within the Kingdom. Saudi Arabia’s digital economy is witnessing remarkable growth, driven by the government’s ambitious Vision 2030 plan. Infibeam Avenues, recognizing this potential, is strategically positioned to tap into this burgeoning market.

Infibeam Avenues paves the way for Indian fintech companies in the lucrative Saudi market. This crucial certification allows Infibeam Avenues’ CCAvenue payment gateway to operate as a major player in Saudi Arabia’s digital transactions. CCAvenue has implemented data localization and hosting within the Kingdom, adhering to local regulations. A Memorandum of Understanding (MOU) has been signed with SAB (Saudi Awwal Bank), a leading Saudi bank, to facilitate payment processing.

Mr. Vishwas Patel, Joint Managing Director, Infibeam Avenues Ltd.: “We are confident in our ability to contribute to the rapid growth in the Kingdom. Not only do we expect to capitalize on the market potential, but we also aim to play a constructive role in building a digital payment-empowered society.”

A recent report indicates that digital payments in Saudi Arabia have reached 62%, nearing the target of 70% by 2025. Mobile payments represent a significant portion (around 45%) of transactions, driven by the widespread adoption of mobile-based Near Field Communication (NFC) technology.

CCAvenue holds the position of the second-largest payment aggregator in the United Arab Emirates market. The company processed payments at an annual run rate of AED 12 billion in FY 2022-23. This figure has further increased to over AED 14 billion in the current fiscal year and is projected to reach AED 18 billion by year-end 2024.

Infibeam Avenues’ strategic move positions them as a key player in Saudi Arabia’s flourishing digital payments landscape. The company’s commitment to innovation and regional expansion positions it for continued growth in the years to come.

Share Price Movement

At present, the shares of the company are trading at Rs 35.48 down by 0.81 points or 2.23% as compared to the previous day’s closing of Rs 36.29. Today, the share price opened at Rs 37 and touched intraday highs and lows of Rs 37.49 and Rs 35.47 respectively.

About Company

Infibeam Avenues Ltd. is one of the leading global AI-powered fintech companies offering comprehensive digital payment solutions, Artificial Intelligence (AI) solutions, and enterprise software platforms to businesses and governments across industry verticals. The company’s payment infrastructure solution includes acquiring and issuing solutions and offering infrastructure for banks. The core Payment Gateway (PG) business provides over 200 plus payment options to the merchants allowing them to accept payments through website and mobile devices in 27 internationals. The company’s vast clientele includes merchants, enterprises, corporations, governments, and financial institutions in both domestic (India) as well as international markets. Infibeam Avenues’ international operations are based in the United Arab Emirates, the Kingdom of Saudi Arabia, Australia, and the United States of America.

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