MoneyHash and Spare have officially announced a strategic partnership aimed at accelerating the adoption of open banking solutions across the United Arab Emirates and the wider region. This collaboration focuses on enabling merchants to integrate "Pay By Bank" options, which effectively bypass traditional card-based hurdles to streamline commercial transactions. By combining their expertise, the two entities intend to reduce operational costs for businesses while significantly shortening the time required for payment settlements.
Advancing Open Banking Through Strategic Integration
The integration of Spare’s open banking infrastructure into the MoneyHash orchestration platform represents a significant shift in how digital payments are processed in the GCC. This move allows businesses to leverage payment initiation APIs that facilitate secure, account-to-account transactions directly from a customer’s bank profile. Such a model provides a robust alternative to conventional methods, offering a more direct and transparent path for moving funds across the digital economy.
Strengthening Regional Financial Infrastructure and Compliance
A core pillar of this partnership is the shared commitment to maintaining the highest standards of security and regulatory compliance within the evolving financial landscape. MoneyHash continues to broaden its engagement with regulated infrastructure providers like Spare to ensure that all "Pay By Bank" solutions align with regional legal frameworks. This dedication to compliance is essential for fostering trust among merchants and consumers as open banking matures in key markets like Saudi Arabia and the UAE.
Driving Efficiency and Innovation for Modern Merchants
Maram Alikaj, the Chief Operating Officer at MoneyHash, emphasized that open banking is fundamentally reshaping the evolution of digital payments by enhancing security and customer choice. The partnership is designed to help businesses turn payment complexity into a tangible competitive advantage by offering modern, flexible capabilities. By working together, both companies aim to deepen the industry's understanding of how bank-based payment models create long-term value for the entire ecosystem.
Vision for a Unified Open Finance Ecosystem
Shaima Ghafoor, the Country Manager at Spare, noted that the primary goal of this collaboration is to make open banking accessible and trusted for organizations of all sizes. By providing a single, secure API for financial connectivity, Spare enables fintechs and enterprises to innovate at a much faster pace than previously possible. This unified approach supports the broader industry transition toward a more efficient financial infrastructure that prioritizes user experience and data integrity.
The alliance between MoneyHash and Spare marks a pivotal moment in the GCC’s journey toward a fully realized digital commerce environment. As account-to-account payments become more prevalent, businesses will enjoy greater control over their financial operations and reduced dependency on legacy systems. Ultimately, this partnership reinforces a shared vision where open banking standards serve as the foundation for a secure, inclusive, and technologically advanced regional economy.