CCAvenue

Infibeam Avenues Ltd, an AI-powered FinTech company, has announced that its international subsidiary Infibeam Avenues has become the first Indian FinTech company to receive PTSP Certification from the SAMA to operate as a Payment Processor in Saudi Arabia.

Expressing his confidence in the company's ability to harness the rapid growth in the Kingdom, Vishwas Patel, Joint Managing Director, Infibeam Avenues Ltd, said "Saudi Arabia is one of the fastest-growing digital economies, and we not only expect to capitalize on the growth potential in this market but also play a constructive role in building a digital payment empowered society. We believe that our aim is naturally aligned with the Kingdom's 2030 Vision."

Post-certification, the company's flagship payment brand -CCAvenue, will establish itself as one of the major payment gateway (PTSP) for digital transactions in the Saudi Arabian market. The company's CCAvenue payment gateway solution has done data localisation and hosting within the Kingdom of Saudi Arabia (KSA) as well as secured PTSP processing approval from the authorities.

Infibeam's company has also announced its partnership with SAB, one of Saudi Arabia's leading banks. This partnership aims to enhance the financial ecosystem in the Kingdom by leveraging Infibeam's technology and SAB's extensive banking expertise. Partnering with SAB Bank will allow CCAvenue to leverage the bank's market dominance and tap into its vast reach within Saudi Arabia to enable consumers, merchants and FinTechs across the Kingdom with its innovative payment solutions.

Now, with the payment processor approval in Saudi Arabia and simultaneously partnering with SAB Bank, Infibeam Avenues Ltd's flagship payment gateway brand, CCAvenue is expected to scale its digital innovative FinTech product offerings as well as on-board larger number of entrepreneurs and merchants onto its fold.