NEWS
SAUDI FINTECH FIRM LAUNCHES BETA TESTING FOR NEW PAYMENT PROCESSES
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audi fintech company Geidea has officially launched its BETA testing for a host of new digital payment processing and store management products. Merchants will be able to co-create product features alongside Geidea based on their needs, give feedback and suggest new innovations. The new digital product range will accommodate every type of SME through every step of the payment process with an all-in-one, affordable and attractive solution. This will not only include card and digital payment processing but also everything from e-commerce such as the website builder, e-invoicing and payment gateway to store and restaurant management software. Merchants will also be able to integrate solutions with their existing software or hardware,
with third party providers like courier services, and food delivery apps. The BETA testing is due to last until August followed by a soft launch in September and a full roll out in October. The testing will ensure existing merchants are completely satisfied with the products before proceeding to the launch stage. At present, Geidea has 70% of the market share in POS terminals that are sold to banks in Saudi Arabia and is number one in the market. In February,
UAE PASS TO BE THE SOLE DIGITAL IDENTITY TO ACCESS GOVERNMENT SERVICES Smart Dubai has shared details on the recent decision issued by the Strategic Affairs Council, part of The Executive Council of Dubai, to mandate UAE PASS as the only digital identity to be used by citizens and residents to access government services in Dubai. Smart Dubai had put in motion an initiative called ‘The Digital Future’, developed as part of its 100-day plan for the ‘Government Development Track’ – one of the six tracks announced by the Dubai Council, which was inaugurated at the beginning of 2020 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai. The initiative expedites the adoption of UAE PASS by citizens and residents, which will pave the way for a digital future across the government and private sectors. The Strategic Affairs Council had adopted the UAE PASS policy in the 6
CXO INSIGHT ME
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Emirate of Dubai as of 1st May, 2020, as one of the initiatives of the Dubai Council. UAE PASS offers an Dr. Aisha bint Butti bin Bishr, Smart Dubai authorised digital ID through smartphones and includes a digital signature feature allowing users to sign official documents. Users can access more than 5,000 government services by using a single username and password. With this, UAE PASS adds an element of trust to digital government transactions. The service has so far been adopted by 200,000 individuals. Dr. Aisha bint Butti bin Bishr, Director General of Smart Dubai, asserted that the Strategic Affairs Council’s decision to mandate the use of UAE PASS by
Geidea was the first fintech company to obtain a payment licence from the Saudi Arabian Monetary Authority, allowing it to operate in the Saudi banking market as a non-banking actor. Now, the firm plans to utilise its longstanding legacy and its licence to empower merchants to start, grow or manage their businesses anytime and anywhere by providing them with the latest technological payment tools to do so. “We are excited to launch our BETA testing and to co-create innovative product features with our merchants. Through this process, we will be able to gain valuable insight into what our merchants want from their payment process products and to tailor our services to their needs,” said Abdullah Faisal Alothman, Founder and CoChairman of Geidea. “For SMEs, these products will serve as the digital, inexpensive and agile solution to payment acceptance and business management. Our new products are designed for any business, whether they’re on the go, in-store or online.”
all individuals and government entities in Dubai will considerably accelerate its adoption across the entire Dubai community, and promote its use for various transactions in the UAE. “In partnership with the Telecommunications Regulatory Authority and Abu Dhabi Digital Authority, the UAE PASS project was launched in 2018 to support our wise leadership’s vision to build futureready smart cities. It is in line with their plans for digital transformation and supports the Dubai Paperless Strategy,” Dr Aisha added. Smart Dubai will work on a set of tasks, from developing plans to implement the system in the emirate and overseeing their implementation at various government entities, to developing the system in cooperation with relevant authorities and outlining frameworks to operate it. Additionally, Smart Dubai is tasked with authorising system operators in Dubai and overseeing the proper use of the system in accordance with predetermined conditions.
