Riyadh 09 Dec 2024:
PayTabs Group, MENA’s award-winning payment orchestration powerhouse, today made a groundbreaking leap forward by announcing a partnership with Concept Combined Group Kuwait to operate Advanced Payments Solutions (APS) as a payment technology company in Kuwait. Consequent to this partnership, APS will roll out services locally under the PayTabs Kuwait brand umbrella.
This partnership which unveils “PayTabs Kuwait” is designed to transform Kuwait’s digital payment landscape with state-of-the-art payment orchestration solutions aimed at driving the digital transformation of Kuwait’s economy.
Concept Combined Group Kuwait is a dynamic business conglomerate with nearly two decades of expertise in providing Telecom Services, IT Solutions, App Development and Retail & Wholesale services to leading corporations in Kuwait and the MENA region. Leveraging its strong presence in the Kuwaiti market, the group is committed to driving innovation and economic growth through partnerships with global leaders to bring transformative solutions to Kuwait. Building on PayTabs’ successful testing of the Kuwaiti market and the increasing demand for innovative payment solutions, this marks a significant milestone in the GCC region’s fintech landscape. PayTabs will introduce its comprehensive product suite to Kuwait under the flagship brand PayTabs Kuwait, offering secure and convenient payment solutions customized for the unique needs of Kuwait’s fast-growing businesses and entrepreneurs.
As SMEs in Kuwait contribute 22% to GDP, seen as 2nd highest contributor in Gulf – they are the backbone of the economy. Kuwait’s vibrant business ecosystem presents immense untapped potential, and PayTabs Kuwait is committed to bridging the gap by availing a unique payments foundation that will allow all businesses and enterprises in Kuwait to seamlessly accept, process and disburse payments securely.
Commenting on the partnership, Ahmed Al-Mousa the Deputy CEO of Concept Combined Group emphasized its strategic significance, “We believe that Kuwait holds tremendous promise, and our collaboration with PayTabs Group is a testament to our commitment to the region. Together, we aim to equip and empower businesses with the tools and technologies they need to thrive in the digital era.”
Abdulaziz Al Jouf, CEO and Founder of the PayTabs Group expressed his optimism, “Our research highlights the untapped potential of Kuwait’s market, which remains largely unexplored by payment providers. This combines Concept Group’s local expertise with our best-in-class payment technology and infrastructure, creating a powerful force to scale businesses and elevate Kuwait’s digital economy.”
PayTabs Kuwait General Manager, Anwar Nabeel Al Qenaei, described the initiative as a “qualitative leap forward.” He emphasized how PayTabs technology will elevate payment processing in Kuwait, enhancing safety, efficiency, and the overall user experience.
Anwar Al Qenaei highlighted that the collaboration marks a significant step in PayTabs’ journey to empower businesses in Kuwait. He stated, “This partnership aligns with our commitment to delivering innovative payment solutions that cater to the unique needs of the Kuwaiti market. By introducing advanced services like open banking integrations and digital wallet capabilities, we are enabling businesses to embrace digital transformation and better meet evolving consumer expectations.”
Aligned with the “New Kuwait 2035” Vision which seeks to diversify the economy and build a prosperous future. PayTabs Kuwait intends to continue its leadership in the financial technology field and looks forward to the continuation of its role in leading innovation and achieving growth in this vital sector.
About PayTabs
PayTabs is a payments infrastructure company providing exceptional solutions that are simple, secure, and scalable to drive local commerce and power financial inclusion across the region. Saudi entrepreneur Abdulaziz Al Jouf founded the company.
Having processed the first live payment gateway transaction in 2014, today PayTabs processes transactions in multiple currencies and markets, swiftly and securely. By providing the infrastructure for B2B payment solutions, including digital invoicing for businesses, QR code, social media payments, point of sale and switching platforms, PayTabs facilitates seamless e-commerce and social commerce solutions for merchants, super merchants and governments.
For over a decade, PayTabs has custom built and exported a full stack of game changing solutions. These include mobile applications, hospitality, governmental, education, airline, travel, transport, and biller solutions, to interlink the multi-billion-dollar enterprise market chain in the region.
In 2021, PayTabs launched PT Touch, the first soft POS solution in the MENA market to transform smart phones into merchant point of sale (POS) terminals. In 2022, PayTabs made a leapfrog move to pioneer next generation payments, by launching its home owned, globally validated unified payments and orchestration platform. PayTabs unified payment processing orchestration enables governments and large-scale originations to become independent payment platforms to serve their industries.
In 2022, the company acquired Türkiye’s social commerce platform Paymes to complement its existing retail portfolio. In early 2023, PayTabs received payment gateway certification from Saudi Payments. By end of 2023, PayTabs was awarded MENA’s Best Merchant Solution and the glowing recognition of Fintech Company of the year. In October 2024, PayTabs became the only fintech brand in the Arab World to be named a global top 100 fintech company.
PayTabs has dedicated offices in Saudi Arabia and UAE and presence in other locales including Jordan, Türkiye, and Egypt. The company is an equal opportunities employer. More milestones on: https://site.paytabs.com/en/
PayTabs Kuwait
PayTabs Group and Concept Combined Group have formed a partnership to operate together as a payment technology company in Kuwait, under Advanced Payments Solutions (APS) which will be authorized to roll out its services under the PayTabs Kuwait brand umbrella.
At PayTabs, we are dedicated to shaping the future of digital payments in Kuwait. Our commitment to innovation and building strategic partnerships drives us to create a seamless, secure, and dynamic economic environment.
This vision underscores our dedication to fostering financial inclusion and innovation across the Middle East. By delivering world-class payment solutions to Kuwaiti businesses, we aim to unlock new opportunities and offer cutting-edge financial products that fuel growth and success.
PayTabs’ Commitment:
Innovation and Partnerships: We prioritize innovation and strategic collaborations to establish a streamlined, secure, and thriving economy.
Regional Financial Integration: Our efforts extend across the Middle East, delivering advanced financial services to empower businesses and help them achieve sustainable growth.
About Concept Combined Group
Incorporated in 2005, Concept Combined General Trading and Contracting Company is a closed shareholding company with a paid-up capital of USD 3.5 million.
•Concept Combined has embarked on several business initiatives since its establishment and has successfully secured several businesses in various industries and diversified its portfolio in the region.
•Concept Combined is active in Telecom Services, Information Systems and Technologies, Fiber Optics, Recharge Stations, and Charging Solutions for EV, Industrial Equipment & Suppliers, and Oil and Gas Sector Services.
•In 2013, Concept Combined turned into a group of companies in less than 8 years to accommodate five entities having a strong footprint in the telecom, technological, industrial, and medical industries in Kuwait and the region that succeeded to generate an accumulative turnover of USD400 million since inception.
