Fintech Firm CredoPay Forays into Middle East


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Fintech Firm CredoPay Forays into Middle East

  • Tuesday, November 22, 2022 1:25PM IST (7:55AM GMT)
Neo-banking solutions provider CredoPay ties up with Oman’s largest business conglomerate The Zubair Corporation to start operations in Middle East
Chennai, Tamil Nadu, India:  
Leading neo-banking and unified payment acquiring solution provider CredoPay today announced its foray into Middle East.

The leading fintech enabler launched its services under the brand name SalisPay in Muscat, capital of Oman, last week. SalisPay is a joint venture with Oman Computer Services LLC, a 100% subsidiary of Oman’s largest business conglomerate The Zubair Corporation (TZC). TZC has businesses in a wide range of industries including technology, infrastructure, investments, real estate, tourism, real estate, telecommunications, energy and education.

SalisPay will be a one-stop solution for unified acquiring, multi-channel payment processing and connected banking solutions to banks, neo-banks, payment facilitators, merchant acquirers, fintech companies and ISOs in Middle East. The joint entity will provide clients a secure, robust, certified, and scalable solutions through its platform-as-a-service (PaaS), software-as-a-service (SaaS) and managed services products.

CredoPay’s Cofounder and CEO, Dore Swamy said that the joint venture with The Zubair Corporation will help extend Company’s footprint in the Middle East. “CredoPay is a robust platform which offers our clients faster speed-to-market, lower cost of installation, maintenance & operations. This joint venture with TZC, the largest business house in Oman with presence and influence across Middle East, will help us capture the market in Middle East,” Dore Swamy added.

TZC’s Group CEO, Niels Bormans said that SalisPay was part of the endeavour to pave the way for digital payment future of the region. “This innovative fintech platform is set to revolutionise how we make and receive payments in Oman and Middle East in the near future,” he added.

CredoPay’s Cofounder and CTO, Captain Siva Raja Sekhar Padala (Retd) said, “The platform is highly scalable, robust and secure and is certified by leading international certification agencies including PCI DSS and ISO 9001:2015. It is capable of processing transactions of RuPay, VISA, MasterCard, AMEX, JCB and many more international Card Associations.”

SalisPay COO, Anu Cherian Philip said, “With contactless and mobile payments on the rise, and in-person retail sales picking up momentum again, many businesses in the Middle East are looking to take advantage. It is our goal at SalisPay to be their trusted partner in this growth journey, supporting their needs for a seamless, digital payment processing and collection experience.”

An established fintech enabler in India, CredoPay has a merchant base of 75,000 at present. The platform currently processes a whopping 5 million transactions per month worth Rs 700 crore. The cumulative Gross Purchase Value (GPV) of all the transactions on the platform till now stands at Rs 7,200 crores.

Besides transaction processing, the new-age platform also works as a marketplace for financial products with real time settlements enabling traditional financial product companies such as wealth management firms, NBFCs and banks to embark on a digital journey and reach-out to larger target market. The 75,000-strong network of CredoPay provides its clients access to a large pool of associate to sell and fulfil their products on real-time basis.

Prior to expansion to Middle East, CredoPay had operations in India, South Africa, Latin America and Sri Lanka. It has plans to expand to North America, South East Asia and Africa in the coming years. CredoPay had raised a Pre-series A round of $5 million from EzSwype LLC and Zent International Limited earlier this year. 

About the TransTrac Technology Services Private Limited

TransTrac Technology Services Private Limited, which operates CredoPay, originally started off as a company offering payment solutions to banks and cash management/ monitoring solutions to White Label ATM players. In 2018, the company diversified to become a full-fledged payment technology solutions provider under the brand name CredoPay. CredoPay Business Suite, which is offered on both SaaS and PaaS models, was launched in September. 2020. The Company has emerged as one of the leading neo-banking and unified payment acquiring solutions provider in the country.
About the Oman Computer Services LLC (OCS)

Oman Computer Services LLC (OCS), the ICT division of The Zubair Corporation, Oman, is a leading future-focused IT company based in the Sultanate of Oman. Founded in 1981, OCS is a pioneer in integrating innovative technology with an uncompromised dedication to clients. It focuses on bringing the latest technology to the IT industry in Oman. The Company is serving its customers for more than four decades in various domains.

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