Infibeam Avenues’ CCAvenue becomes First Indian Payment Gateway Player to Secure eMSP Payment Technical Service Provider Approval from SAMA
Gandhinagar : Infibeam Avenues Ltd, a listed AI-powered fintech company, today announced a significant milestone achieved by its international subsidiary Infibeam Avenues Saudi Arabia. Infibeam Avenues has become the first Indian fintech player to receive PTSP Certification from the SAMA (Saudi Payments) to operate as a Payment Processor (PTSP – Payment Technical Service Provider) in the Kingdom of Saudi Arabia (KSA). In a strategic move to tap into the burgeoning digital economy of Saudi Arabia, Infibeam Avenues has now geared up to capitalise on the market’s exponential growth potential. Saudi Arabia is one of the fastest growing economies of the world and with the government’s 2030 vision and a target of receiving 130 million tourists a year, the digital economy is now on track for exponential growth.
Post-certification, the company’s flagship payment brand -CCAvenue will establish itself as one of the major payment gateway (PTSP) player for digital transactions in 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. Expressing his confidence in the company’s ability to harness the rapid growth in the Kingdom, Mr Vishwas Patel, Joint Managing Director, Infibeam Avenues Ltd, said “Saudi Arabia is one of the fastestgrowing 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.”
The remarks highlight Infibeam Avenues’ commitment to contributing to Saudi Arabia’s Vision 2030, an ambitious initiative that aims to diversify the Kingdom’s economy and build a thriving digital ecosystem. As Saudi Arabia races towards becoming a leading digital economy, Infibeam Avenues aims to leverage its expertise and innovative solutions to facilitate the transition towards a more digitally empowered society.