Saudi Fintech Startup Aims to Unlock Open Banking in the GCC

A new fintech startup, Thimsa, is poised to revolutionize business payments across the Gulf Cooperation Council (GCC) by leveraging the burgeoning open banking trend. Founded by a trio of Saudi and Dubai-based entrepreneurs, Thimsa's beta platform launches in the United Arab Emirates and Bahrain, offering features specifically designed to streamline B2B transactions.

Thimsa's emergence coincides with a projected surge in open banking adoption throughout the GCC. According to a report by Allied Market Research, the value of open banking transactions in the region is expected to skyrocket from $14 billion in 2020 to a staggering $124 billion by 2 031, reflecting a compound annual growth rate of 22 percent. Recognizing this potential, Thimsa's founders, Rayan Azab and Salah Khashoggi from Saudi Arabia, along with Dubai's Ash Kalra, pooled their expertise to spearhead this venture after four years of meticulous market research.

Thimsa's core function centers on facilitating instant payments between businesses through direct bank transfers. This eliminates the need for intermediaries and traditional methods, resulting in faster and more secure transactions. Additionally, the platform incorporates eInvoicing and subscription management functionalities, catering to a wider range of B2B payment needs.

The GCC nations have traditionally been reliant on cash and cheques for business transactions. However, a growing appetite for digitalization, coupled with supportive government regulations, is paving the way for open banking to flourish. Open banking fosters a more collaborative financial ecosystem by allowing authorized third-party providers, like Thimsa, to securely access customer banking information with their consent. This enhanced data accessibility empowers fintech companies to develop innovative financial solutions tailored to specific business requirements.

Thimsa's founders are confident that their platform will be a catalyst for open banking growth in the GCC. "We believe Thimsa is perfectly positioned to capitalize on the immense potential of open banking in the region, " said Azab. "Our platform offers a secure and efficient solution for businesses of all sizes, streamlining their payment processes and fostering greater financial inclusion. "

Experts predict that open banking will redefine the financial landscape across the GCC, transforming how businesses operate and manage their finances. Thimsa's foray into the market signifies a significant step towards realizing this transformation. By providing user-friendly and secure solutions, Thimsa is poised to play a pivotal role in unlocking the true potential of open banking in the region.

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