The award-winning global payments processor sets up a 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 – 30 September 2021: Global Processing Services (GPS), the Paytech Pioneer™ behind some of the world’s biggest fintech challengers, today announces that it has officially launched its the 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 utilizing 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 fintech, 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 as 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 realize 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 program 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, fintech, 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 fintech, 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.”