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Dubai - Telr, a Singapore and Dubai-based, emerging market focused online payment gateway, and Arab Bank, have announced today a landmarke-commerce Payment Facilitator Agreement, to serve the growing e-commerce market across the region.
As per the agreement, Telr will be responsible for onboarding e-merchants, after due diligence,full integration and manage risks during the ongoing transactions between buyers and sellers. In a bid to encourage more companies and entrepreneurs to build their online businesses, merchants participating in this programme will be eligible for a number of benefits including a competitive pricing structure, a streamlined onboarding process and transactions to Arab Bank accounts in local currencies.
Sirish Kumar, CEO of Telr comments "With such collaboration,important ecosystem players such as Arab Bank and Telr will aim to accelerate the growth of domestic e-commerce in this region. By teaming up with one of the region's biggest and most reputable banks, we are committed to setting standards of reducing upfront costs to be paid by small merchants and provide payment tools to them to not only start but also grow their business online."
By the end of 2015, e-commerce transactions in the region will make up close to 50% of total transactions for the MEA region. A big part of this growth is driven by innovative startups and small entrepreneurs. This is the first step towards expanding not only in their home country but also in other countries across the GCC, through innovation and the flexibility to be able to focus on their products and user experience.
"Usually, e-merchants are looking at paying thousands of dollars in security deposits before they can make the first transaction online. This is not financially feasible for many startups and entrepreneurs. Implementing a robust and flexible fee structure means that these companies have access to more resources that will go towards developing their products," added Sirish.
"Additionally, the onboarding process will become much quicker, improving the timelines drastically from the present timelines seen at an average between 9 and 15 weeks in specific markets in Middle East.
In addition to the UAE, this partnership will open up opportunities for e-merchants and entrepreneurs that aspire to sell their services and products to other countries in Middle East.
Naim Al Hussaini, EVP, Head of Consumer Banking Group at Arab Bank commented: "This initiative confirms Arab Bank's strategic direction towards providing seamless electronic services, enhancing regional presence and improving customer experience. Our collaboration with Telr will make shopping easier for credit card holders accessing goods & services offered by a wide set of merchants. In addition, it will also contribute towards the growth of local merchants and subsequently the e-commerce industry in the MENA region.
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About Telr
Telr is a Payment Gateway offering a set of unified APIs and tools that instantly enable businesses to accept and manage online payments via web, mobile and social media. Telr prides itself on offering the most secure, reliable and innovative online payment processing service available today in the Middle East. Telr has a team of passionate and experienced ePayments experts and a solid in-house developed platform aiming to revolutionize the payment gateways industry in Middle East, Africa and Southeast Asia through its unique value proposition of payment gateway and cash management solutions. http://telr.com
www.telr.com
About Arab Bank
Established in 1930, Arab Bank headquartered in Amman, Jordan is the largest global Arab banking network with over 600 branches in 30 countries spanning five continents. Arab Bank is also present in key financial markets and centers such as London, Dubai, Singapore, Geneva, Paris, Frankfurt, Sydney and Bahrain. Arab Bank provides a wide range of financial products and services for individuals, corporations and other financial institutions. The Bank's main business lines cover Consumer Banking, Corporate and Institutional Banking and Treasury services.
www.arabbank.com
For more information, please contact:
Abdul Karim Samaan
Taqarabu Communications
ak@taqarabu.com
+971 50 3633 145
© Press Release 2015
