The award-winning global payments processor sets up regional hub to promote its innovative offering throughout MENA, led by ex-Majid Al Futtaim payments expert, Arnav Rath, as Head of Region
DUBAI, United Arab Emirates-Wednesday 6 October 2021 [ AETOS Wire ]
(BUSINESS WIRE) -- Global Processing Services (GPS), the Paytech Pioneer™ behind some of the world’s biggest fintech challengers, today announces that it has officially launched its Middle East and North Africa (MENA) office and appointed payments expert, Arnav Rath, as Head of Region.
Headquartered in Dubai, the team will focus on utilising its global reach and payments expertise to help financial services providers scale, both throughout the region and beyond, whilst delivering local expertise and partnership. GPS has to-date issued over 170 million cards and last year processed more than 1.3 billion transactions through its platform – a testament to its market-leading position as a global payments processing powerhouse behind over 180 next-generation fintechs, including Revolut, Curve, and Paidy.
The Paytech Pioneer™ will be looking to support established financial institutions and startups across key verticals including digital banking and remittances, Buy Now Pay Later, expense and payroll management, youth banking, financial empowerment and more, and is in active engagement with the largest banks in the region.
News of the launch comes at an exciting time for the financial services sector in the region, with the adoption of alternative payment methods gaining ground and the number of digital payment transactions growing twice as rapidly than that of Europe’s. The MENA fintech industry is also predicted to be valued at an incredible $3.45 billion by 2026.
Helping GPS to realise its vision in the region is Rath, who joins GPS from Majid Al Futtaim (MAF), one of the region’s largest conglomerates, where he headed up its prepaid cards and payments business across the Middle East. During his tenure at MAF, he also led innovative payments solutions by offering end-to-end programme management to cater to the wider fintech landscape, including the UAE, Bahrain, Egypt and others.
Rath brings 18 years of experience in the Cards as a Service (CaaS) and Payments as a Service (PaaS) spaces and will help GPS augment its offering in the region. As part of the role, Rath will leverage his in-depth local knowledge in combination with GPS’ global expertise to build partnerships with regulators, innovative banks, fintechs and ecosystem partners across key markets including the UAE, Egypt, Saudi, and more.
Rath said, “It’s incredibly exciting to be joining GPS and building on its longstanding reputation as a trusted and proven global payments processor at what is ultimately an inflection point for the MENA region’s fintech ecosystem. Through the flexibility of GPS’ platform, its robust suite of products can be configured and tailored to the needs of specific groups, including the 68% of adults in the region who remain unbanked. I am looking forward to working with financial institutions, banks, regulators fintechs and ecosystem partners as we grow GPS’ position as the key enabler in the fintech ecosystem and a reliable provider of greater and improved access to financial services.”
Joanne Dewar, Chief Executive Officer of GPS, commented: “We’re delighted to officially launch our presence in MENA, further expanding our global reach, and are excited to have Arnav lead our GPS team here as we expand our presence across the region. His unparalleled experience of payments in the GCC, having worked with some of the biggest players in the region, is key as we look to share our knowledge, experience and success around the world – forging new, strong partnerships with all regional ecosystem players in the weeks, months and years to come.”
About Global Processing Services (GPS)
Global Processing Services (GPS) is the trusted and proven go-to payments processing partner for today’s leading challenger fintechs, including Revolut, Paysafe and WeLab Bank. GPS has to-date issued over 170 million cards, enabled in over 48 countries, and last year processed over 1.3 billion transactions through its platform.
Founded in 2007, GPS’ highly flexible and configurable platform places the control firmly in the hands of global fintechs, digital banks and e-wallets, enabling them to deliver rich functionality to the cardholder. It is a multi-award-winning issuer processor powering next generation payment segments, including expense management, B2B payments, crypto, lending and credit (including Buy Now Pay Later propositions), digital banking, FX, remittance, open banking and more.
GPS is certified by Visa and Mastercard to process and manage any credit, debit or prepaid card transaction globally, with offices in London, Newcastle, Singapore, Sydney and Dubai. Its platform is equipped to meet the stringent standards required by Tier 1 banks, integrating with 95 issuer partners and operates programmes for a client base of over 180 customers across the globe.
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