HSBC has announced the launch of its new e-commerce digital payment platform, Omni Collect, in the UAE in collaboration with Saudi-based fintech leader Geidea.
This innovative platform, available to corporate customers via HSBCnet, aims to simplify and streamline digital payment collections for goods and services across multiple channels, including credit and debit cards and e-wallets such as Apple Pay and Samsung Pay.
The partnership was unveiled at a signing ceremony attended by Mohamed Al Marzooqi, CEO of HSBC Bank Middle East, UAE, and Abdullah AlOthman, founder and Executive Chairperson of Geidea.
Through this collaboration, Geidea will integrate a merchant acquiring facility within Omni Collect, providing HSBC’s business and corporate clients with access to comprehensive card receivables solutions, enhancing their understanding of collections data.
Kyle Boag, Regional Head of Global Payment Solutions, MENAT, HSBC, remarked, “The UAE is witnessing a significant shift towards cashless transactions, driven by strong growth in online shopping and digital payments.
Omni Collect will enable businesses to capitalize on this trend by offering a straightforward method to collect payments swiftly, analyze customer payment behavior, and identify trends for informed decision-making.
Our strategy focuses on large-scale digitalization to foster innovation for our customers, and our partnership with Geidea is crucial in advancing this agenda.”
Omni Collect integrates directly with clients’ e-commerce and accounting systems via APIs, enabling real-time data flow.
This feature allows businesses to monitor transactions online, consolidate reports across different payment methods, and maintain a unified view of all daily business transactions.
Sailesh Malhotra, Geidea’s General Manager – GCC, stated, “Our mission is to make payments and commerce technology accessible, affordable, and intuitive for everyone.
This partnership exemplifies our reliability and scalability as we fulfill this commitment. Licensed by the UAE Central Bank to offer diverse merchant services, we are excited to collaborate with global partners like HSBC.
This product will benefit all businesses by facilitating a clear view of growth across various segments, from emerging micro-enterprises to established multinationals.”
HSBC clients in the UAE with international operations can scale their integration with Omni Collect across multiple markets in Asia and Europe.
Currently, Omni Collect is available in the UK, Australia, India, mainland China, Hong Kong, Indonesia, Malaysia, South Korea, Japan, Singapore, Thailand, and Vietnam.
Boag added, “We are witnessing increased demand for fully integrated payment solutions across various sectors, including retail, consumer brands, healthcare, pharmaceuticals, and logistics. Omni Collect is one of the many ways we are investing in the UAE market to meet our customers’ digital needs.”
For more information on HSBC’s Omni Collect solution, visit HSBC Omni Collect.
About HSBC in the MENAT Region
HSBC is the largest and most widely represented international banking organization in the Middle East, North Africa, and Turkey (MENAT), with a presence in nine countries across the region.
In Saudi Arabia, HSBC holds a 31% share in Saudi Awwal Bank (SAB) and a 51% share in HSBC Saudi Arabia for investment banking. As of December 31, 2023, HSBC had assets of USD 69 billion across MENAT.
About Geidea
Geidea is a leading fintech company providing digital banking technology, smart payment terminals, and business management solutions for the retail and digital commerce sectors. Serving over 650,000 merchants globally, Geidea operates in the UAE and Egypt.
Founded in 2008 by Saudi entrepreneur Abdullah AlOthman, the company is headquartered in Riyadh, Saudi Arabia.
Geidea is dedicated to making the latest payment and commerce technology accessible, affordable, and intuitive for everyone and has been certified as a Great Place to Work® in Saudi Arabia, UAE, Egypt, and India, employing over 2,300 team members.
For more information, visit Geidea.
