UK cloud-based fintech eyes the Middle East as competition to attract digital-ready customers grows

UK cloud-based payment processor, Paymentology announces the expansion of its Middle East operation to meet the projected growth of digital banking in the region.

With the appointment of Ashkay Patel as General Manager for the Middle East, and additions to the current teams based at the Dubai office and 24/7 contact centre in Pakistan, Paymentology is positioned for rapid growth, particularly with Wirecard’s potential exit from the market.

In the UAE, with more than 17 out of 20 adults unbanked, the opportunities for a quality payment processor capable of bringing market-leading technology to existing and new digital banks to serve the region is sizeable.

Paymentology has a track record not only of platform integrations that deliver best-in-class fraud prevention systems, and virtually instantaneous transaction approvals, but also have a proven ability to integrate into an existing platform in as little as 14 days, making them a natural choice to partner with as banks compete to address the potential market opportunity.

Chief executive of Paymentology, Shane O’Hara, commented, “The Middle East is a market that is ripe for growth. We have accelerated our plans to expand in the region, and our new appointments both evidence our commitment to support the local banks, as well as positioning us strongly to ensure we can deliver quickly and efficiently for new contracts.”

Ashkay Patel added, “I am delighted to take on the role as general manager for the Middle East, to build on our existing presence in Dubai and Pakistan. The current demographics point to the need for an established and flexible payment processing platform and I believe that Paymentology is now perfectly placed to seize this opportunity.”