PayTabs Group, a payment solutions provider operating within the MENA region, has announced the signing of a memorandum of understanding (MOU) to acquire 100% of SeaPay, also known as the Arab Sea Financial Company.
The target entity, SeaPay, is currently a subsidiary of the Saudi-listed Arab Sea Information Systems Company. According to the announcement, the strategic move is intended to bolster the payment infrastructure and revenue model for PayTabs within Saudi Arabia, which the company identifies as its largest market.
By integrating SeaPay’s operations, PayTabs aims to further solidify its market position as it continues to develop its fintech offerings in the region.
Source: Finextra
Original article: https://www.finextra.com/pressarticle/111444/paytabs-agrees-to-buy-seapay-in-saudi-arabia?utm_medium=rssfinextra&utm_source=finextrafeed
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